The average price of homes sold has experienced a significant increase of 29% in the town of Front Royal and 34% in Warren County overall!
Have Buyers finally discovered all the beauty of the Shenandoah Valley? Inventory is lower than this time last year, approximately 20% lower, in both the town and the county.
This explains why we are seeing prices rise, lower inventory and more demand: the formula needed for price increases!
Stats for Warren County
Stats for Zip Code 22630
There is also a jump in the number of homes sold a year ago.
The average days on the market has increased which indicates that the market is entering a more stable period, not so many distress sales that sell in
The market shows signs of improvement for Front Royal and the surrounding county.
The total revenue dollars and the average sales price is up significantly from the same period last year and continues to grow from the previous month.
You’ve all heard the real estate adage “location, location, location”. If you real want to know how the real estate market is today, it’s about location. And it’s also about perspective.
Let’s look at location first. What you hear and read in the news is generally more of a global outlook and although things look bad in Michigan, Florida, Nevada and other locales, relatively speaking it’s not too bad in the DC metropolitan area.
While it’s still early in the year to determine if the market is really trending upward, a look at the hard numbers reveals that the Front Royal area real estate market still has opportunities for buyers to find good deals. Prices are still very low, interest rates are still comparatively low, and working with a knowledgeable agent and mortgage lender will help buyers find the right property
Warren County and Front Royal generally follow closely to the trends in Prince William County concerning the housing market. October was one of the worst months overall in many months for the real estate markets. There were several factors contributing to this, not the least was the impending mid-term congressional elections.
Two very interesting things are happening in the Warren County and Front Royal housing market. The first is that inventory is getting tighter and closed sales along with pending sales are increasing. The second interesting fact is that properties are staying on the market longer, causing prices to continue to fall. Typically, you would find not find both instances occurring. As supply decreases and sales continue to increase, normally prices would rise and days on the market would decline. However, the opposite is happening.
Inventory is increasing and prices seem to be slowly creeping down. This opens the door for a great investment opportunity. Rents are holding steady and therefore cash flow is available when you buy and rent. As prices drop, so does the percentage of sale price versus listing price, meaning further discounts. Year to date, listings are selling for 87.4% of their list price--down 2.4% from the same time in 2008.
Warren County was the place to move to in 2005. Affordability was the main reason. Home buyers came to Front Royal and bought their dream home for the price of a small condo in Northern Virginia. It was too good to be true, right? Minutes from I66. Close proximity to all the best wineries. Gorgeous mountain views, every where you turn. After the gas prices began to rise and property values dropped, all this sudden it wasn't so great. The wonderful affordable homes declining in value offered no relief from the rising cost of gas. Many buyers once considering buying the serene mountain retreats in the Shenandoah Valley disappeared- over night. Now that gas prices are down and home sales are looking