If you’ve been wondering how the Southern Region real estate market has been performing this year, you’ve come to the right place.
While the southern region may not be hopping quite as fast as areas of Northern Virginia, it’s holding its own and improving every month.
Unemployment is down, sales are up – in fact, sales improved at their highest percentage in four years. Pending contracts are up, median days on market is 28 days and the median sales price is up 11% over last year. The trends are going in the right direction.
For more details, check out the video below.
Let’s take a look at a few areas in more detail.
First up is Stafford County, located closer in to the northern Virginia DC Metro area, Stafford attracts buyers who want a little more space to spread out in or are just looking for a home without the NOVA price tag. The chart below shows how much the sold listings have shot up in the past year.
Now, compare that to King George, which is not recovering quite as quickly. That’s to be expected, though, given that King George is not as accessible to the thriving job market in the northern Virginia DC Metro area, is less densely populated and not as well known as its neighboring county to the north. Now, one of the reasons King George is not showing the continuing increase is sold listings is due to lack of inventory. You cannot increase sales if you don’t have anything to sell. Take a look at solds and pendings for King George:
You’ll see the same pattern in the chart below for the city of Fredericksburg.
While it’s a bit of a mixed bag in King George and Fredericksburg, there are buyers out in every market with very little inventory to see. If you are a King George or Fredericksburg seller, this may be a good time to consider putting your home on the market. If you want to look at specific numbers, just contact me and we’ll take a look at how your house would fare in today’s market.