“How’s the market?”
2017 is in the rearview mirror and we’re nearly three weeks into 2018 already. As the new year gets underway, we’re looking back at how our local real estate market performed last year in order to answer the popular question, “How’s the market?” At Nest Realty, one of our goals is to equip our clients with the insight to make confident, informed decisions.
We are excited to release our 2017 Shenandoah Valley Annual Report. This report provides a comprehensive look at how our local market performed this past year and what to expect moving into 2018. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
For the second year in a row, total sales increased year-over-year in the Greater Augusta area. Building on the momentum of sales growth from 2015 to 2016, total sales rose by more than 4% in 2017 compared to 2016. The 1,589 homes sold in 2017 is second highest sales total for the Greater Augusta area in the last five years.
Median sales prices also rose for the second straight year and average sales prices rose just above $200,000 for the year. One trend to keep an eye on moving into 2018 is the declining inventory environment. The number of homes for sale has been declining over the past couple years. If inventory levels remain low, we’ll likely see prices rise as we move through 2018.
Total sales in Staunton achieved a five year high in 2017. Additionally, Staunton recorded the largest increase in median sales price of any area within the Greater Augusta region. Sales have increased steadily in Staunton since 2013, indicating a stable, healthy marketplace.
Homes in Waynesboro were the fastest selling of any in the region, averaging just 62 days on market in 2017. This is 27 days faster than in 2016. While sales in Fishersville and Stuarts Draft bounced back slightly after declining in 2016, it was still the second lowest sales total in the last five years for both areas. Harrisonburg had the toughest year of any area in our region with sales dropping nearly 14% to a five year low.
Be sure to read the full 2017 Shenandoah Valley Annual Report below to learn more about how the Shenandoah Valley market performed in 2017. If you’re considering buying or selling this year and want to know what this report means for you, we invite you to reach out to your Nest Broker today. We welcome the opportunity to meet with you and discuss your real estate goals.
We’re happy to help you Live Where You Love, and MOVE Boldly in 2018.
(We suggest viewing in fullscreen mode – click the icon at the bottom right.)