For many, a new year means new resolutions, new goals, and setting your sights on the next chapter of your life. At Nest, we take the time to assess what happened in our local market in the past year and evaluate what that means in the new year. Our brokers take pride in being experts on the real estate market so that they can equip you, their client, to make confident, informed real estate decisions. With that goal in mind, we are proud to present the 2018 Shenandoah Valley Nest Annual Report.
In 2018, we witnessed a bit of a shift in the market, especially as the year came to an end. Prior to 2018, total sales in the Greater Augusta area had increased year-over-year, two years in a row. High levels of market activity in 2016 and 2017 were fueled by strong buyer demand thanks to low interest rates. Homeowners were also eager to sell as prices continued to steadily rise. This past year however, we saw total sales decrease year-over-year throughout our region. Pricing levels made another significant jump upward which, combined with rising interest rates, gave some potential buyers reason to wait. Depressed inventory levels also played a role as there were simply fewer homes available for sale.
The old adage that “all real estate is local”proved itself true as there were certain geographic areas of our market that saw total sales rise this year and others that remained relatively flat. Continue reading for highlights from this year’s report but be sure to read the full report to find out how the different areas in our market performed last year.
Greater Augusta MSA
- Total sales declined 6.61% compared to 2017.
- Median sales price jumped nearly 6.5%, increasing by almost $12,000 compared to 2017.
- Average days on market dropped significantly for the second year in a row as homes spent an average of 70 days on market before being sold.
- Staunton has been one of the most consistently performing segments of our market in recent years. Total sales in 2018 remained essentially unchanged from 2017.
- The average sales price increased by a modest 2.5% while median price and price per square foot remained flat.
- Average days on market decreased by 11 days in 2018, dropping to 81 days.
- Total sales decreased by 18.57% compared to 2017.
- Waynesboro experienced one of the most significant price increases this past year as both median and average sales prices rose by more than 11%.
- Waynesboro had one of the lowest average days on market in our area this past year at 58 days.
Be sure to read the full 2018 Shenandoah Valley Nest Annual Report below:
Have questions about this report? Contact your Nest broker today to find out how your home fits into the current marketplace.