2019 Shenandoah Valley Annual Report

Shenandoah Valley Annual Report

2019 is now over and we are excited to release our 2019 Shenandoah Valley Annual Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.

Whether you are buying, selling, or staying put, the real estate market affects us all, so it is important to have an idea of what is happening across the country and in your local market.

Throughout the Shenandoah Valley, we continued to see demand outweighing supply. Market conditions have favored sellers as sales prices increased and days on market declined. The average sales price is up 3.6% over 2018, and the average days on market has declined 13%.

The result of higher prices and lower days on market has contributed to limited inventory levels, which is a contributing factor to the slight decline in total sales for the year.

Shenandoah Valley Annual Report

Overall, interest rates remain at historically low levels and most economists feel this trend will remain steady throughout 2020. Higher price points, buyer demand, and low interest rates are good news for owners who plan to stay put, as equity is unlikely to decrease.

On a larger scale, as 2019 information continues pouring in, here are some national housing market trends. The most compelling shift is in housing affordability. Low inventory has caused home prices to increase throughout the year, but the actual affordability of homes has improved due to changing real wages and lower interest rates. Though low inventory continues to stifle sales volume growth, year over year sales are increasing based on slight supply increases throughout the U.S.

Shenandoah Valley Annual Report

Quick Takeaways

  • Total sales decreased more than 2% year-over-year across the Greater Augusta Area MSA last year. Total sales were 1,452, a 2.16% decrease from 2018, when there were 1,484 total sales. 
  • The median sales price in 2019 was $200,000, a 5.07% increase over 2018’s median sales price of $190,350.
  • In the Greater Augusta Area MSA, average days on market dropped 17.14% to 58Weyers Cave and Harrisonburg had the lowest average days on market within our areas of data at 45 days each.

Be sure to check out the full 2019 Shenandoah Valley Annual Report here for more info on how the market performed last year. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals. Interested in what’s happening in other markets? Check out all our 2019 Annual Reports here.

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