Northern Shenandoah Valley Real Estate Market Update – January – July 2017
The northern Shenandoah Valley real estate market update for January through July 2017 shows where real estate is moving and where it is booming. It’s moving in all sectors, including, Frederick County, Clarke County and Warren County, VA. Where it’s booming is just across the Virginia state line in Berkeley and Jefferson County, WV.
Frederick County saw 792 homes sold in the first seven months of 2017. That was followed by 426 in Warren County, and then 123 in Clarke County. Move that view a few miles north and numbers run off the chart. Berkeley County, WV saw 1204 sales during that same period and Jefferson County, WV left all the neighboring counties behind with 1707 homes sold.
The Frederick, Clarke and Warren markets had a total of 1341 homes sold compared to Jefferson County, WV at 1707. That is a 21% difference in that one market as compared to three. Where’s the market booming at the top of the Shenandoah Valley? Jefferson County. WV. That’s good news for our northern neighbors.
Where the numbers are similar in the Shenandoah Valley Real Estate Market
The total sales numbers are all over the map in the northern area of the Shenandoah Valley real estate market, but there are numbers that are similar. Through the five counties, distressed property sales range from as low as 6% to as high as 9%. Frederick County, VA and Berkeley and Jefferson Counties in WV all show a 6% distressed property rate for the previous seven months. Warren County, VA was at 8% and Clarke County, VA was 9%. The 6% number is closer to pre-recession numbers, but overall, even 9% is a good number compared to five years ago.
The days on the market are also similar across the five counties. Clarke County, VA and Warren County, VA both show an average of 91 days on the market, while Frederick County, VA shows a low of 63. Berkeley and Jefferson County, WV had 77 and 76 respectively. There is a 30% difference from the high to low days on the market, but that number is influenced by many factors that may not signal problem issues.
The biggest difference in the Shenandoah Valley Real Estate Market
The biggest difference in the Shenandoah Valley real estate market is in the average sales price. The lowest sales price is Warren County, VA. Warren County had an average sales price of $154,416 for a 3 bedroom 2 bath home. Close behind that number was Berkeley County, WV. Berkeley County home sales averaged $188,279 for the first seven months of 2017.
Clarke County, VA had the highest average home sale price at $380,365, followed by Frederick County, VA at $269,030 and Jefferson County, WV at $210,935. The Clarke County, VA real estate market is a unique market. It is a lot like an island in the midst of the five counties. What is a normal market in the other four counties rarely applies to Clarke County, VA.
In the five counties, the numbers are moving in the right direction. Jefferson and Berkeley Counties may be getting a boost from new industry moving into the area. Proctor and Gamble is establishing a new facility on 450 acres just south of Martinsburg, WV in Berkeley County. The facility will be one-million square feet under roof and will employee 700 workers.
Amazon is also establishing a new fulfillment center at the most northern tip of Virginia in Frederick County. The new facility will hire 1,000 full-time workers. The facility will also be one-million square feet under roof. The site is just minutes south of the West Virginia border. That may also be contributing to the increase in home sales in both Berkeley and Jefferson Counties.
The northern Shenandoah Valley real estate market is looking good as we head into the second half of 2017. Home sales are up, distressed property sales are down and home values are returning to pre-recession values. It is a good time to sell. When you’re ready to buy or sell in the northern Shenandoah Valley real estate market, give Cornerstone Business Group, Inc., a call. Cornerstone serves both Virginia and West Virginia and we are here to help you find that great home. We are your local real estate sales pros.