Warren County, VA Real Estate Market Review – 2017
The Warren County, VA real estate market ended 2017 on an upbeat note. The positive numbers are up, the negative numbers are down and the area appears to have put the recession behind it.
Warren County, VA Real Estate Market: Good to Great Numbers
The average sales price for 2017 was $246,398. That is an 4% increase from 2016. That number looks even better when you look back over the past five years. The 2017 average sales number is 26% higher than 2013. Go back to the worst days of the recession and it shows where the market has been. The current average sales price is 56% higher than the market lows of 2011. That’s an incredible improvement.
- 2017 – $246,398
- 2016 – $237,142
- 2015 – $221,741
- 2014 – $206,222
- 2013 – $195,034
Those numbers show a consistent move forward. If you go back to the beginning days of the recession, there is an even greater and steeper staircase.
- 2012 – $177,538
- 2011 – $157,652
- 2010 – $165,657
- 2009 – $176,432
The broad picture shows how far the market has fought back to become healthy again. In the worst days of the recession. The current sales average is still 10% off of the 2007 highs. The market started to shows signs of the coming recession in 2008, and the decline continued until 2012.
Warren County, VA Real Estate Market: More Good News
One of the easiest ways to decide market health is to look at distressed properties. Distressed properties are made up of short sales and foreclosures (REO). In 2007, there was one foreclosure in Warren County, VA. That is stunning in light of where the market went in the ten beyond 2007.
The 2017 distressed properties were 8%. That was down from 2016, which was 12%. Travel back to 2011, which was the deepest part of the recession for Warren County, VA, and you see that 53% of real estate sales were distressed properties.
When the recession took hold of the Warren County, VA real estate market, distressed properties increase exponentially until they peaked in 2011. Then in 2012, they began to reverse their course. Warren County has fallen in line with its neighboring counties. Winchester/Frederick County, VA saw 6% distressed properties for 2017, and Shenandoah County, VA saw 7%. That puts Warren County right in the middle, and that’s a sign of an improving and healthy market.
Warren County, VA Real Estate Market: Days on the Market
One more positive number in the Warren County, VA real estate market is days on the market. Warren County has followed a similar stair-step pattern in days on the market over the past 9 years. The past five years have been very consistent with numbers ranging from a low of 84 and a high of 98. Mix in the 2009-2012 market and it’s a different story. Those numbers ranged from 108-156.
Days on the market is one of the numbers that can, or may not, show market health. There are a lot of things that affect days on the market. Things such as property condition, location, list price, neighborhood or neighbors all contribute to the days on the market. When a home is listed to high, it is likely to sit. If the neighbors have a vicious dog, that may scare away buyers with small children. A property that is hard to see can sit longer than one that is easy to show. There are too many variables with days on the market to consistently make it a market health predictor.
When you’re ready to list your home, or to buy a new home, in the Warren County, VA real estate market, be sure to give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros. Let’s get together and make some great happen.
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