The regional median home price was up again in June, with all but one locality in the FAAR footprint seeing increases. The median sold price settled at $474,093 this month compared to $450,000 in June of 2023, representing a more than 5% year-over-year increase. Units sold were down 14%, coming in at 537 compared to 625 units sold last June. Total sold dollar volume was down nearly 12%, posting approximately $271.4 million in sales for June of 2024 compared to $308 million in sales last year.
Orange County posted its highest price on record, coming in at $434,557, a 10% increase from last year. Colonial Beach was the only jurisdiction in the FAAR footprint that did not see a median price increase in July.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 11% up to 20 days this June compared to 18 days last year.
Inventory was up slightly this June, finishing out the month with 877 active listings compared to 851 last year, a nearly 3% increase. New listings were down 3% from last year with 652 homes coming on the market in June of 2023 compared to 631 this year. New pending sales were down nearly 4% in the last month, with 542 pending contracts compared to 564 last June.
The regional rental market remains competitive with continued elevated prices. “The rental market is pretty steady,” comments FAAR Board of Director and Property Manager Dawn Josemans. “We continue to see high rents with renewal increases in the triple digits. We were seeing more application competition in the second quarter with it waning a bit recently. Properties are still renting fairly quickly in the moderate rent range with the $3,000-$5,000 per month rentals taking longer to lease up.”