The regional median home price was up again in July, with most localities seeing increases. The median sold price settled at $473,740 this month compared to $462,450 in July of 2023, representing a more than 2% year-over-year increase. Despite persistent high prices, units sold were up nearly 5%, coming in at 527 compared to 502 units sold last July. Total sold dollar volume increased more than 10%, posting approximately $268.4 million in sales for July of 2024 compared to $243.6 million in sales last year.
King George and Spotsylvania counties posted some of their highest median prices on record but prices didn’t scare buyers off as both counties also posted year-over-year increases in units sold. King George County clocked in at nearly $500,000 in median price and saw 8 more sales than the previous year. Spotsylvania County’s median price was nearly $473,000 and saw 28 more home sales than July of 2023.
FAAR Board of Director Abby Fitzsimmons stated, “Typically, July is my least favorite month to list homes in because things seem to sit while everyone is on summer vacation. However, this year with the low inventory, listed homes are getting lots of showings and competitive offers very quickly.” Fitzsimmons is seeing lots of competition in the lower-priced markets, stating that “buyers looking under 500,000 are finding themselves having to move quickly on listings, going in over asking price and waiving home inspections to have a shot at the few houses that are actually available in their price range. I’m also finding that the majority of my buyers are looking for move-in ready. Homes that need work are not being considered like homes that are in great condition right now.”
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 19% up to 25 days this July compared to 21 days last year.
Inventory was a bright spot in August, increasing nearly 11% and putting active homes above 900 for the first time in nearly two years. New listings were also up, posting a nearly 9% gain from last year with 587 homes hitting the market in July of 2023 compared to 639 this year. New pending sales were virtually unchanged from July of last year, with a slight decline of just one less pending sale coming out of the month than the previous year.
