Weekly Market Update for the Greater Piedmont REALTORS® Area

Dated: March 21 2023

Views: 277

I get asked a lot, "How is the real estate market?" Well, you asked, and here is the data! I have posted a video here (https://vid.us/g7kz85) for a more detailed explanation and some comparisons with the entire Northern Virginia marketplace, but here is a summary:

Last week, our inventory of available homes dropped again. Buyers are finding it increasingly difficult to find their dream home, and many are making compromises. Some buyers may say, "Well, I guess I'll just rent, and maybe the market will be better next year." However, the rental market is just as tight, with almost no options. Additionally, many rentals do not allow pets, and you cannot personalize the property by painting the walls in colors that make you happy. Worst of all, you don't get the equity of ownership at the end of the year.

So what do we do? We double down on the search and put together the right team to help you find your new home: agent, lender, and title company. They should be ready to act fast for you.

What are the actual numbers? The inventory of resale homes that were on the market for as little as a minute totaled 411 last week. This number is for the entire week. As I'm writing this post, I just ran the active listing count, and the "real" active listing number is 163!

Let's turn to contracts. Last week, there were 37 ratified contracts. If you were one of the lucky buyers, congratulations!

New listings - it's Spring Market now, right? We normally see a jump in inventory this time of the year, but so far, not this year! Last week, we had 28 new listings. Six months ago, the weekly new listing count was 58, as we were moving through the Fall slowdown in the real estate market. So normal for us would be in the 100 new listing area.

But we all know this year is not "normal." Do be sure to check out the video that better details and includes the chart data: (https://vid.us/g7kz85)

Do you have questions or comments? Are you looking for assistance with your real estate needs? Please reach out - 540-729-7801.

Thank you, Chuck.

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Chuck Cornwell

Meet Chuck, a dedicated and seasoned professional in the real estate industry, with nearly 40 years of experience. His involvement in billions of dollars of real estate sales over the course of his ca....

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