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Greater Piedmont Market Weekly Update
Dated: March 31 2023
Views: 133
So what is the real estate market doing? Here is the weekly market update for the Greater Piedmont REALTORS market area, which covers Fauquier, Culpeper, Rappahannock, and Madison Counties for the week of March 19th.
The real estate market in the Greater Piedmont REALTORS market area witnessed a decline in the number of resale homes last week. The total number of listings available for the week was 413, down from the prior week with a revised count of 437 properties. Despite the decrease in the number of listings, buyer and contract activity remains strong, with many buyers bidding for the in-demand listings, often waiving contingencies. Cash buyer activity also remains strong.
Last week, 34 homes went under contract, slightly down from the prior week, which had 40 homes go under contract. However, this could be attributed to the reduction in the number of new listings. Only 28 new listings were introduced to the market, a decrease from 38 in the previous week.
Despite the strong buyer demand, some sellers choose to pull their property off the market. These are withdrawn or expired listings, and last week, the market area saw 18 such listings. If you are one of the 18 who were unable to sell your property, it's recommended to contact a REALTOR to figure out what needs to be done to get your property sold.
It's important to note that the Greater Piedmont REALTORS market area is not an isolated market, and market conditions for the northern portion of Virginia should also be taken into account. Watching the video included in the update will provide valuable insights into how the Greater Piedmont REALTORS area aligns with the larger Virginia market area.
In conclusion, while the number of listings has decreased in the Greater Piedmont REALTORS market area, strong buyer and contract activity persists. As always, it's crucial to consult a REALTOR for any buying or selling needs in this dynamic real estate market.
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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