As homeowners, we've all worked hard for the home we're in. But situations change, and eventually we're faced with a tough decision: is it time to move up to the next house?
For many of us, our homes are the largest single asset we own—so naturally, you want to understand this asset and the market you are in. When you consider selling, you deserve insight and guidance from an expert in your local market. Here are the top things to know about the Charles Town real estate market right now:
Inventory Levels Steadily Rising
Inventory levels in Charles Town have been rising throughout most of the year, from 1 month in January to 3.4 months in October. In November, inventory levels dipped back down to 2.1 months. Median days on market (DOM) has shot up as well from, 7 days in January to a high of 42 in November. It’s important to note that this growth in inventory is heavily influenced by new construction: two-thirds of the homes currently listed for sale are described as “new construction.” That's a much higher ratio than normal and a sign that new builders see opportunity in this area. With more options available to buyers, having the guidance of a real estate professional that understands strategic pricing is key to maximizing your returns.
Still a Seller’s Market—For Now
Historically, inventory levels of less than six months have indicated a seller’s market, and while inventory levels continue to climb, we’re still below four months of inventory.
This dynamic is reflected in list price-to-sales price ratios. Median list-to-sales-price ratio is currently 100%—which means that, despite the slowing market, sellers often get their list price–that is, if they price and market their home correctly.
Homes Can Still Receive Multiple Offers–When Priced Correctly & Marketed Well
Our current median DOM and inventory levels are similar to the fall of 2019, while prices have risen about 37% since that time. With interest rates continuing to rise, and new home builders continuing to enter the market, things may shift to a neutral market, or even shift in the buyers’ favor in 2023.
Despite market changes, with the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market.
As a homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
When we work with our clients, we offer 360-degree guidance. We know the market well and have experience selling homes like yours. This means minimal days on market, the highest possible price, and a seamless transition into your next home.
Our thoroughness, results-oriented nature, and commitment to excellence are just a few reasons over 300 clients have trusted us with their real estate in the last five years—many of whom regularly refer their family and friends. Our process is designed to make what can be a stressful process, seamless. Let’s get you started on your next chapter with ease.
If you're thinking about selling your home in the next 12 months, call today for your strategic marketing consultation → 703-975-2046.
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
-Josh for the Beall Team
p.s. want more details? Check out my live video on December stats.