March 2023 Market Report
Free Brunch!
This year, we’re hosting educational workshops each month. March’s workshop is on the home buying process. This is open to anyone—and there’s a free brunch, too! It will likely be most valuable to someone who is buying their first home, or someone who is moving up to their second or third home.
Who do you know that might be a good fit for this workshop? Please pass this on to them! And, of even if you’re not looking to purchase right now, we are happy to host our past clients and professional network (like you), so feel free to drop by. But RSVP here so we are sure to have enough food for everyone!
If you’re looking for our regular market report for the month—see below!
March Market Report
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 Dropped Unexpectedly In February
Inventory levels in Charles Town have trending upward, from 1 month in January 2022 to 3.4 months in October. Median days on market (DOM) has shot up as well from, 7 days in January to 36 in October. January 2023 saw inventory levels of 2.8 months, but then February did something unexpected: inventory levels dipped back down to 1.9 months. We haven’t seen inventory levels that low since April of 2022. If you’re thinking about selling, this could be a short window of opportunity to get your home on the market with reduced competition.
Most Homes For Sale Are New Construction
Three-quarters of the homes listed for sale in Charles Town are new construction, which is significantly higher than the surrounding areas: Jefferson County is roughly 50% new construction, Berkeley is 58%, and Loudoun County 45%.
What does that mean? Two things: builders see opportunity for home sales in Charles Town, but many existing homeowners have decided to stay put.
Homes Take Longer to Sell–But They’re Still Selling, And For More Than Last Year
Median days on market for February was 57. When you add another 30 days to get to the closing table, that means median time from listed for sale to sold is approximately three months. However, despite the slower pace of the market, prices remain strong; median sales price is up 6.4% since last year.
Homes Can Still Receive Multiple Offers–When Priced Correctly & Marketed Well
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
