As homeowners, we work hard to get where we are, but eventually it's time to move up to the next home. The decision to move can be a tough one.
For most of us, our homes are the largest asset we’ll ever own—so naturally, you want to understand this asset and the market you are in. As 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 Continued Dropping in March
Inventory levels in Charles Town trended upwards for most of 2022. January 2023 saw inventory levels of 2.8 months, but then February & March did something unexpected: inventory levels dipped back down–1.9 months in February, then even further down to 1.5 months in March. 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
71% of the homes listed for sale in Charles Town are new construction, significantly higher than the surrounding areas: Jefferson County is 45% new construction, Berkeley is 61%, and Loudoun County 43%.
What does that mean? Two things: builders see opportunity for home sales in Charles Town, while most existing homeowners have decided to stay put. If you’re thinking about selling, there is opportunity–but you should work with a professional to navigate the process and ensure you’re able to compete with new home builders.
Homes Take Longer to Sell–But They’re Still Selling, & For More Than Last Year
Median days on market for March was 32. When you add another 30 days to get to the closing table, that means it takes about two months for the median home to go from listed for sale to sold.
Prices remain strong. Median sales price for March is $408,000, which is up 2% since last year. This dynamic is also reflected in the median list price-to-sales price ratios, which stands at 100%—which means that despite the slowing market, sellers often get their list price.
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, result-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