Are the trends from the past few months continuing or is the news that interest rates are forecasted to decrease impacting the market?
August has come and gone quickly! I hope everyone got in a few last minute summer fun activities before the rush of school and fall activities takes over the schedule. While the market remains steady, the numbers are showing some more activity during August for homes in Locust Grove. Let’s take a closer look.
Homes in Locust Grove for Sale
In August, there were sixty one homes in Locust Grove for sale. This is an increase from July’s fifty two homes that were on the market. The average days these homes in Locust Grove spend on the market is decreasing! That is good news for sellers. In August the average days on the market was eighty five days; in July, it was one hundred. The average listing price for homes in Locust Grove during the past month was $515,298. This is a decrease from July’s $544,892. This larger drop in price could be due to the larger waterfront homes in Lake of the Woods that are under contract.
What does this mean?
Buyers in Locust Grove and the surrounding area are looking for homes! In just one week, three homes that I listed-a new construction in Unionville, a home in Lake of the Woods, and a house in Culpeper, all went under contract. Well and accurately priced homes are what buyers are searching for in a house. The increase in home inventory opens up more options for buyers and the decrease of days on the market demonstrates that when buyers find what they are looking for in a home, buyers are ready to write an offer.
Homes in Locust Grove Under Contract
In August, we see a slight drop in the number of homes under contract compared to July. There were fifty six homes in Locust Grove under contract in July compared to August’s fifty two homes. The days on the market for homes in August increased to thirty four days. Meanwhile, the average price for homes in Locust Grove decreased to $438,311 from July’s average price of $510,030.
Homes in Locust Grove that Sold in August
In August, thirty six homes in Locust Grove sold. This is an increase from July where only twenty one homes sold. There was a slight increase for the average days on the market of these homes which went from sixteen days in July to twenty five in August. The average price of sold homes saw an increase from $431,347 to $464,866. This average includes three waterfront homes in Lake of the Woods.
What does this mean?
In order to help sell their homes, thirteen sellers offered closing cost assistance to buyers. In July, seven sellers provided closing cost assistance. There were also eleven price decreases this month. These are reflections of sellers being willing to negotiate with buyers. The increase in the number of homes in Locust Grove that sold and are currently for sale does show a slight uptick in activity on the market. I would expect that when interest rates start to lower later this year and into 2024, we will see additional activity in the market as buyer’s buying power will increase.
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