Here is your market report about homes for sale, under contract, and homes that have sold in Locust Grove, VA in July 2022. Rising interest rates have helped to cool the fast paced market of a few months ago.
As you can see from the report, homes are on the market for a longer period of time than they were a few months ago. The good news in this is that home buyers have more opportunities to see homes since they are no longer going under contract in a few days or sight unseen. While home sellers can no longer expect to put a home on the market and see a bidding war over it, home prices are still up from previous years.
Dr. Lisa Sturtevant, a MLS focused economist, predicts that the slowing we see in the housing market is a return to pre-pandemic housing conditions (2022). The quick paced home sale we witnessed in the past few years was not typical prior to the pandemic and we will slowly return to a more typical level of home sale activity.*
Do you have any other questions or concerns about the current housing market? I’m here to help! Feel free to contact me, Sean Jones, at 540-360-5166. Even if you are just thinking about selling your home I’m happy to help you examine all your options. Curious to know what your Locust Grove, VA home is worth? Fill out the form for your home valuation.
