In just a few days we will send the littlest Jones off to school.  While we are all wondering how summer is already over, it’s also time to get back to the routine of the school year.  Do these earlier school start dates play into the housing market?  Maybe.  If you wanted to be settled into a new home before school started in central Virginia, then you would need to have your home under contract in June.  At the same time, there still are a lot of other factors (hello interest rates) that are contributing to the current housing market.  While we can’t really change the market, being familiar with current conditions and understanding what is happening locally can help you make the best decision for your family when it’s time to buy or sell.  Let’s take a look at July’s data for houses in Locust Grove that hit the market, went under contract, and sold.

Houses in Locust Grove that are for Sale

In July there was a slight increase in the number of homes that entered the market.  There were seventy five houses in Locust Grove for sale in July compared to June’s sixty two homes for sale.  The average days on the market for these homes was forty seven; this is an increase from June’s average of thirty eight days on the market.  The average list price for homes in Locust Grove in July was $544,000.  This also is an increase from June, but it is important to note that in July there were four homes over one million dollars that entered the market.  This changes averages.  

Houses in Locust Grove that are Under Contract

Forty three homes went under contract in July; this is almost double the amount of homes under contract from the previous month.  The average days on the market for houses in Locust Grove that are under contract was thirty five days.  This is similar to June’s average of thirty four days.  The average price of a home under contract in July was $489,000.

These numbers continue to demonstrate that although it may take a little longer to sell a home, there still are buyers out there searching for a home.  

Houses in Locust Grove that Sold in July

There were thirty two homes that sold in July.  In June, forty three homes sold.  The average days on the market for homes in July was twenty six and in June it was twenty eight.   The average price for the homes in July saw an increase to $453,000 from June’s $439,000.

The past two months have been pretty similar. Will this trend continue into August? While I can’t predict exactly when any major changes (a.k.a. interest rate cuts) will impact the housing market, I can assure buyers and sellers that homes are still being bought and sold. As a seller or buyer, understanding the local market is the best thing that you can do. It gives you ability to set realistic expectations surrounding your home buying or selling experience. If you want to chat about the local market and how your home fits into it, feel free to send me a message!