Part of being an informed buyer or savvy seller is understanding what the market statistics are in your specific area. This can help you better gauge if now is the right time for you to buy or sell and what you can expect as far as days on the market and average sales price on your sale or purchase.
Locust Grove is located on the North End of Orange County Virginia and is composed of some rural areas as well as a few planned developments. By far the largest development is Lake of the Woods with over 4,200 lots which includes over 800 Waterfront Lots. There is also Governor Spotswood across from Germanna college, as well as Somerset and Wilderness Shores behind Walmart on the north side of State Road 3.
Days on Market: 21
Active listings: 50
Sold Listings: 51
Active listings are virtually unchanged month-over-month from September to October, with 51 and 50 respectively. If 2021 tracks like previous years, then active listings could dip into the low 40s as is traditionally common in the winter months. With demand still extremely high, there is a possibility that we will not see the usual dip as more and more people are taking advantage of low interest rates to both sell and purchase.
Sales numbers continue to remain extremely strong. While there were 38 sales in October of 2020, in October 2021 there were 53 homes sales. It’s this increase of the ratio to available homes to sold homes that creates tight inventory and rising prices. It is worth noting that 16 of the 53 homes that sold in October had a price reduction prior to selling. This could be an indication that market pricing is entering a plateau phase.
Average days on Market can be use as a 3rd tool in deciphering what’s happening with the local real estate market. For example, as days on Market increase it could indicate that there is cooling off in the market. One caveat is that there is a natural “ebb and flow” of this number as we work through the summer and winter months. In the summer due to increased demand days on market decrease and in the winter with less demand days on Market increase. That’s exactly what’s playing out in the market right now. In September we had an average of 18 days on the market in October that number moved to 21 days on the market.
