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The pandemic-fueled real estate market of the last two years was one of the hottest we’ve ever seen. We saw a massive boon for sellers from Northern Virginia to the Shenandoah Valley and West Virginia. With cash offers, no contingencies, and waived inspections, sellers called the shots. Experts predict a cool-down in 2022 with increased inventory and a slight rise in interest rates. However, sellers remain in an excellent position. Our region’s strong economy, solid job market, and low unemployment rate– along with its charm and beauty– make it highly desirable in the new year. We might not see the hand-over-fist offers we’ve gotten used to, but houses will continue to sell at great prices. Many of the elements that made Western Loudoun and points west attractive to buyers at the height of the pandemic are still very much in play. These include the potential for space (more square footage and more acreage) and getting more bang for your buck than in the closer suburbs. The Northern Virginia boom extends west into Clarke and Frederick counties in Virginia and Jefferson County, WV, thanks to the remote work trend and other factors. While many folks are headed back to offices, remote work is now a way of life for others. This means more flexibility in choosing a location, more space, and, in some cases, the opportunity to upgrade a townhouse or condo for your dream home.
What Are Market Trends in Western Loudoun?
The Loudoun market is cooling off slightly, but sellers continue to call the shots. Last year, home prices rose more than 13 percent over 2020, with a median home price of 623,000. With Metro’s Silver Line opening in Ashburn early this year and construction of Amazon’s HQ2 underway in Arlington, the Loudoun market is expected to stay hot for the foreseeable future. Roomy Western Loudoun holds plenty of cache and appeal. The county’s western zone offers buyers large lots, larger homes, excellent schools and plenty of rural and small-town charm. Northwest Loudoun also offers spacious single-family homes at reasonable prices in communities like Lovettsville.
What Are Market Trends in Clarke County?
Many Loudoun residents call Clarke County Loudoun’s best-kept secret. Some longtime Loudouners are cashing in and moving west for more space and lower prices just over the mountain. Clarke is earning fans among empty nesters. However, its excellent (and sometimes underrated) school district also attracts young families. With a median home price of 452,000 in 2021, up almost 7 percent from 2020, the secret is getting out.
What Are Market Trends in Frederick County and Winchester?
Frederick County and Winchester are becoming hotspots for first-time millennial homebuyers, presenting fabulous opportunities for longtime homeowners looking to sell. The cultural offerings, shopping and dining available in and around Winchester are a big part of the appeal. The county’s regional hospital is both a job generator and a selling point for retirees. Frederick County saw a median price of $336,000 in 2021, with 12 percent growth over 2020. There’s also plenty of space to build, with new suburban-style tracts coming online.
What Are Market Trends in Jefferson County WV?
Jefferson County WV saw explosive growth in 2021, with sales prices rising 22 percent over 2020 for a median price of $350,000. With telecommuting on the rise, Virginians who once felt the need to stay close to DC and the inner suburbs decided to cross the state line. The charm of Harpers Ferry and Shepherdstown and the convenience of Charles Town add to the county’s appeal. Jefferson County has also seen a boom in new housing, focusing on single-family homes in suburban-style developments. New housing permits skyrocketed in 2020, with young families and retirees seeking new homes at lower prices, plus lower taxes than the Virginia suburbs.
Is 2022 A Good Year To List My Home?
The seller’s market in Loudoun and points west remains solid. However, experts warn it may not last all year long. A recent Virginia Realtors report predicts a return to “seasonality” in real estate. The super hot year-round market we saw in 2020 and the first half of 2021 will likely fade. If selling is on your mind, tapping into the consistent early spring buying season could be a wise decision. That means contacting an agent now. With in-depth knowledge of the market in Loudoun and points west, Yvonne Holland has helped buyers and sellers navigate the wild ride of the last two years. As the market starts to cool, Yvonne’s experience to properly price your home, plus, her certification as an Accredited Staging Professional, can give your home the edge it needs to get top dollar in a more competitive market. Like so many of us, Yvonne is moving into 2022 with a sense of profound optimism. She looks forward to tapping into opportunities for buyers and sellers alike in this promising new year.