real estate news
for the Shenandoah Valley of Virginia
2020 marked one of the best years in the Shenandoah Valley Real Estate market! Home sales were up across the Valley on average 11%! A very low inventory of homes increased prices between 9% and 14%. We expect home prices to continue to increase about this same rate through 2021 due to a continued shortage of housing options.
Perhaps the story of the year was interest rates. Just when we think they will not decrease further, rates ended the year at 2.67% and fell again during the first week of 2021 to another historic low of 2.65%! Of important note is the Mortgage Purchase Application Index. This dropped off a cliff when the COVID-19 pandemic hit the market beginning the first week of April and fully recovered by the second week of June.
While the Harrisonburg-Rockingham, Shenandoah, and Page County markets experienced a steady climb throughout 2020, it was a different story for the Staunton-Waynesboro-Augusta County market. That market consistently underperformed compared to last year in nearly all indicators and then rallied in the fall months and into the winter to slightly outpace the 2019 market.
Stay tuned in 2021 as we continue to bring you weekly market updates. If you are in the market buy or sell this year, turn the professionals at Funkhouser Real Estate Group to provide you expert advice and representation.
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The Shenandoah Valley Real Estate market is primed for a strong 2021! Interest rates hit another all-time low this week at 2.71% and the Purchase Mortgage Applications are at the highest level since January 2008! While low interest rates are great for purchasers, the current environment is even better for sellers.
With indications of strong demand heading into the new year, seller's should be getting their homes ready for the market. This is a great time for anyone thinking about selling their home to contact their real estate professional to advise them on preparing their home for the demands of today's buyer. Contact one of our real estate professionals today for expert guidance.
Click Here To Download The Full Report (pdf)
The real estate market in the Shenandoah Valley is strong as we enter December! There is still time to purchase a new home for holidays and take advantage of the historic low interest rates.
This week we take a deeper look at the cost of housing this year vs last year. Home prices across the Valley have increased between 10% and 14%. Does this mean you will be paying that much more? No. Interest rates are nearly 1% less than last year, creating potential savings and more affordable housing. We looked at the median price in each market calculated the difference year over year.