As we step into 2025, the North Central Virginia real estate market continues to showcase resilience and promise. With signs pointing toward increased activity this year, both buyers and sellers have reasons to feel optimistic. Let’s take a closer look at the highlights of the market and what’s on the horizon for our region.
Strong Finish for 2024 Sales
The North Central Virginia market ended 2024 on a high note, with December recording an 18.9% increase in closed sales compared to December 2023. For the year as a whole, closed sales were up by 4.8% compared to 2023—a testament to the growing demand in the area.
Frederick County emerged as a standout performer, boasting a remarkable 19.7% surge in sales for 2024. It’s clear that buyers are recognizing the value and opportunity this region offers.
Growing Buyer Momentum
Despite mortgage rates remaining in the high 6% range, buyer interest surged in December 2024. This can be attributed to rates being approximately three-quarters of a percentage point lower than they were a year ago, coupled with buyers adapting to the “new normal” of the market.
New pending sales increased by 5.8% in December, highlighting the ongoing enthusiasm among prospective buyers. While new listings dipped slightly—down 0.4%—this creates an excellent opportunity for sellers to stand out in a competitive market.
Rising Home Values
Home prices in North Central Virginia continue their upward trajectory, with the median sold price for December reaching just shy of $490,000—a 7.7% increase compared to the previous year. This trend reflects the sustained demand for homes in our region and underscores the value of real estate as an investment.
Looking Ahead in 2025
The forecast for 2025 is bright. Inventory is expected to expand, and as mortgage rates gradually decline, more buyers will enter the market. This presents a golden opportunity for both buyers and sellers:
- For buyers: Expanded inventory and easing rates create the chance to find your dream home. While affordability remains a challenge for some, careful planning and partnership with experienced REALTORS® can make homeownership a reality.
- For sellers: With rising home values and strong buyer interest, 2025 could be the perfect time to list your home and achieve a favorable return.
📈 For more in-depth market insights, check out the full report from Bright MLS – North_Central_Virginia_2024-12
If you’re thinking about making a move, now is a great time to connect with us. Let’s explore how these trends can work in your favor!
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2024-12 Rappahannock County, VA
2024-12 Shenandoah County, VA
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2024-12 Winchester City, VA
Your Trusted Real Estate Experts
At Preslee Real Estate, we’re here to guide you through the opportunities this market offers. Whether you’re looking to buy, sell, or simply explore your options, our team of dedicated professionals is ready to assist every step of the way.
Let’s make 2025 your year in real estate. Contact us today to start planning your next move!
