February 2014 Market Update
- 4,900,000 : number of projected home sales in the U.S. this year
- $198,000 : median sales price for a home
- 1.3% : increase in home prices since last month
- 9.9% : increase in home prices since this time last year
- 4.39% : average rate for a 30-year fixed mortgage
What this means
Things are looking up - literally. Home prices are going up, making it a great time to sell. Interest rates are higher than the record lows we saw last year, but they're still at an affordable rate for buyers.
Central Virginia Report
Median Home Price
- $167,000 : median sales price
- 6.32% : increase in home prices since this time last year
- 742 : number of home sales in our area last month
- 1,052 : number of homes under contract (pending) right now
- 9.47% : increase in number of pending sales since this time last year
- 4,522 : current inventory - number of homes on the market right now
- 9.32% : decrease in inventory since this time last year
What this means
Buying a home in Central Virginia is cheaper than the national average, and home prices are increasing at a slower rate than the national average, making this an excellent time to buy. There are more active buyers now than there were last year, yet the number of homes currently on the market is lower than any month in 2013. This means a more competitive market, which makes it a fantastic time to sell.
As an experienced real estate professional, I know that while these numbers provide an excellent baseline assessment of the market, each client's situation and needs are unique. With that in mind, please contact me for a free evaluation of the market in your particular neighborhood.
Make it a great February, and tune in next month for the latest updates!