Real estate activity in the region stayed on the same track during August, as seen in new charts provided by the Greater Piedmont Realtors.
“Home sales are up by almost 11 percent, while new listings remain historically low, tracking down 12.4 percent from this time last year,” said Becky Miller, president of Greater Piedmont Realtors in a statement.
“Home prices continue to increase and are now 14.3 percent higher than they were last year,” Miller continued. “The absorption rate is very low, with just 1.2 months’ worth of inventory on the active market. As we move into fall, I fully expect the market to remain competitive among buyers. The sales process is more complicated than it’s ever been, so I recommend working with your local Realtor to help you understand and navigate the process.”
Greater Piedmont REALTORS® is a trade association representing about 700 real estate agents in Fauquier, Culpeper, Rappahannock, and Madison counties.