Homes are taking longer to go under contract
The Weekly Market Report offers the latest information on listings and showings, helping you stay updated on real-time market activity. Here are the highlights for the week ending July 14, 2024:
New Listings Surge After a Slow Week
For the week ending July 14, the market saw a significant boost with 6,421 new listings, marking a 36.0% increase from the holiday week. This is also an 11.6% rise compared to the same week last year. While supply has generally been increasing since the start of the year, inventory remains low in many local markets.
New Contracts Are Not Increasing with Supply
Despite the rise in new listings, there were only 5,892 new purchase contracts in the Mid-Atlantic this week. This indicates that new contracts are not keeping pace with the improving supply, as many prospective homebuyers are reaching affordability ceilings. High prices and mortgage rates hovering around 7% are pushing many would-be buyers out of the market.
Homes Are Taking Longer to Sell
The median time to contract for the week ending July 14 was 21 days. This is two days longer than both the previous week and the same week last year, making it the longest median time to contract since before 2020.
Impact on Fredericksburg, Stafford, and Spotsylvania County, VA
In Fredericksburg, Stafford, and Spotsylvania County, VA, the market trends are similar. New listings have surged, providing more options for buyers. However, high prices and mortgage rates continue to be significant hurdles, slowing down the rate at which homes go under contract. The median time to contract in these areas has also increased, reflecting the broader market trend.
As always, my goal is to keep you well-informed and prepared for the ever-changing real estate landscape. If you have any questions or need personalized advice, please don't hesitate to reach out. Remember, I'm here to go the extra mile for your peace of mind.