Local Market Report Update December 29, 2023

November 2023 Market Report

2023 has almost come to a close and with it another year of this crazy housing market! But don’t fear, next year may be better – they may lower those climbing interest rates! Word on the street is they may be dropping them three times in 2024. But, until then, here is your November 2023 market report to tide you over in the meantime. 

The Breakdown

Jefferson County was in the negative in November. Compared to the year over year numbers the county was down in average sales price, the number of homes sold, and the sales volume. A stat to keep an eye on is Morgan County. The average home price is nearing in on the average home price for properties in Berkeley County. Morgan County has considerably less sales going by total sales volume, but the homes are nearly just as expensive now. 

Sellers are still getting almost 100% of their asking price from buyers. Over priced homes that are getting contracts near contract price will continue to keep prices in the Eastern Panhandle high. 2024 could be the year for market adjustment with the rumored interest rates drops. 

If you have any questions about your market, feel free to reach out one of our agents. Get set up on listing alerts or market alerts tailored to you and your desired zip codes! 

If you enjoyed the November 2023 Market Report, make sure to check out ERA Liberty’s other blog articles. We blog about all things real estate, local eats, and happenings in and around our community.

For all your home buying or selling needs, ERA Liberty Realty is always there for you! We are here to help you no matter where you are, we have agents licensed in West Virginia, Virginia, Maryland, or Washington DC! Reach out today to get your real estate journey started!