Welcome to The Stillwell Group Market Update. I’m Lee Stillwell.
If you’re considering buying or selling residential real estate, it’s essential to understand the current market trends.
According to Bright MLS, the marketplace for Great Falls, VA residential properties, here’s what happened in August Vs July 2024:
The number of sold listings increased by 17% to 14 properties, with a top sale of $3.6 million at 1204 Riley Preserve Ct
The Average Sales Price increased by 8% to $1.84 million, and the Average Price Per Square Foot is $385.
The inventory of properties available for sale is measured in months’ supply, and it decreased by 16% to 3.14 months’ worth of properties for sale.
The 30-year fixed mortgage rate is at an average rate of 6.2%, according to Freddiemac.com
If you’re thinking about buying or selling residential real estate now or in the near future, it’s essential to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in. We’ll see you at the next Stillwell Group Market Update.