There’s been a mind-boggling FIFTY-THOUSAND DOLLAR increase in median home prices in central Virginia in the past year. MIND. BOGGLING. And just a reminder that the 6 median days on market (DOM) that you’re seeing means that a large number of those sales occurred in one or two days. Every time I think I’m beginning to feel a lull, things heat back up again. Like the theory of what goes up must come down, we know from experience that the market will turn and slow, but frankly the world is just not following our typical indicators these days. Can anyone spare their crystal ball?
Market Snapshot: May 2021