If you've been wondering whether our local housing market is slowing down—or if now is still a good time to buy or sell—you aren't alone.
The latest Greater Augusta Association of REALTORS® (GAAR) Second Quarter Housing Market Report gives us a clearer picture of what's happening across Augusta County, Staunton, and Waynesboro. While the market has become a little less frenzied than it was a few years ago, it continues to favor well-prepared buyers and sellers.
Home Prices Continue to Rise
One of the biggest takeaways from the report is that home values continue to appreciate.
The median sales price across the Greater Augusta region reached $352,000, representing a 5.1% increase over the same quarter last year. Despite fewer homes changing hands, demand continues to support higher home values.
For homeowners, that's encouraging news. Your home's value may have increased more than you realize.
Buyers Are Still Active
Although closed sales declined compared to last year, pending sales actually increased by 5.5% during the second quarter. That tells us buyers are still entering the market—they're simply taking a little more time and being more selective.
If you're planning to buy, preparation remains important. Homes that are priced well and presented properly continue to attract strong interest.
Homes Continue to Sell Quickly
The typical home sold in just 7 days during the second quarter.
In addition, sellers received an average of 100.1% of their asking price, meaning many homes sold at or above list price. While we're seeing a healthier balance than during the peak of the market, desirable properties continue to move quickly.
Inventory Is Improving—But We're Still Not in a Buyer's Market
Inventory has increased by about 9% compared to last year, giving buyers more options than they've had in recent years.
However, the region still has only 2.6 months of housing supply. A balanced market is generally considered to have around five to six months of inventory, so sellers continue to hold a meaningful advantage in many price ranges.
What This Means for Sellers
If you've been waiting for the "right time" to sell, today's market still offers many advantages.
- Home values remain strong.
- Buyers are actively writing offers.
- Well-priced homes continue to sell quickly.
- Competition from other listings remains relatively limited.
Proper pricing and presentation are becoming more important than ever, but today's sellers are still in a favorable position.
What This Means for Buyers
Buyers may finally be seeing a few more opportunities.
With inventory gradually increasing, there is slightly more selection than we've experienced over the past several years. At the same time, attractive homes continue to move quickly, making preparation and knowledgeable representation especially valuable.
Every Neighborhood Has Its Own Story
Regional statistics provide an excellent overview, but they don't tell the whole story.
Real estate is local. Conditions can vary significantly from one neighborhood to another—and even from one street to the next.
If you'd like to know what your home is worth in today's market or discuss your buying or selling plans, I'd be happy to provide a personalized market analysis based on your specific property and goals.
I'm always here to help you make informed real estate decisions with confidence.