Round Hill is one of the only areas in LoCo where single family homes can still be purchased for less than $400,000. It is also home to a few historic properties, the golf course community of Stoneleigh, and three new construction neighborhoods, Lakepoint, The Highlands, and Mountain Valley at the Villages of Round Hill. Let’s take a look at last year’s real estate market…
The blue line represents last year’s 110 closed transactions, five more than 2012’s total of 105 (purple line). That 4.6% increase is well below LoCo’s 13.5% jump, and closely resembles Purcellville’s modest %5 gain. 2013 saw ninety-nine single family and eleven townhomes change owners, making it the most active year since 2005 (184 sold).
Continuing the strong growth seen throughout LoCo, average sales price for single family homes in Round Hill rose just over 14% to $505,328. That’s the highest since 2007 and is $63,000 more than 2012. Townhome prices skyrocketed over 16% to $249,581, nearly $35,000 up from the previous year. I don’t anticipate that kind of price escalation this year, the craziness of 2005-07 is still fresh in our minds and interest rates are three quarters of a point higher than last spring.
As we mentioned in the Purcellville update, homes in Western LoCo typically take much longer than our more populated areas. That being said, the average days on market did drop a week to an eight year low of 70.
So what does all this mean for you? Last year was Round Hill’s best market for sellers since 2007, home prices were up over 16% while days on market dropped. We would expect prices to this spring to increase a little more moderately, and due to the increase in value we wouldn’t be surprised to see more homes on the market. Buyers here should anticipate paying very close to the listing price, however they will have a little more time than folks to the east in deciding on a new home.
If it’s been a while since you’ve checked what your home is worth, you might consider asking for our home value report. We’ll deliver it to your inbox within an hour and would be happy to answer any questions. Thinking about buying? We’ve got you covered there too, just request our email update for all the listings in your target area.