Local real estate shows substantial gains in 2020

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Home Sales

~ PVN staff report

LURAY, Jan. 19 — Between historically-low interest rates driving demand and a limited number of properties on the market propping up prices, the 2020 real estate market in Page County showed tremendous growth over what was considered “a banner year” in 2019.

Home sales grew 22 percent in Page County over last year — from 191 homes sold in 2019, to 233 in 2020, according to data from Bright MLS, the Multiple Listing Service for Page County.

In 2018, there were 163 homes sold in the county. Over the last two years, the number of home sales in Page County has grown by nearly 43 percent.

While the number of homes sold climbed dramatically in 2020, those homes also stayed on the market an average of 13 fewer days and sold for an average of 17 percent more than in 2019. The average sale price of Page County homes rose from $203,941 in 2019, to $237,917 in 2020.

In 2018, the average sale price of county homes was $173,272. In the last two years, homes in Page have seen a 37.3-percent increase in the average sale price.

The median sale price showed similar improvement, rising from $185,000 a year ago to $215,000 during this past year — a 16-percent increase.

The biggest increase in the year-to-year comparisons of local home sales was in homes sold for more than $250,000, which rose 89 percent. There were only 26 such homes sold in 2018. That climbed to 44 in 2019, a 69-percent increase. In 2020, that figure nearly doubled to 83.

In 2019, the county saw more homes sell for a higher average price over fewer days on the market than at any point in the previous decade. That same year also produced the highest number of homes selling for more than $250,000 than at any time in the last 16 years. This past year, 2020, surpassed all of those marks.

Over the past decade, the third-highest year for home sales came in 2016, with 177 homes sold. The low point came in 2010 on the heels of a recession, with only 99 homes sold.

~ Current data for this article was taken from Bright MLS, the Multiple Listing System for Page County, and it was provided by Bill Dudley & Associates Real Estate Inc. in Luray, Va.

•••

Homes sold

163 — 2018

191 — 2019

233 — 2020

Average Sale Price

$173,272 — 2018

$203,941 — 2019

$237,917 — 2020

Median Sale Price

$159,900 — 2018

$185,000 — 2019

$215,500 — 2020

Average days on market

143 — 2018

109 — 2019

96 — 2020

Median  days on market

66 — 2018

54 — 2019

32 — 2020

Sales $250,000+

26 — 2018

44 — 2019

83 — 2020

•••

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