Featured Property 11537 St Audries Drive Chesterfield, VA 23838 Listed at $379,900 Follow the circular driveway to this magnificent Chesterfield home on 1-acre corner lot,
September 2022 Newsletter
Dated: September 16 2022
184 Poplar Drive Hartfield, VA 23071
Listed at $15,000
Check out this 0.19 acre lot just waiting for your vacation or year round home, & the best part- it is just a short distance from the Piankatank River!
This river offers access to both salt & fresh water to fulfill all your recreational wants & needs. This quaint golf cart friendly community boasts multiple community docks, boat ramp, play ground & beach access. The neighborhood is around the corner from a beautiful 18 hole golf course & just a short distance from Irvington, Urbana & the coastal Deltaville area!
We're always happy to help our clients find the home of their dreams!
Here are our some of our recently sold listings!
Great work to our committed Clocktower Realty Group agents!
Clocktower by the Numbers
- Number of homes listed in August: 21
- Number of homes pended in August: 37
- Number of homes sold in August: 33
- Number of Clocktower agents: 67
What’s Actually Happening with Home Prices Today?
One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.
- Appreciation is when home prices increase.
- Depreciation is when home prices decrease.
- Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace. Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a deceleratedpace of around 10 to 11%, on average. The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year. As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate. As the Monthly Mortgage Monitor from Black Knight explains: “Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.” Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation. The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.
Bottom Line: If you have questions about what’s happening with home prices today, connect with a trusted Clocktower Realty Group real estate professional. Source: KCMBlog
Things To Do in RVA- St. Benedict Oktoberfest: September 16-18
Nothing says Fall quite like the arrival of the St. Benedict Oktoberfest! Test your feats of strength with a stein-holding contest, eat authentic German food, & of course enjoy loads of German beers, both local and not! Prost! Visit https://www.stbenedictoktoberfest.com for more info!
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