JANUARY 2024 Real Estate Round Up

JANUARY

Your Real Estate Roundup

brought to you by

THE PAULA MARTIN REAL ESTATE TEAM

PEARLS AND POEMS

PEARLS

On Wings of Song

By James Dillet Freeman The boughs hang bare when the winter winds blow But the little birds sing in spite of snow.

I like to believe that I, a man, Can do as well as a little bird can, But you have to have faith in the rightness of things To fling yourself out on feathers and wings, And sing when there seems to be nothing there But icy winds and empty air.

Little bird, fly up to the top of the tree of my mind, And sing your song in me.

FROM PAULA

Virginia Economic & Housing Market 2024 Forecast As we enter into a new year, you may be wondering if this is the year to purchase or sell a home. Below is a 2024 housing market forecast brought to you by Virginia Realtors.

Virginia ECONOMIC & HOUSING MARKET OUTLOOK

ECONOMIC OUTLOOK 2023: +1.6% (67K JOBS) 2024: +0.1% (3K JOBS)

2023: 2.9% 2024: 3.6%

TOTAL JOBS YEAR-OVER-YEAR JOB CHANGE UNEMPLOYMENT RATE (Q4) Unemployment rates have been declining to near historic lows this year, and Virginia’s unemployment rate continues to be lower than the nation as a whole—a gap that has widened in 2023. However, with weakening economic conditions across the country, unemployment is expected to increase to 3.6% in Virginia by the end of 2024.

HOUSING MARKET OUTLOOK SOLD

HOME SALES

NEW HOUSING STARTS

2023: -23.6% 2024: +11.4%

2023: +4.4% 2024: +1.2%

ANNUAL CHANGE

MEDIAN HOME PRICE ANNUAL CHANGE

2023: -10.6% 2024: -3.5%

2023: 6.90% 30-YR MORTGAGE 2024: 6.15% RATE (DEC AVG)

ANNUAL CHANGE

Due to rising and volatile mortgage rates, upward pressure on home prices, mounting affordability challenges around the state, and tight inventory conditions, Virginia’s housing market has experienced a sharp decline in sales activity in 2023 which is the lowest it has seen in almost a decade. We expect sales activity to rise in 2024 compared to 2023 as mortgage rates stabilize. Mortgage rates are expected to end the year in the upper 6% range and then slowly decline to a low 6% range by the end of 2024 as macroeconomic headwinds simmer down.

LEARN MORE AT VIRGINIAREALTORS.ORG/RESEARCH SOURCE: VIRGINIA REALTORS® | SEPTEMBER 2023

Around town happenings in

DECEMBER

CLICK HERE to find out whats happening in our community

971 LONGHOLLOW ROAD

Are you considering selling your home?

LIST WITH US!!!!

105 RIDGEFIELD WAY

TBD MOORELAND BLVD

2023 wrapped

IN 2023 THE PAUL

CLOSED 61 & SOLD NEARLY $

MAKING US THE TOP PR ROCKBRIDG

Thanks to all our clients who trusted us to sup

LA MARTIN TEAM

1 DEALS & $20 MILLION

RODUCING TEAM IN GE COUNTY

pport you in the sale or purchase of your home.

new price

1464 Blue Grass Trail, Lexington 3 BEDS | 2 BATHS | 2,880 SQ FT | .57 ACRES | $615,000 $585,000 Own a piece of local history!! Built in the late 1800's, the North Buffalo General Store embodies the essence of bygone days while embracing the present with its masterful restoration and transformation into the awe inspiring, oneof-a-kind property that it is today. Situated in a country setting alongside the N. Buffalo Creek, a renowned trout stream, and 20 minutes from historic downtown Lexington, home of Washington and Lee & VMI. Step inside the main level which features a spectacular 1,400 Sq Ft of entertainment space with original hardwood floors. Make a drink at the bespoke bar, play a game of billiards, grill in the private back yard, or retreat to the side porch rockers & listen to the soothing sound of the creek.

The 2nd floor features 3 spacious bedrooms, kitchen, living room and a full bath.The equipped kitchen is set up to be your culinary dream with 6 burner gas stove, handmade cabinetry and countertops.The open concept makes for the perfect entertaining space with family and friends. Upstairs has access to separate entrance potential for a standalone apartment.

Artistic touches and custom finishes throughout. Upper level features a handmade tile shower from Lexington based pottery studio, local artwork, and each unique room is accented with reclaimed chestnut, oak and cedar boards.

Located a few minutes from the Seclusion wedding venue, the George Washington National Forest and nearby to all the hiking, biking and recreational activity your heart could desire!!

This property opens doors to entrepreneurial aspirations while embracing the allure of history. Perfect location for gatherings of family and friends, reunions, potential for small brewery, general store, etc.The possibilities are endless!!

Currently used as an Airbnb.

BARC fibre optic!!

CLICK HERE FOR MORE INFORMATION

coming soon

TBD Park Place, Lexington 2.46 ACRES | $225,000 | ZONED BUSINESS

Ready to build your dream business in the idyllic land of Rockbridge?! This elevated lot offers breathtaking views of House Mountain and beyond to the Alleghenies. Ideally located just off the bustling corridor of Highway 11 and only 10 minutes from downtown historic Lexington. Only a hop skip and a jump from I-81/I-64. The majority of the lot has been cleared with a portion leveled and graveled.

Zoned for business. County water and sewer available.

Your Rockbridge Connection Serving Lexington, Buena Vista and all of Rockbridge County

Have you worked with us in the past? Send an email to jessielee@paulamartinteam.com with your experience and permission to share across our marketing platforms.

We look forward to connecting with you.

PAULA MARTIN Realtor® (C ) (540) 460-1019 (O) (540) 463-2016 paula@paulamartinteam.com STEVE MARTIN Realtor® (C ) (540) 460-2277 (O) (540) 463-2016 stevenwmartin@gmail.com

THE PAULA MARTIN REAL ESTATE TEAM

JESSIE LEE TAYLOR Realtor® (C ) (540) 784-9183 (O) (540) 463-2016 jessielee@paulamartinteam.com

31 S Main Street, Lexington, VA 24450