PRINCE WILLIAM COUNTY DECEMBER 2023 MARKET STATISTICS
MANASSAS, VA. December 11th – Bright MLS, Smartcharts, a leader in real estate data and insights releases the latest market statistics, providing a comprehensive snapshot of the local real estate landscape. Despite facing challenges, the market has demonstrated its ability to adapt, with key indicators showcasing interesting dynamics.
In December 2023, the total number of closed sales reached 358, reflecting a decrease of 29 sales or 7.5% compared to the same period in 2022. This decline, while significant, suggests a measured adjustment in the market as it responds to various factors.
A standout feature of the December housing market is the median sold price, which surged to $528,000. This represents a substantial increase of $78,000 or 17.3% compared to December 2022. The notable uptick in median prices underscores the demand for real estate in the region and highlights the economic dynamics at play.
The inventory of available properties witnessed a noteworthy contraction in December 2023. Active listings decreased by 117, amounting to a 30.66% reduction compared to the same month in the previous year. This reduction in inventory could contribute to a competitive market, potentially influencing pricing dynamics.
A key metric for assessing market efficiency, the average number of days on the market saw a decline in December 2023. Properties spent an average of 22 days on the market, indicating a decrease of 8 days compared to December 2022. This acceleration in the pace of transactions may be indicative of a market that is responsive to buyer demand.
In summary, the December housing market in the Prince William region presents a multifaceted picture. While closed sales experienced a decline, the increase in median sold prices and the reduction in active listings suggest a market that is adjusting dynamically. The shortened days on market further emphasize the agility of the market in responding to prevailing conditions.
REALTOR® Association of Prince William (PWAR) is the largest professional trade association in Prince William County, representing approximately 1,800 REALTORS® engaged in the residential and commercial real estate business. PWAR serves as an advocate for home-ownership and homeowners and represents the interests of property owners in Prince William County and the Commonwealth of Virginia. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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