MANASSAS, VA. March 13th – Bright MLS, Smartcharts, a leader in real estate data and insights, has released the latest market statistics for February 2024, offering a comprehensive snapshot of the local real estate landscape. Despite various challenges, the market has exhibited resilience and adaptability, with notable changes in key metrics:

Closed sales in February 2024 amounted to 368, reflecting a decrease of 3.1% compared to the same period in 2023. While this decline may raise concerns, it’s essential to consider the broader context of the market dynamics.

The median sold price surged to $541,500, marking a substantial increase of 9.4% compared to February 2023. This significant uptick indicates robust demand and potential for investment in the local real estate market, highlighting a positive trend for both buyers and sellers.

New listings in February 2024 saw a notable increase, totaling 419, representing a rise of 4.2% compared to February 2023. This influx of new listings suggests continued interest and activity within the market, providing buyers with a diverse range of options to explore.

Active listings, however, experienced a decrease, totaling 319 in February 2024. This represents a notable decline of 13.3% compared to February 2023. While a reduction in active listings may indicate limited inventory, it also underscores the competitiveness of the market, potentially driving faster transactions.

Days on market (DOM) decreased significantly in February 2024, with properties spending an average of 24 days on the market. This represents a notable decrease of 7 days compared to February 2023, indicating heightened demand and a faster pace of transactions.

In summary, the real estate market in Prince William remains dynamic and resilient, as evidenced by the fluctuations in key metrics. While closed sales experienced a slight decline, the surge in median sold price, coupled with an increase in new listings and decreased days on market, reflects a market that continues to attract both buyers and sellers.

As we move forward, it’s imperative for buyers and sellers to stay informed and seek guidance from a real estate professionalto navigate the evolving landscape effectively. Despite challenges, the local real estate market in Prince William demonstrates adaptability and opportunities for those looking to engage in real estate transactions.

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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