MANASSAS, VA. March 15th – Bright MLS, Smartcharts, a leader in real estate data and insights, has released the latest market statistics for March 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:

In March 2024, closed sales totaled 427, showing a modest 10.7% decline compared to March 2023. Despite this decrease, the market remains active, with strong buyer interest and steady transaction volumes.

The median sold price surged to $560,000 in March 2024, marking a 7.7% increase from the previous year. This upward trend highlights the enduring value and appeal of properties in our region.

New listings in March 2024 numbered 486, indicating a 12.4% decrease from March 2023. This reduction in new listings, combined with consistent buyer demand, underscores a competitive market favoring sellers.

The average days on market improved by 4 days compared to March 2023, showcasing faster property transactions in the current market environment.

Active listings totaled 302 in March 2024, down by 104 listings compared to March 2023. This reduction reflects a tightening inventory. The months of inventory stood at 0.6 in March 2024, signaling a robust seller’s market with limited supply and heightened competition among buyers.

Moving forward, it’s crucial for buyers and sellers to remain informed and seek advice from a real estate professional to navigate the changing landscape effectively.

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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