WOODBRIDGE, VA. June 13th – Bright MLS, Smartcharts has released the latest real estate market statistics for May 2023 in our area, providing valuable insights into the current state of the market. Let’s dive into the data to gain a comprehensive understanding of the trends and dynamics that shaped the real estate landscape during this period.

In May 2023, our area experienced a noticeable decrease in new listings, closed sales, and active listings. This decline in new listings is significant, as it amounted to a substantial 44.86% decrease compared to the same period last year. Specifically, there were 595 new listings in May 2023, compared to 1,079 in May 2022. Similarly, closed sales also experienced a decline of 30.67% in May 2023, with 599 closed sales compared to 864 in 2022.

Despite the decrease in new listings and closed sales, the median sold price exhibited a positive trend. The median sold price increased by 4.82% to $547,000 in May 2023, up from $521,838 in May 2022. This rise in median sold price indicates the continued desirability and value of properties in our area.

Furthermore, active listings decreased by 12.07% in May 2023, with 430 active listings compared to 489 in 2022. This decline in active listings contributes to a potentially more competitive market environment, where buyers have a narrower selection of available properties.

Analyzing the average days on the market provides additional insight into the pace of real estate transactions. In April 2023, the average days on the market increased by 100%, rising from 6 in 2022 to 12.

Staying informed about market trends is essential for anyone involved in the real estate industry or considering a real estate transaction. As the real estate market continues to evolve, it is crucial to remain proactive and adaptable. By leveraging the insights from these market statistics, you can position yourself for success and seize opportunities in our dynamic real estate landscape. We encourage you to stay tuned into next month’s market statistic update to gain further knowledge and insight into the latest developments!

REALTOR® Association of Prince William (PWAR) is the largest professional trade association in Prince William County, representing approximately 1,900 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. 
Note: 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.