MANASSAS, VA. May 15th – Bright MLS, Smartcharts, a leader in real estate data and insights, has released the latest market statistics for May 2024, offering a comprehensive snapshot of the local real estate landscape.

In May 2024, closed sales totaled 603, a minimal increase of 0.7% compared to May 2023. A key indicator of market strength, the median sold price, increased to $570,000 in May 2024 compared to last month, representing an increase of 4.2% from May 2023. This upward trend underscores the continued value appreciation and desirability of properties in our region. New listings in May 2024 recorded a total of 623, reflecting a substantial increase of 4.7% compared to May 2023. Active listings stood at 492 in May 2024, marking an increase of 62 listings compared to May 2023. The average days on market witnessed a decrease of 3 days compared to May 2023.

One of the significant indicators of market balance, the months of inventory, stood at a healthy 1 month in May 2024. Adding five to seven months of inventory would be a healthier situation. This level of inventory indicates a market environment that provides limited opportunity for buyers while also ensuring competitiveness for sellers.

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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