PRINCE WILLIAM COUNTY OCTOBER 2023 MARKET STATISTICS
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. The report, based on closed sales, median sold prices, new listings, active listings, and days on market, highlights both challenges and opportunities within the market.
Despite a slight dip in closed sales, the local real estate market remains robust, with 458 properties changing hands. This figure, reflecting an 11.1% decrease from the previous period, is indicative of the dynamic nature of the current real estate landscape.
The median sold price has experienced a healthy increase, reaching $506,002 – a notable 6.5% rise. This upward trend in median sold prices underscores the value and demand for properties within our community.
New listings have seen a decline, with 441 properties entering the market, representing a 25.9% decrease. This shift suggests a more competitive environment, prompting strategic considerations for both buyers and sellers.
The number of active listings has decreased by 37.5%, with a current count of 459. This reduction may indicate a tightening inventory, influencing buyer behavior and potentially leading to increased property values.
Properties are spending less time on the market, with the average days on market decreasing by 25% to 18 days. This acceleration in the selling process could be attributed to various factors, including increased buyer demand and well-positioned pricing strategies.
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.
# # #