VAR Chief Economist, Lisa Sturtevant provides detailed monthly market statistic reports for the PWAR footprint. The January 2021 report is now available for view.
Home sales continue to surge in the PWAR market. The PWAR area housing
market is off to a strong start in 2021. There were 562 sales across the footprint
in January, a 30.7% jump from last year, which is 132 more sales. Prince William
County had 125 more sales than a year ago (+32.4%), and there were 9 additional
sales in Manassas (+32.1%). There were 2 fewer sales in Manassas Park in January
compared to last year (-12.5%).
– Pending sales are rising in all local markets. There were 618 pending sales in
the PWAR area in January, 73 more than a year ago, representing a 13.4%
increase. There were 547 pending sales in Prince William County in January, 56
more than last year, an 11.4% gain. Most of the pending sales growth this month
in the PWAR area was driven by the single-family detached market.
Townhome/condo pending sales increased just slightly, which is a departure from
the surging activity over the past several months.
– Median sales price in the PWAR market jumped up $44K compared to last
year. At $405,000, the January median sales price in the PWAR region rose 12.2%
from a year ago. This is the largest percentage gain the PWAR market has had in
more than 5 years. The price growth occurred in all local markets led by
Manassas Park (+$114,500) and Prince William County (+$45,000).
– The supply continues to decline rapidly in the PWAR footprint. There were
only 203 active listings on the market in the PWAR area at the end of January, 302
fewer listings than last year (-59.8%). There was a slight gain in new listings this
month (+7.1%) compared to a year ago.