Real Estate Market Summary for Prince William County, VA

Real Estate Market Summary for Prince William County, VA

Here’s what the real estate market in Prince William County looks like based on the statistics through the end of August 2013.

The amount of Closed Sales came in at 616 which is up 2.84% year over year, the Median Sold Price is $310.000 which is up 12.52% year over year, and the Average Days On The Market (DOM) is 29 which is down 35.56%. So, what does all this mean? Sellers are still in the drivers seat because housing inventory is still low. Sellers can also expect to get under contract and for a slightly higher sales price than they could this time one year ago.

The amount of Active Listings comes in at 1,250 which is 14.47% from a year ago. The amount of New Listings is at 859, up 39% year over year. This means the inventory in the county is still low. For sellers, this can give you a stronger negotiating position and for Buyers, when you find the right one, don’t hesitate to put in that offer or it might be gone.

Once consistent statistic is the Average Sold Price verse the Original List Price Ratio. This ratio gives buyers an idea of how much they can expect to pay for a home once they submit and negotiate an offer based on settled transactions. Sellers often use this ratio as one factor in determining their home’s market value. Currently that ratio comes in at 98.1% which is up 1.1% from last year.

If you have questions or need some advice regarding your specific situation please use the links on the home page to contact me. That wraps up the Real Estate Market Summary for Prince William County, VA.