Home Prices Rise In Prince William County As Sales Slow Down

PRINCE WILLIAM COUNTY, VA — Home prices are still growing in Prince William County, according to the March market report from the Prince William Association of Realtors. Prices continue to surge even as homes spend more time on the market.

The Realtor Association releases a report each month detailing the several market indicators for the previous month. The association compared each market indicator from March 2023 to March 2022 levels.

Throughout Prince William County, 478 houses were sold in March 2023, a 34 percent drop over the previous year. The Realtor Association described the drop as "significant."

The number of new listings fell by 40 percent in March 2023. However, the number of total active listings grew by 47 percent.

This year, homes are spending significantly more time on the market. In March 2022, the average home spent nine days on the market. Now, a home spends about 22 days on the market before a sale.

The price of the average home is still going up. In March, the median sale price was $520,000, an $8,000 increase over last year.

More information is available in the Realtor Association's report.