Homes Sales Slow As Prices Rise, According To Prince William County Market Report

PRINCE WILLIAM COUNTY, VA — Home prices are continuing to grow in Prince William County, even as the number of sales slows, according to the August report from the Realtor Association of Prince William.

The report also showed that the number of active listings are on the rise compared to last year, and most homes are spending more time on the market before they're sold.

The market report is generated by the Realtor association each month using data from VAR and Bright MLS. The information is often compared to the same month in the previous year to provide a snapshot of the real estate market.

The median home price in August was $506,050, an 8 percent increase of August 2021's median value. Meanwhile, the number of sales in the county slowed by 28 percent as the number of active listings grew by 28 percent.

Homes are also spending more time on the market in Prince William County. In August 2021, the average home spent just 10 days on the market before it was sold. Now, that number has grown by 50 percent to 15 days on the market.

More details about the month's real estate market report are available on the Realtor Association of Prince William's website.