Prices Rise As Sales Slow In Prince William Real Estate Market

PRINCE WILLIAM COUNTY, VA — Homes are only getting more expensive in Prince William County, according to the May 2023 report from the Prince William Association of Realtors.

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

"In May 2023, our area experienced a noticeable decrease in new listings, closed sales, and active listings," the Realtors' association report said. "This decline in new listings is significant, as it amounted to a substantial 44.86% decrease compared to the same period last year."

As the number of listings declined, so did the number of sales. While there were 864 sales in May 2022, there were only 599 sales in May 2023.

As inventory decreased, the average sale price rose. In May 2022, the median home sold for $521,838. In May 2023, that price rose by 4.8 percent to $547,000.

The number of active listings also declined by 12 percent in May 2023. Experts said the lack of listings and high prices indicate a competitive market in a desirable area.

"This rise in median sold price indicates the continued desirability and value of properties in our area," the report said. "This decline in active listings contributes to a potentially more competitive market environment, where buyers have a narrower selection of available properties."

More information about the real estate market is available on the Realtors' association website.