Homes Are Staying On The Market Longer As Listing Increase In Prince William County

PRINCE WILLIAM COUNTY, VA — The real estate market is slowing down in Prince William County, according to a new report from the Prince William Association of Realtors. The January 2023 market report showed that the area's housing market is continuing to cool off.

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

The number of home sales decreased to start the year. There were 299 closed sales in January 2023, compared to 402 in December 2022, the report said.

Meanwhile, the number of active listings doubled. There were 342 homes on the market at the end of January. At the end of 2022, there 137 active listings.

Homes are also staying on the market for longer. The average home stayed on the market for 39 days in January, compared to 18 days in December.

Home sales are continuing to rise. The median home price in Prince William County was $474,999 in January, 3.4 percent increase.

The real estate market is slowing down throughout the Northern Virginia region. Last week, the Dulles Area Association of Realtors released their market report for January, which showed a record low number of sales.

Read more: Loudoun Real Estate Market Sees Record Low Sales: Realtors Report

"While Virginia as a whole saw its slowest January market in eight years, here in Loudoun County a record low 196 sales were recorded this past month," said Allen Marteney, the president of the Dulles Area Association of Realtors. "And though this might seem alarming, this rebalancing of the market can be expected following the frenzy of the past few years."

More information about the January market report for Prince William County is available on the Realtors Association's website.