Sales, Listings Drop; Prices Surge: Prince William Real Estate Report

PRINCE WILLIAM COUNTY, VA — Home prices are still rising in Prince William County, according to the latest report from the local association of Realtors. The number of homes on the market and sales each month is continuing to decline.

The Prince William Association of Realtors releases a market report each month that compares the month's sales activity to the same month a year ago. The July 2023 report compares market indicators from the area to data from July 2022.

The number of new listings dropped significantly in July, from 918 in 2022 to 559 in 2023. The number of closed sales decreased accordingly with a 21.6 percent decline year-over-year.

With fewer homes available, the market is becoming increasingly challenging for prospective homebuyers.

"This suggests a potentially more competitive market environment, with fewer options for buyers," the market report said.

As supply decreases, home prices have increased. The average home sold for $525,000 in July 2023, a 1 percent increase over the previous year.

"This rise suggests ongoing demand and value for properties in the area," the report said.

Homes are also spending more time on the market, according to the data. The average home spent 12 days on the market in July, a 9 percent increase.

More information about Prince William County's real estate market is available on the Realtors association's website.