The Long & Foster Market Minute

Focus On: Prince William County Housing Market May 2020

Units Sold
603
Active Inventory
551
Median Sale Price
$410,000
Days On Market
17
Down -32%
Vs. Year Ago
Down -56%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 603 sold this month in Prince William County Real Estate versus 596 last month, an increase of 1%. This month's total units sold was lower than at this time last year, a decrease of 32% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 694 units or 56%. The total number of active inventory this May was 551 compared to 1,245 in May 2019. This month's total of 551 is lower than the previous month's total supply of available inventory of 745, a decrease of 26%.

Median Sale Price
Last May, the median sale price for Prince William County Homes was $390,000. This May, the median sale price was $410,000, an increase of 5% or $20,000 compared to last year. The current median sold price is 1% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
750
Current Contracts
827
Sold Vs. List Price
99.9%
Months of Supply
0.9
Down -33%
Vs. Year Ago
Down -3%
Vs. Year Ago
No Change
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In May, there was 0.9 months of supply available in Prince William County, compared to 1.4 in May 2019. That is a decrease of 35% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 750 homes newly listed for sale in Prince William County compared to 1,116 in May 2019, a decrease of 33%. There were 827 current contracts pending sale this May compared to 851 a year ago. The number of current contracts is 3% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Prince William County was 99.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 19, a decrease of 11%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.