The Long & Foster Market Minute

Focus On: Prince William County Housing Market October 2022

Units Sold
464
Active Inventory
730
Median Sale Price
$482,495
Days On Market
24
Down
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 60%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 464 sold this month in Prince William County Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 132 units or 22%. The total number of active inventory this October was 730 compared to 598 in October 2021. This month's total of 730 is lower than the previous month's total supply of available inventory of 821, a decrease of 11%.

Median Sale Price
Last October, the median sale price for Prince William County Homes was $457,450. This October, the median sale price was $482,495, an increase of 5% or $25,045 compared to last year. The current median sold price is 3% lower than in September.

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


New Listings
537
Current Contracts
436
Sold Vs. List Price
99.6%
Months of Supply
1.6
Down -33%
Vs. Year Ago
Down -43%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Up 94%
Vs. Year Ago

Months of Supply
In October, there was 1.6 months of supply available in Prince William County, compared to 0.8 in October 2021. That is an increase of 94% 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 537 homes newly listed for sale in Prince William County compared to 797 in October 2021, a decrease of 33%. There were 436 current contracts pending sale this October compared to 771 a year ago. The number of current contracts is 43% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Prince William County was 99.6% of the average list price, which is 1.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 24, higher than the average last year, which was 15, an increase of 60%.

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.