Last year was a pretty good year for Prince William County real estate.
According to 2018 President of the REALTOR Association of Prince William (PWAR) David Bridges, “Prince William County experienced an exceptional year in real estate with total sales volume coming in at $3.1 billion, a 7.7 percent increase over $2.9 billion in 2016.”
Market statistics from PWAR show that overall home sales – comparing December 2016 to December 2017 – were up to 614 from 565, and home prices were up as well, at $345,450 up from $329,000. https://www.pwar.com/market-statistics/
Bridges stated that the 3.52% increase in home values contributed to the market’s growth. He also stated that there was a large reduction in the days a home was in the market before it was sold.
“…there was a drastic drop of 20.41% taking average days on market from 49 days down to 39 days,” stated Bridges.
As PWAR and homeowners continue into 2018, Bridges said the challenge for the year will be the low inventory of homes that are available for sale in the Prince William County area.
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