Provided by REALTOR® Association of Prince William
According to the Third Quarter Home Sales Report released by the Virginia REALTORS®, sales activity increased in Manassas, Manassas Park, and Prince William County. There were 91 additional sales transactions compared to last year. Home prices continued to climb this quarter. The median sales
price is nearly $22,000 higher than it was a year ago. All jurisdictions in the area had median sale price growth this quarter. The supply of active listings continues to shrink and is playing a role in the upward pressure on home prices. The number of active listings on the market is down 27% from last year.
Sales activity increased in the housing market this quarter. There were 2,404 sales in the third quarter, a 4% increase from a year ago, a gain of 91 sales. This is the largest increase in sales transactions for the REALTOR® Association of Prince William footprint since spring 2017. Both Prince William County and Manassas Park continue to have more sales than last year. Market activity in Manassas continues to trend down compared to the prior year.
Home prices in the area are climbing, a trend that has been consistent for several years. At $379,975, the third quarter median sales price in the area is nearly $22,000 higher than it was a year ago, a 6% increase. Home prices are rising in all jurisdictions of the footprint, a reflection of the low inventory of homes available on the market and continued buyer demand. The median sales price in the area is about $65,000 higher than it was four years ago. The price growth in the footprint is similar to trends in the Northern Virginia housing market. Trends are being driven by strong economic conditions in the region and a shrinking supply of active listings on the market.
Sales Transactions and Active Listings
The increase in sales transactions and rising sales prices in the footprint led to strong growth in the sold dollar volume this quarter. There was approximately $972 million in sold volume in the third quarter, a 10% jump from a year ago, over $88 million in additional sold volume. This is the largest increase for the area since the second quarter of 2017. All three jurisdictions had more sold dollar volume this quarter. The third quarter sold volume is more than $176 million higher than it was this time four years ago. The sales volume reflects the general market expansion over the past several years in the PWAR area and the Northern Virginia region more broadly.
There were 1,186 active listings on the market at the end of the third quarter. This number is 27% below the supply level at this time last year, a reduction of 433 active listings. The inventory has been shrinking for most of the past three years; however, this is the largest drop since the third quarter of 2016. Both Prince William County and the City of Manassas had large declines in active listings this quarter. Manassas Park had more active listings than a year ago. The overall inventory for the footprint is now about half the level it was this time four years ago.
The Prince William Home Sales Report is prepared by the Virginia REALTORS® and published by the REALTOR® Association of Prince William. Current and past reports are available to members, media, and real estate related-industries through the organization’s website.