Real Estate Blog

WOODBRIDGE, VA. June 14, 2022 – Flowers are in bloom this season and so are the recent Prince William County market statistics. The stats, generated by Virginia REALTORS Chief Economist Ryan Price and SmartCharts and gathered through data provided by VAR and Bright MLS, give readers a valuable snapshot of what’s hot on the charts, and what’s not in the current housing market.

 

A grand total of 864 homes were sold across the month of May, this is a minimal decrease of 13.3 percent in comparison to May 2021. New listings also showed a slight 11.1% decrease with 1079 new listings as opposed to 1214 in May 2021. On a lighter note, active listings were shown to be more readily available with 489 listings, a significant 30.8% increase to last year’s 374 active listings. Also increasing at a slightly slower pace is the median sold price of homes, with there being an 8.7% increase to $521,838 as compared to last years $480,000. Last but certainly not least, the average days on the market saw a vague decrease from 7 in 2021 to 6.

 

 

 

 

FAIRFAX, Va. (June 16, 2022) – Housing sales were down compared to May of last year, but homes sold quickly, prices continued to jump, and cash was the payment of choice for about 20% of buyers, according to the Northern Virginia Association of Realtors® (NVAR).

 

“With so few houses on the market to buy, mortgage rate increases have done little to temper home price growth. Sellers remain in charge in this ongoing surreal market. In fact, many buyers are using cash to pay for their homes to avoid the interest rate hikes,” said Reggie Copeland, NVAR Board President and Broker/Principal, CR Copeland Real Estate, LLC.

 

With 2,424 homes sold, Northern Virginia sales for May were down 8.7% from May 2021, but up considerably compared to the previous month, growing 12.6% from April. This number is also above the number of sales in May 2019, pre-pandemic. 

 

NVAR CEO Ryan McLaughlin added: “We are a million dollar plus market for single family homes. The extraordinary growth has left many homeowners with very expensive homes while leaving first-time home buyers wondering how they will ever afford to buy one. The Fed’s latest interest rate increase will likely put a bigger strain on homebuyers, who are already fatigued.” 

 

This was a sentiment shared in a panel discussion this week led by McLaughlin which included four other CEOs representing some of the largest Realtor® Associations in the U.S. These leaders agreed that price growth will continue in their markets and nationwide into the foreseeable future, making affordability a challenge. McLaughlin noted during the session that market pressures may spur more creative multifamily options from developers as well as policy makers.