For homeowners in Prince William County, Virginia, declining house values continue make it harder to make a profit on selling a house. Fortunately the market here seems to be stabilizing.
Prices of homes in Prince William County have, once again, declined from the previous year. The median sold price dropped by nearly 6% while the average sold price declined by 4%. In March 2007, the median and average sales prices were $416,703 and $380,000 respectively. This represents a 33% decline in average sales price and a 46% decline in median sales price. These drastic value declines have most likely never been seen before in the United States.
Fortunately, the real estate market in Prince William County seems to be stabilizing. While the number of houses sold declined a significant amount and sellers in general are getting a lower sold price, percentage wise, compared to their original list price, they are still getting nearly 97% of list price – a sign of a healthy market.
In terms of supply, in February 2011 there were 358 homes sold. When divided into the number of active listings it signifies a 3.75-month supply of houses. This amount of supply is much better than a typical healthy market (defined by a 5-6 month supply). Active listings were up roughly 10% while new listings declined over 11% from a year ago.
|Prince William County, VA||Mar-2011||Mar-2010||% Change|
|Avg Sold Price||$256,373||$267,223||-4.06%|
|Median Sold Price||$225,000||$240,104||-6.29%|
|Avg Days on Market||59||46||28.26%|
|Avg Sold Price to List Price||96.6%||98.8%||-2.25%|
If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.