Provided by PWAR
Bright MLS, Smartcharts, a leader in real estate data and insights, has unveiled its August 2023 market report, delivering a comprehensive overview of the local real estate landscape. This report delves into key trends that have shaped the market throughout this period.
Key findings from the report indicate significant shifts in various real estate metrics compared to the previous year.
Notable data points for August 2023 include a substantial 37.02% decline in new listings, with only 529 new listings recorded, as opposed to 840 in August 2022. Similarly, closed sales experienced a 22.81% decrease, with only 528 closed sales in August 2023, compared to 684 during the same month the previous year.
Despite these declines, the median sold price showed growth, increasing by 7.72% to $538,500 in August 2023, up from $499,900 in August 2022. This surge suggests ongoing demand and value associated with properties in the region.
Another interesting statistic is the 37.29% reduction in active listings in August 2023, with only 513 active listings compared to 818 in 2022. This shift hints at a potentially more competitive market environment, with fewer choices available for prospective buyers.
Additionally, the report disclosed a 25.00% decrease in average days on the market for August 2023. This metric declined from 16 days in 2022 to just 12 days, providing insights into the pace of real estate transactions during this period.
Remaining well-informed about market dynamics is crucial for professionals in the real estate sector. The insights derived from these market statistics serve as invaluable tools for individuals seeking to strategically navigate the continually evolving real estate landscape.
To review August’s market statistics, visit pwar.com/marketstatistics.
REALTOR® Association of Prince William (PWAR) is the largest professional trade association in Prince William County, representing approximately 1,900 REALTORS® engaged in the residential and commercial real estate business. PWAR serves as an advocate for home ownership and homeowners and represents the interests of property owners in Prince William County and the Commonwealth of Virginia.
Note: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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