08/28/2023
Did you know it's a great time to sell a home?
At this time, we only have a 1-month supply of inventory. This indicates a strong seller's market.
Over the past 12 months, the Months Supply of Inventory has decreased by a staggering -51.92%. This signifies a competitive market and a great opportunity for sellers.
The List to Sold Price percentage is an impressive 102.4%. This highlights that sellers are receiving, on average, over the list price for their properties.
The median days on market in Prince William is just 4 days. Most homes are selling swiftly, illustrating the strong demand from motivated buyers. The median sold price currently stands at $730,000 here.
If you're considering selling a property in PWC or Manassas, now is an excellent time to take advantage of these market conditions.
As for buyers, if you want to buy your first home or need to buy a larger home, you can rent the rate and refinance in the next year or two.
Rates are projected to go back down into the fives and sixes in the 2024 & 2025. Some lenders are doing the refi at no additional charge. And, there is going to be increased demand from millennials who are looking to buy in the next few years, too.
As a trusted Realtor at Samson Properties, I'm here to help you explore your options, guide you through the process and help you achieve your real estate goals.
"This nation is standing on the front doorstep of the largest wave of home-buying demand in U.S. history."
- David Stevens, Former President/CEO, Mortgage Bankers Association