Realtors in Prince William County sold more homes in July than they did a year ago.
A limited number of available houses on the market and the desire for more space has created the perfect opportunity for anyone looking to sell a home.
“It’s not just Arlington or Alexandria anymore. If you’re in Stafford or Prince William, we’re seeing three to four offers on a home,” said CC Bartholomew, a Prince William County-based Realtor. “So many people are trying to buy a house right now.”
After weeks in the coronavirus lockdown working from home, most of those people are looking for more space than what they had before. Most are looking for a larger condo, townhouse, or single-family home, if they can find one.
To move in faster, many people are waiving home appraisals and that is driving up prices, Bartholomew adds. Low-interest rates are also encorgang sales, and existing home refinancing.
A total of 906 homes were sold in July 2020, a favorable increase of 16.5 percent compared to July 2019 at 778. The number of contracts pending saw an increase of 8.3 percent year-over-year, from 962 to 1,042, according to the Prince William Association of Realtors.
New listings also showed an increase year-over-year, with 979 new listings, as opposed to 885 in July 2019. There were also noticeably fewer active listings available this year with 415 active listings in July 2020, compared to 1,046 in 2019. The median sold price of homes saw a rise in July, increasing 9.1 percent to $420,000 as compared to $385,000 last year.
With so many people working from home, few, if any of Bartholomew’s buyers are asking about commute times. This could lead to deflation of commercial Real Estate values in the region, she adds.
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