Townhouse Sales in Prince William County, Virginia Still Strong
For the past three years, the Median Sales Price of attached townhouses in Prince William County, Virginia has seen a steady increase. This means the demand for townhouses has also increased.
How do we know the demand has increased? We look at the average number of days a house in on the market before it sells. In Prince William County, the Average Days on Market for attached townhouses in July 2013 was 21 days up just slightly from May 2013 which was only 16 days – the lowest number in the past five years. In June of 2008 the number of days on the market was 115.
Several factors may contribute to this data including low inventory in some areas, lower interest rates for first time homebuyers and a general improvement in the housing market. Also young buyers—20 somethings and up with growing families—are seeking affordable housing in convenient locations and good public school districts. Zip codes in Bristow, Manassas and Woodbridge seem to be setting the pace.
The Median Sales Price for Townhouses in Prince William County for the past three years is $265,000 in July 2013 compared to $197,450 in August 2010.
Median Sale Prices for townhouses in zip codes in Manassas, Bristow and Woodbridge over the past three years show fluctuation but the past few months show the highest range which is about a $50,000 increase from June 2010.
Manassas, VA Zip Code 20109 has seen about a $100,000 increase in townhouse sales in the past three years – from $152,500 in August 2010 up to $250,000 in July 2013!
What does this all mean for buyers and sellers in the the townhouse market? It's good news for sellers. They have statistics on their side for a quick sale at a good price comparitively.
For buyers looking to purchase a townhouse, I would advise you to be prepared before you start looking. Consult with a lender to determine how much you qualify for and have a pre-qualification letter ready. If you are a first-time home buyer, you are in a good position to move quickly on a home you are certain is right for you.
Bryan Garcia specializes in helping folks buy and sell real estate in Northern Virginia. His area of expertise is Prince William County — Haymarket, Gainesville, Bristow, Manassas, Warrenton and surrounding communities.
Call Bryan today (703) 753-9100, ext. 103 or email BryanGarcia@exitheritage.com anytime.
Get connected with Bryan to get connected with the Real Estate Market.