Nokesville Real Estate Market May 2012

Nokesville Virginia is located in the western end of Prince William County where 1-10 acre+ lots is the norm. In 1989 the Prince William County Board of Supervisors adopted a Comprehensive Plan that, for the first time, formally established an Urban Growth Boundary that became known as the Rural Crescent. The purpose of the Rural Crescent was to help control the urban sprawl from area’s adjacent like Bristow, Gainesville and Haymarket where zoning was denser.  While most development approved in the Nokesville area is for 10 acre+ lots there are those smaller lots that had approval prior to 1989.

The average sold price in Nokesville have gone up 37.35% month over month and seen a 5.66% decrease year over year. That has to do with the shortage of inventory and the wide range of housing prices. From January 1, 2012 till June 20, 2012 there has been 45 homes have sold and settled. Sold prices ranged from $169,000 to $862,500. In 2011 for the same period there were only 25 homes that had sold and prices ranged from $69,825-$885,000.

Unlike more densely populated areas of Prince William County, Nokesville did not experience a large number of foreclosures or short sale.  Currently there are only 4 homes that are being sold via a short sale and 1 active foreclosure.  Nor is it an area that you will find many homes for rent. Most renters do not want to have to deal with taking care of an acre+ lot.

Nokesville has 22% fewer homes for sale this year verse last year making it is a sellers market. The buyers are out there taking advantage of the historically low interest rates. On average sellers are netting 98.5 % of the original list price. This is up from 98% for the same time last year.

With the summer market in full swing it appears that prices will continue to edge upward so long as the inventory continues to be low. Depending how quickly the supply and demand shifts will determine the direction of the home prices.

The graph have been provided by RealEstate Business Intelligence

Check out the Bristow Real Estate Market - May 2012