Is the housing market on PEDS? This is a question many home buyers may be asking themselves right now. Many parts of the country are experiencing a robust housing rebound, including Northern Virginia. Here in Prince William County, we are seeing higher prices and fewer days on the market(DOM) than the past several years. The PEDS (performance-enhancing drugs) in the Prince William County real estate market have been historically low mortgage rates and pent up demand for housing, resulting in very low inventory.
The result of this low inventory, coupled with one of the nation's lowest unemployment rate(5.1%), has been that sellers are receiving multiple offers and higher selling prices than have been seen here in several years. The chart below shows the average DOM for Prince William County homes as of June 2013 compared to the previous 5 years:
Here, you can see that the average sold price for homes in Prince William County has increased to just over $350,000, near pre-2008 levels:
As you can see, Prince William County homes, when priced correctly and marketed by a qualified REALTOR®, are selling very quickly and at prices well above even a year ago. If you're interested in selling your Prince William County home, contact me today to find out what your home is worth and what I will do to get your home SOLD.
Are you worried about rising mortgage rates slowing down the housing market? Do you think we are in the midst of another housing "boom"?