For this issue, I would like to look at a year-to-date report of the Haymarket and Gainesville real estate market as a whole—all home types, price ranges and neighborhoods—in comparison to the same in the greater Northern Virginia real estate market. I often compare real estate data for Haymarket and Gainesville to that of Prince William County, but a comparison to Northern Virginia will give us a broader look at the real estate market in comparable counties of our region.
RELATED: How Much House will $500,000 Buy in Northern Virginia?
You will see in the chart below that New Listings have increased across the board so far this year, especially in Haymarket. This is a sign of a healthy market, however it now tends to favor buyers.
You will also see in Closed Sales that homes are still selling however Sold Prices (Median Sold Price) are maintaining—give or take—which also indicates a sway towards a buyers market. Days on the Market has also increased. Bottom line: the market is good, but there are more homes for sale than buyers.
What I find particularly interesting is that home sales dropped just slightly in Haymarket, basically maintaining, while new listings increased the most here. This means there have been more homes sitting on the market this year. So, if your house is for sale in Haymarket and hasn’t sold yet, it’s probably due to the competition.
But, here’s some good news. The July report indicates that Closed Sales in Haymarket increased +46.8% in July 2015 over July 2014. Hopefully this trend will continue into the fall.
In July 2015, there were 69 Closed Sales in Haymarket, more than any other month in the past 12 months. And, it was an increase of +46.8% over last July 2014.
Another interesting piece of data when comparing our area to Northern Virginia is that out of 10 counties in Northern Virginia, Prince William County had the second highest number of Closed Sales (Fairfax County first) so far this year. It also had the third highest Closed Sales increase at over last year (behind Loudoun County and City of Manassas Park).
I am happy to repeat it, things are looking good in our neck of the woods.
Find out how the Real Estate Market is doing in YOUR neighborhood …
Sign up for a Free Market Snapshot—a real estate Market Report emailed to you that provides the LATEST and most ACCURATE real estate trends and recent home sales in YOUR neighborhood inlcuding Just Listed, Days on the Market, Recent Home Sales, Price Changes and more.
See this article in the print version of Haymarket Homeowner which mails to the home of 11,000 Haymarket and Gainesville residents: