Prince George County update
This is a report of market trends for resold homes in northern Prince George County between 1400-1900sf in size.
After a historic increase in home values over the last 2 years, the most recent data (as of 04/07/2023) shows signs of moderating, with leveling home sale prices and increasing marketing times.
This is in part due to the past three quarters seeing higher levels of housing inventory (with two of those quarters being the highest in the last three years).
This softening in the market data is further evidenced in the rise in seller concessions.
As seen here, current marketing time is at a three year high for closed sales.
As sellers struggle to adapt to a rapidly changing market, sale-to-list price ratios have plummeted in the last two quarters.
The broader market has shown signs of strengthening, but rural markets that benefitted from the COVID move from more populated areas may see a sharper correction than more populated areas as work-from-home becomes less commonly accepted by employers.