Whether you’re planning to buy a new home or sell your existing home, it’s a good idea to know more about the Woodbridge real estate market before you begin. Here’s an overview of current statistics for June 2018.
A Look at the Housing Stats
Home prices are still rising in Woodbridge. May’s median sale price was $330,000. This shows an increase from the $325,000 recorded last month. The median sale price for May also showed a 5.8 percent increase over the $312,500 from this time last year. The median price fluctuates depending on which zip code you’re researching in the Woodbridge community.
Those in the 22192 zip code area saw a median sale price of $346,000. This amount shows a slight increase of 6.5 percent over last year’s $324,900. Zip code area 22191 brought a median home sale price of $348,000, which is 13 percent higher than last May’s $308,000. The median home sale price in the 22193 zip code area is $325,000. Here we see another increase when it comes to the median sale price with a 5 percent rise from $309,500 last year.
What Does this Data Mean?
May closed with 447 active listings for Woodbridge. Compared to the 416 active listings this time last year, the numbers are up 7.5 percent. The current inventory rose slightly to a 1.7 month supply. For the market to be considered balanced, there would need to be a 6-month supply of available homes for sale.
Broken down by zip code, we can see which areas are seeing more activity when it comes to active listings. There were 130 active listings in the 22192 area, which is down 23.1 percent from last year’s 169. The area for zip code 22191 increased 40 percent when it came to active listings, going from 125 in 2017 to 175 at the end of May 2018. Zip code area 22193 increased 16.4 percent, with 142 active listings this month and 122 this time last year.
What this Means for Home Buyers
May saw 308 sales close successfully in Woodbridge. There were 81 closings in zip code 22191, 117 closings in zip code 22192, and 110 closings in zip code 22193. With the exception of the 22192 zip code area, all areas showed a decline in sold homes when compared to May 2017. The 22192 area shows an increase of 15.8 percent compared to the 101 homes closed this time last year.
As a home buyer, you can get the edge on others by signing up for e-mail alerts and saving searches related to your criteria. It’s a free service that can save you time and money in the long run. While you’re at it, you may want to do a quick check to get an estimate on how much home you can afford by doing using a mortgage calculator.
What this Means for Home Sellers
Woodbridge sellers are in an excellent place as we move into June. They are seeing a decrease in days on the market that is 45.5 percent less than this time last year. The average days on the market for Woodbridge is 21 days. For the 22193 area, we’re seeing 18 days. The 22191 area is recording 26 days, and the 22192 area is at 21 days. Be sure to get an idea of what your home is worth by clicking the link below for an instant home valuation. This valuation will give you a general idea that you get broaden upon when you meet with a real estate agent. They can give you a more specific target range when they do your comprehensive report.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.