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 July 2018.
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A Look at the Housing Stats
June’s median sale price was $325,000. This shows a drop from the $330,000 recorded last month. The median sale price for June also showed a 0.6 percent increase over the $323,000 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 1.8 percent over last year’s $339,900. Zip code area 22191 brought a median home sale price of $305,000, which is 5.1 percent lower than last June’s $321.500. The median home sale price in the 22193 zip code area is $322,000. Here we see another increase when it comes to the median sale price with a 0.6 percent rise from $320,000 last year.
What Does this Data Mean?
June closed with 499 active listings for Woodbridge. Compared to the 462 active listings this time last year, the numbers are up 8 percent. The current inventory rose slightly to a 1.9 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 148 active listings in the 22192 area, which is down 12.4 percent from last year’s 169. The area for zip code 22191 increased 24.7 percent when it came to active listings, going from 150 in 2017 to 187 at the end of June 2018. Zip code area 22193 increased 14.7 percent, with 164 active listings this month and 143 this time last year.
What this Means for Home Buyers
Sales are down as we move through the hotter months of the year. June saw 344 sales close successfully in Woodbridge. There were 99 closings in zip code 22191, 125 closings in zip code 22192, and 120 closings in zip code 22193. In fact, all areas are showing a decrease in sales year-over-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
While the average days on the market has increased from 21 days last month to 23 days for June, Woodbridge sellers are still in a great position when it comes to placing their property on the market. For the 22193 area, we’re seeing 19 days. The 22191 area is recording 23 days, and the 22192 area is at 26 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.
See Additional Reports on the Woodbridge Real Estate Market
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