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 August 2018.
A Look at the Housing Stats
July’s median sale price was $322,000. This shows a drop from the $325,000 recorded last month. The median sale price for July also showed a 2.2 percent increase over the $315,000 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 $331,500. This amount shows a 4.4 percent increase over last year’s $317,500. Zip code area 22191 brought a median home sale price of $318,000, which is 0.6 percent lower than last July’s $319,900. The median home sale price in the 22193 zip code area is $320,000. Here we see another increase when it comes to the median sale price with a 4.9 percent rise from $305,000 last year.
What Does this Data Mean?
July closed with 531 active listings for Woodbridge. Compared to the 504 active listings this time last year, the numbers are up 5.4 percent. The current inventory rose slightly to a 2.1 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 154 active listings in the 22192 area, which is down 12.5 percent from last year’s 176. The area for zip code 22191 increased 15.1 percent when it came to active listings, going from 166 in 2017 to 191 at the end of July 2018. Zip code area 22193 increased 14.8 percent, with 186 active listings this month and 162 this time last year.
What this Means for Home Buyers
There were 366 sales closed successfully in Woodbridge during the month of July. There were 111 closings in zip code 22191, 104 closings in zip code 22192, and 121 closings in zip code 22193. Only the 22191 zip code is showing an improvement in sold listings when compared 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 23 days last month to 25 days for July, 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 25 days. The 22191 area is recording for 32 days, and the 22192 area is at an impressive 18 days, which is 59.1 percent better than it was last year at this time. 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.