Nokesville, VA, is located in the western end of Prince William County where lots over an acre are the norm. In 1989, the Prince William County Board of Supervisors adopted a Comprehensive Plan that, for the first time, formally established an Urban Growth Boundary that became known as the Rural Crescent. The purpose of the Rural Crescent was to help control the urban sprawl from area’s adjacent like Bristow, Gainesville and Haymarket where zoning was denser. While most development approved in the Nokesville area is for lots 10 acres or greater, there are those smaller lots that had approval prior to 1989.
The average sold price in Nokesville has gone up 37.35 percent month over month and experienced a 5.66 percent decrease year over year. That has to do with the shortage of inventory and the wide range of housing prices. From January 1, 2012 to June 20, 2012, 45 homes have sold and settled. Sold prices ranged from $169,000 to $862,500. In 2011, for the same period there were only 25 homes that sold and prices ranged from $69,825-$885,000.
Unlike more densely populated areas of Prince William County, Nokesville did not experience a large number of foreclosures or short sales. Currently, there are only four homes that are being sold as short sales and one active foreclosure. It is also not an area where you will find many homes for rent. Most renters do not want to have to deal with taking care of the large lots.
Nokesville has 22 percent fewer homes for sale this year than last, making it is a sellers market. The buyers are out there taking advantage of the historically- low interest rates. On average, sellers are netting 98.5 percent of the original list price. This is up from 98 percent for the same time last year.
With the summer market in full swing it appears that prices will continue to edge upward; how quickly the supply and demand shifts will determine the direction of the home prices.
The graph have been provided by RealEstate Business Intelligence
You might be interested in looking at Market Reports for these area's: Prince William County, Manassas City, Manassas Park and Bristow Real Estate Market.
The Jacobs Team has been your Prince William Expert for over 20 years. If you are thinking about Buying or Selling Real Estate in Prince William County, Manassas, Manassas Park, Let us put our Expertise to work for YOU!
Susan Jacobs-The Jacobs Team
Prudential PenFed Realty