Wondering what’s happening in the greater Vienna real estate market?
- The average price of home sales rose in September as compared to August and was $788,774. (Keep in mind that homes that went to closing in September likely went under contract in July or August.)
- Average days on market for those homes sold dropped 10 days from 59 days to 49 days.
- The slowdown in the market continues. New listings were up 45% from September. While the number of homes that went under contract dropped 25% This follows a steady month in August and a 29% drop in contracts from June to July.
BUYERS: This is a great time to buy. 312 homes are on the market and the average days on market for these homes is 114 days. This may spell opportunity for you!
SELLERS: NOW is the time to adjust your price to the market. if you have been testing and trying to push the market up, the market is NOT responding. In addition, interest rates are predicted to rise. While in some cases, waiting til Spring to sell my benefit you (for example – if you need to paint, remove wallpaper and other basic things that were not done the first time you went on the market) – for most people time is of the essence because rising interest rates may price buyers out of your market. The less buyers, the less likely values are to rise.
(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)Click here to see the Vienna homes that have been on the market for less than a week!
For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.