Labor Day has come & gone. The kids have gone back to school. “What I Did This Summer” essays are being written. So we think this is the perfect time to look back over the Northern VA real estate market and do a year-over-year comparison for listings, sales & prices from January through August.
You’ll note that we don’t list the Northern VA market as a whole. We prefer to view our markets more hyperlocally because each market can be very different. The markets you see listed are the ones we are most frequently asked about: Fairfax, Great Falls, McLean, Oakton, Reston & Vienna. (Contact The Belt Team by email if you would like info on other areas.)
Detailed statistics are below. Here are the highlights:
- In each area listed, average sales prices are up over 2012. The lowest increase in average sales price was McLean – with a 2.4% increase over last year. The highest increase in price was seen in Reston – up 6.2% over last year.
- Homes are selling quickly and average days on market in every locale are at the lowest we have seen for the past 6 years. The slowest market is Great Falls – with an average of 97 days on market for homes sold through August of this year. And while this may seem like a long time compared to Reston (which is averaging just 23 days so far this year), it’s still down from a high of 180 days in 2008.
- Homes are also selling for the highest percentage of list price that we have seen since 2007. Reston & Oakton homes have sold for an average of 98.5% of original list price so far this year. And Great Falls is at 93.3%
- With one exception, each area has seen an increase over last year in terms of new listings coming on the market. Vienna bucks that trend and actually has had the lowest number of new listings on the market during the period measured – down each year for 4 straight years.
- Number of sales is up in every area for each of the past two years. (So – combine the fact that sales are up in Vienna, with the fact that new listings are down – and you see why we’re in a crazy Seller’s Market there!)
Here are detailed statistics from 2008 to 2013 for a sampling of our Northern Virginia real estate markets.
If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU! After all, don’t you deserve the best Realtor in Northern Virginia?!