Wondering what’s happening in the Vienna real estate market?
New listings in June dropped 25% over May’s numbers. Not surprising as many sellers think the best time to sell is Spring. (That’s not always the case.) Contracts in June fell 16% from what we saw in May. And yet, a staggering 48% of the homes that sold in Vienna in June sold in 10 days or less. This means homebuyers need to do their homework and act like Boy Scouts. #beprepared
On the other hand, some homes are languishing on the market. (14 Vienna homes have been on the market for more than a year!) Pricing right from the beginning is becoming more and more important. Why? Statistics show the longer you’re on the market, the lower the price you will likely sell for. The days of pushing the envelope seem to be coming to an end. And with interest rates rising and pushing some buyers out of the market, this may put pressure on prices to stabilize and in some areas we might even see downward pressure.
(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a perosnalized 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.