It’s time for a Reston real estate market update! All segments of the Reston real estate market have shown exceptional gains during the first portion of this year’s market. As measured against any previous year, the growth is extraordinary.
The graphs below show Reston whole market data for single-family homes and townhomes in the first three quarters of 2021 and 2022.
Also included in the graphs shown above is current Reston whole market data for single-family homes and townhomes. Sales of new construction are not included in data presented for Reston townhomes as that would not provide an accurate picture of market conditions.
Where is the Reston Real Estate Market Headed?
As our economy emerges from the pandemic, there are current market conditions and factors that will put the brakes on this growth.
We can see from the data that there is an increase in the current average number of days on the market. This increase can be attributed to a lag in data primarily because sold data takes several months to post. Home sellers may look at prices that were achieved during the intensity of the market that occurred earlier in the year and use that to base their home price. However, buyers are now reluctant to pay those prices. Interest rates have also been rapidly rising, which cools the market.
We do not anticipate the Reston market giving back all of the impressive gains, though. While the market will soften, we expect there will be continued demand for housing in our thriving community.
How The O’Gorman Team is Working for You
We know that changes are taking place in the real estate market, and these changes may have you wondering what to do if you are thinking of listing your home or starting your home search.
Know that our clients are our top priority. We work to help our home sellers understand the current market and the importance and benefit on basing pricing on achievable levels. We also help our buyers find the values in a softening market. Ask us questions! We are here to assist you.
We want all of our clients to be prepared, feel confident, and have all the information needed when they decide to purchase or list their home. And having experienced many market changes, we have developed strong strategies to support your real estate needs.
We look forward to answering your questions and working with you to achieve your goals. Contact The O’Gorman Team today!