Changes are taking place in the Reston real estate market. Home sales are cooling across the nation, which is reflected in Reston sales data when comparing the first half to the second half of 2022.
To give you an idea of the changes that took place in the last year, let’s look at the first half of 2022 as compared to the second half of 2022.
In 2022, the majority of sales (69%) occurred in the first half of the year with the average list price and average sold price decreasing by 4% and 6.8% respectively in the second half of the year. The average days on the market stayed the same.
Now let’s look at all sales in Reston in 2021 as compared to 2022.
The number of total sales were down in 2022 (1,235) as compared to 2021 (1,541). However, in 2022, the average list price was up 6.8% ($36,080), the average sold price was up 7.4% ($39,274), and the average days on the market decreased by three days.
Although there were drops in the average list and average sold prices between the first half and second half of 2022, the average list and average sold prices were higher in 2022 as compared to 2021.
More 2022 Reston Real Estate Market Year End Data
Looking to 2023
What will 2023 bring? Over many years, we have seen Reston homes withstand economic downturns with resilience. We anticipate that will be the case with 2023 as well.
Changes are taking place in the Reston real estate market, and it is important to navigate a transitioning market carefully. That’s why it is important to work with an experienced real estate team to guide you.
The O’Gorman’s Team’s years of experience allow us to help guide home buyers and sellers through a changing market. We are also long-time residents of Reston, so we have outstanding knowledge of the area and the local real estate market.
Contact us with any questions you may have. We’re here to help!