Inventory, supply, demand, strong market. These words may be swirling around your head in relation to real estate these days. You may be asking yourself if now is a good time to sell your home.
Reston’s Current Home Market
The real estate market is strong in Reston right now. What does a strong market mean? In essence, there are fewer homes on the market and plenty of people looking to buy.
What does this mean for someone selling their home? With supply low and demand high, fewer homes on the market can have an effect on pricing. It can also mean that a home could sell faster.
Reston Home Inventory by the Numbers
Unsure of what you should do or where you should start if you are thinking of selling your home? Looking at home inventory numbers may help.
The graph below shows the number of single-family homes and townhomes that were for sale in Reston in the first quarter (January 1 – April 6) for the last five years (2017 – 2021).
You will see a lower number in Reston home inventory for the first quarter of 2020 (240 Total Inventory). Because of COVID-19, there were stay-at-home orders in effect during this early timeframe. Other reasons include: more people were working from home, sellers were hesitant to open up their homes, and sellers’ concerns about the ability of finding a new home to move to.
However, you will see the home inventory number for Reston for the first quarter of 2021 is increasing (275 Total Inventory). Even with this slight increase, though, the inventory for the first quarter is lower than in the years 2017 – 2019.
In fact, the number of listings in Reston is down 20% between the first quarter of 2017 and the first quarter of 2021!
Help Selling Your Home When You Need It
If you have been thinking about selling your Reston home, reach out and contact us. We are here to help. We provide guidance and analysis of the information you need to help you make the best decision for you.
Two recent awards recognize our success helping buyers and sellers. We were selected as a Top Producing Real Estate Team for 2021 by Northern Virginia Magazine, and we also received a HomeLight Achievement 2020 in the Sells Homes Fast category.
Let us offer you expert guidance on the sale or purchase of your home!