What’s been happening in the Reston real estate market so far in the first half of 2022? Let’s take a look! The information below shows data of the first half of 2022 (January 1 – July 7) compared to the first half of 2021.
Detached Single-Family Homes in Reston
Detached single-family homes in Reston saw a decrease in available inventory, an increase in average sold price, and sold faster in the first half of 2022 compared to the first half of 2021.
The total number of listings for detached single-family homes decreased by 23 (184 first half of 2021 compared to 161 first half of 2022).
Detached single-family homes in Reston also sold two days faster in the first half of 2022 (nine days compared to 11 days).
The average sold price for the first half of 2022 for detached single-family homes in Reston increased by 11.8% ($99,889) from $847,991 in 2021 to $947,880 in 2022.
Resale Townhouses in Reston
Much like detached single-family homes, there were fewer resale townhouses in Reston as available inventory and there was an increase in the average sold price in the first half of 2022. However, resale townhouses saw an increase in the number of days on the market.
The total number of listings for resale townhouses decreased by 28 (377 first half of 2021 compared to 349 first half of 2022).
The average number of days on the market for resale townhouses increased by five days (12 days for the first half of 2022 compared to seven days for the first half of 2021).
The average sold price for Reston resale townhouses showed an increase of $64,383 for the first half of 2022 from the first half of 2021 ($616,751 as compared to $552,368).
What’s Coming Up in the Reston Real Estate Market
Currently, we are seeing a calming of market intensity. The average days on the market for existing active single-family homes is 21 days compared to the nine-day average of properties closed to date. The average days on the market for existing active townhouses is also increasing. However, this is a trend being felt nationwide as interest rates climb to offset inflation. We will continue to analyze how the evolution of market activity impacts us in Reston.
The O’Gorman Team is your team of Reston real estate experts, and we always work hard for our clients. Check in with us for ongoing updates, and feel free to give us a call for an evaluation targeted to your property.