It seems like as soon as a real estate sign goes up in Reston, it’s gone in the blink of an eye! Reston homes are in demand.
We’ve seen some changes the last few years in the real estate market. Sales are strong, though, for single-family detached and townhome resales in Reston.
Single-Family Detached Homes
The graph below shows the comparison of single-family detached home sales in the first half (Jan–July) of 2019, 2020, and 2021.
You can see that the average sold price is up 17% in 2021 ($847,991) as compared to 2019 ($724,381). This can be attributed to lower inventory (184 in 2021 vs. 215 in 2019) vs. the increase in demand. Inventory did improve in 2020 (167), but it was still down 14% compared to 2019.
The average days on the market is down from 2019 (29 days) and 2020 (27 days) to 2021 (11 days) meaning homes are selling much faster.
All of these are good signs for single-family detached home sales and your home value.
We did see activity soften through the summer months. This is a normal pattern, and we expect to see increasing activity as we move into September.
The graph below shows the comparison of townhome resales in Reston in the first half (Jan–July) of 2019, 2020, and 2021.
Unlike single-family detached homes, inventory of townhome resales has increased in 2021 (377) as compared to 2019 (341) and 2020 (331). However, there is a demand for the townhome resales that are being offered.
The average sold price is up 15.5% in 2021 ($552,368) as compared to 2019 ($478,086) and up 11.5% as compared to 2020 ($495,515).
This shows a strength in the Reston market for townhome resales.
The O’Gorman Team Difference
The O’Gorman Team is here to help guide and work with you — and for you — on the sale or purchase of your home.
For single-family detached homes in the first half of 2021, The O’Gorman Team’s average for sold price ($960,500) was 13% over the average sold price ($847,991). Plus, we sold homes seven days faster than average (4 days as compared to 11 days).
For townhome resales in the first half of 2021, The O’Gorman Team’s average for sold price ($571,340) was 3.5% over the average sold price ($552,368). And we sold townhome resales three days faster than average (4 days as compared to 7 days).
Reston homes are in demand, and The O’Gorman Team works hard for you. Contact us today with any questions or to get started on the sale or purchase of your home!