Mid-year in 2023, we wanted to share a Reston real estate market update. Reston, like much of the region, is truly experiencing significantly limited real estate inventory.
In the first half of 2023 compared to the first half of 2022, Reston single-family home listings are down over 26% and resale townhouse listings are down 33%. We also included data from the first halves of the last five years to give you a broader view of the recent history of the Reston real estate market.
Why is There a Decline in Listings?
Answers to “why?” usually come long after the phenomenon has passed, but current speculation is that rising interest rates are the root cause. Owners may already have low-rate mortgages or have purchased or refinanced into low-rate mortgages, and the rise in rates disincentivizes a discretionary move. Also, lower inventory presents fewer options for a move.
How is the Market Responding?
The market for single-family homes is responding with slightly higher prices, and the market for resale townhouses is responding with price stability. Those higher rates have impacted buying power. Days on the market are also creeping upwards in the first half of 2023 as compared to the first half of 2022.
Get all the Reston Data
Complete Reston market data for the first half of 2023:
The O’Gorman Team is Working for You
Have questions about listing your home or starting your home search? Ask us!
We are watching the progression of the market and analyzing the trends. As always, we look forward to being your Reston market experts. Contact us with any real estate need! We are here to assist you.