As we approach the end of 2023, we wanted to provide a look at the Reston real estate market so far this year.
We currently see a shift into a slower gear in Reston. The average number of days on the market for single-family homes and townhouses are starting to trend upward.
For single-family home sales in Reston in September 2023, the average days on the market increased and the average sold price was slightly lower than the average list price.
The average number of days on the market for townhouse properties is trending upward. The average sold price for townhouse properties in September remained slightly above the average list price.
Condominiums in Reston held relatively stable. The average number of days on the market for closed properties in September is very similar to what was seen in the spring and summer months. The average sold price for condominium properties in Reston in September was slightly lower than the average list price, which is in contrast to sales for the past several months.
What does this mean for the Reston real estate market?
The increase in the average number of days on the market is a trend that will likely continue to the end of 2023. There are buyers who are out there looking. However, they aren’t as quick to make offers.
The O’Gorman Team continues to keep an eye on the Reston real estate market, and we are here to answer your questions about starting your home search or listing your home. Contact us today with your real estate questions or needs!
You can also stay current on the Reston real estate market by signing up for our Market Update Newsletter, or join us for a cup of coffee (our treat!) at our next Market Mornings with Margaret. Follow us on Facebook for information about our next event.