Reston Real Estate Market Update
What’s happening in the Reston resale market? We’re pleased to let you know that based on data from the start of 2022, the Reston resale market continues to thrive!
It’s early in the year, so there are fewer closed transactions to analyze. But, looking at data from the past several years shows positive trends.
Inventory First Quarter of the Last Five Years
Reston resale single-family detached homes and townhouses in the first quarter (January 1 – April 15) over the last five years shows that while the total inventory is down 15%, total inventory between first quarter 2021 (269) and first quarter 2022 (289) is up 7.4%.
Sold Prices First Quarter of the Last Two Years
The average sold price of settled properties for Reston single-family detached homes and townhouses in first quarter 2021 was $621,070. In first quarter 2022, the average sold price for settled properties is $687,156 – that’s an increase of 10.6%!
Also, the average days on the market decreased by two days (17 days first quarter 2021 as compared to 15 days first quarter 2022).
What’s Coming Up in the Reston Real Estate Market
We are watching for signs of a leveling off of the significant demand for homes that we have experienced in the last five years. With interest rates rising, the expectation is for less intensity, not a marked decline.
The O’Gorman Team Can Help You
Are you thinking of buying or selling a home in Reston? The O’Gorman Team is here to help! Please reach out to us with your questions. We work to stay on top of how the market is performing so that we can support you in achieving your goals.