The number of real estate transaction in Reston closed out the year 3% greater in 2017 than in 2016. In comparison to the 2007 market just one decade ago, the number is up 7%. This is significant as 2007 was the last peak year in Northern Virginia for real estate. Anytime there are more buyers than the previous year indicates an environment for potential price appreciation, which is very good news as we look towards the 2018 spring season.
Breaking down into price segments, most price segments performed better or remained steady in 2017 compared to 2016 and the benchmark year of 2007. The most significant increase in number of sales occurred in the price brackets of $750,000 to $999,000 experiencing a 10% increase from 2016, with the majority of those sales coming from north Reston zip code 20194. Unfortunately this bracket also seems to have ‘borrowed’ from the upper price bracket of $1M and over as it experienced a decline of 45% in all 3 zip codes, 20190, 20191 and 20194. 20194 experienced the least decline from 2016.
Conversely, homes priced under $500,000 had improvement in all 3 zip codes, up 6% in 2017. This price bracket is primarily condos and townhouses, with the majority of the transactions in the south Reston 20191 zip code. The price bracket of $500,000-$749,000 remained the same in volume from 2016 and had an increase of 11% over benchmark year 2007, with the majority of those transactions also in zip code 20191.
Home sellers in Reston fared relatively well in 2017, with the demand for under $750,000 close to the Wiehle Ave Metro Station selling the quickest. As we move into the new year, there are strong indications that homes priced well and in good condition will sell for solid prices. Should demand continue to remain strong relative to supply, some market segments may even experience price appreciation.
Though Northern Virginia is presently in wintertime, the spring market is just around the corner. Start now to beat the rush!
Jenny McClintock with HBC Group at Keller Williams is an active and experienced Realtor in the Northern Virginia market place. Jenny and her team work with sellers, buyers, investors and builders in all price ranges and is delighted to be of service.www.HBCGroupKW.com, 703-731-2412, Jenny@HBCGroupKW.com