by Jenny McClintock
February 1, 2023
Opportunity Knocks for Buyers and Sellers in
2023 Reston Real Estate Market Study
Happy New Year! It’s January 2023 and the number one question we are asked these days is, “How’s the real estate market doing?” While mortgage interest rates impacted the market in the last two quarters of 2022, we believe that opportunity will emerge in 2023. Inventory remains persistently low, benefiting sellers who are planning a move in 2023, while buyers can take advantage of a return to more normal market conditions.
When looking back a decade to 2012, sales are up 15.5%, despite the fact that the
number of sales in Reston decreased nearly 21% from 2021 to 2022.The most active
price point has shifted is from under $500,000 to over $500,000 and the only price point that saw more sales in 2022 was the over $1,000,000 segment which saw 82 sales.
During the pandemic, the Reston real estate market rapidly accelerated on account of low interest rates, changes in work habits, evolving demographic trends, and the great Covid migration. This event dramatically deviated from the normal trendline and should be taken in stride. Gone are the days of dozens of offers 10-15% over list price with no contract contingencies. In many ways, this is positive as it allows the market to match buyers and sellers more equally.
In 2023 we will experience more normal price appreciation along with contract contingencies that allow for important due diligence. With regards to home supply in Reston, there are 1237 homes that have Sold in the last 12 months, an average of 103 per month. Conversely, there are 59 homes that are Active and Coming Soon, which is about a 17 days supply. This tells us it is still a sellers market as a balanced market is typically 4-6 months supply. So inventory in Reston is still extremely tight which is an opportunity for any sellers who are considering
listing their homes.
If you are a seller, now is the time to take advantage of continued low inventory and pent up buyer demand. It is critically important to consult with an agent who has counseled clients through more than one market cycle and can draw on past experience to solidify an effective pricing and marketing strategy. HBC Group has an exclusive in-house Home Stylist that can assist in making recommendations for your property that will maximize buyer interest. Sellers who correctly price their homes and offer a product in good showing condition will still experience positive market response and command top dollar.
If you are considering buying, it is in your best interest to partner with an experienced local lender and a seasoned real estate agent to strategize on your financing options and contract negotiations so that you can position yourself successfully. With the number of buyers normalizing there are more opportunities to find your next home and negotiate favorable contingencies.
Jenny McClintock and Sue Bender with HBC Group at Keller Williams are active and experienced Realtors® in the Northern Virginia marketplace. Their accomplished team represents sellers, buyers, investors, and builders in all price ranges and is available to assist with your real estate needs!
What is your Next Move? Get in touch with us today!