October 27, 2017 – Reston Virginia is seeing a buyers market right now, it is great news for buyers, not so great news for sellers. There’s only a 1% change over last year with home increases, however, there is an increase, not a decrease. Currently, the home value average is about $438,000 with the median sales price of about $430,000. It’s unusual that the value and median sales price are roughly the same, but, that’s looking more toward a balanced market. The median rent, however, has gone up quite substantially to $2250 per month.
The median list price for Reston is currently $448,000. The median days on the market is around 45, and there are currently about 250 homes on the market, down 4% from last month and down 12% from one year ago.
Economists predict that the median price in Reston will increase anywhere from 1 to 2% over the next year. While this is a lot lower than the national average, it is certainly better than going the other way. We’ve been seeing the market slowly rise over the last few years from its dip in 2009.
Currently, the highest priced home in Reston is located on Hunters Crest Way priced at $2,050,000. This is for a six bedroom, five bath luxury home with over 7300 ft.². From there, the highest price drops to $1,475,000.
The least expensive home is a condominium on Sagewood Lane priced at $128,000. This is a one bedroom and one bath condo with 686 ft.². The second least expensive home is also a condominium in the same building price of $134,000.
So what does this mean for buyers or sellers? For sellers, prices have gone up and if you have to sell, it’s important to get that price right from the beginning. If you are buying, it’s an excellent market because prices haven’t gone up that much, interest rates are still fairly low, and we have a good selection of inventory.
For more information on Reston Virginia real estate contact our office today or browse our website for all current listings.