Reston Real Estate: Looking Back and at What’s Ahead

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This is a sponsored post from Eve Thompson of Reston Real Estate.

The year 2014 was an one in Reston real estate.

It was a year marked by rapid changes that made it tricky to get listings properly positioned in the marketplace. We had a protracted winter. When the spring finally came, houses were moving fast. Then suddenly in late May and early June, it was like the air sputtered out of the balloon and things started dragging along slower and slower.

It’s not that things were not selling — they were — but there was no sense of urgency in the market. By late July, it seemed that all the buyers had left for vacation.

The year-end numbers reflect this sluggishness — we sold 13 percent fewer homes in Reston than in the previous year. In 2013, 1,138 residential properties sold in Reston compared to 1,005 in 2014.

Overall appreciation for 2014 was up slightly, but when you dig into the numbers by different housing types you see that some segments of the market saw significant appreciation.

For example, small townhouses (attached two bedrooms or fewer) were up 10 percent in value as were large townhouses (attached four  or more bedrooms) up an average of more than 8 percent.

The smaller (three bedrooms or fewer) detached single family homes sold for an average of 8.15 percent more than last year, while the larger (four or more bedrooms) were up an average 4.13 percent.

The median sold price for a property in Reston in 2014 was $423,000, up 3.4 percent over last year.

Year Volume in $$ Units Avg Price (K) Dif +/-
2002 502M 1795 280
2003 588M 1877 314 +11%
2004 725M 1955 371 +18%
2005 863M 1853 466 +25%
2006 589M 1307 451 -3.2%
2007 556M 1212 458 +1.5%
2008 368M 965 381 -20%
2009 439M 1148 383
2010 440M 1104 399 +4%
2011 378M 937 403 +1%
2012 483M 1061 455 +12%
2013 515M 1138 456
2014 465M 1005 463 1.5%

So what does the future hold for Reston real estate? Low gas prices, good job numbers and vastly improved consumer confidence should translate into strong sales. The market is in the neutral zone — not overtly favoring buyers or sellers.

Mortgage rates are low allowing qualified buyers get more house than they may have in the past. Reston continues to be a great community with a wide range of options available to home buyers.

My Magic 8 Ball says “The Outlook is Go” for 2015.

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