Reston Real Estate: Wrapping up 2015

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This is a sponsored post by Eve Thompson of Reston Real Estate. It does not reflect the opinion of Reston Now.

The real estate market by the numbers in Reston was very strong in 2015. The total volume of transactions was up almost 9 percent, and the average sales price of $473,000 was its highest since 2005.

I think those of us that sell real estate would describe 2015 as a strange year. Days on market was up, traffic in listings was down —  and if you dig into the numbers the growth in value happened at the lower end of the market.

Single family home values were flat over last year, while the average price of a Reston townhouse actually fell from $456K in 2014 to an average of $445K this year. We’ve also seen a steady increase in sellers making a contribution towards the buyer’s closing costs;  this year nearly 60 percent of all transactions included cash towards the buyer’s closing costs.

Industry analysts are expecting a neutral market in 2016 — that means one not favoring either the buyer or the seller. Of course, when applied to the local level that’s not a very meaning concept. At $531 million it’s hard to describe the Reston real estate market as anything but strong, but the flatness at the upper end of the market  ($500k and above) is concerning.

Year Volume Units Avg Price 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%
2015 531M 1139 473 +2%
(1000’s)

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