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.
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