Reston Real Estate: The Year in Reston Real Estate — Looking Back on 2017

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

It was an interesting year in Reston real estate. Overall more than 1200 properties traded hands accounting for more than $572M in volume. These numbers sound great but they represent a third straight year of declines in average home prices. While home prices were somewhat flat, demand was strong and housing inventory was low, an equation which would typically trend towards a Seller’s Market.

However, intense price sensitivity kept the market fairly balanced with well-informed buyers not being willing to pay more just because there were so few. The attitude seemed to be, “if not this one, I’ll get the next one.” Given that prices haven’t been moving much it’s up to sellers to create motivation in the buyers by presenting the very best option possible in the price category in which they’re competing.

We currently have just 120 properties on the market; 70 homes sold in the past 30 days and 81 homes are pending.

All of this indicates that if you’re ready to sell in 2018 you shouldn’t have too much trouble, provided you work with your agent to get your house ready and dig into the numbers to really understand what the market is doing in your neighborhood.