Reston Real Estate: The Year in Reston Real Estate

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. When the COVID-19 shutdowns hit, most agents were sure we’d be having a very difficult year. Oddly, after a quiet two or three weeks, most of us found ourselves busier than ever.

Low interest rates created a great buy-up market, and families suddenly faced with living, working and educating in one place found themselves reevaluating their housing needs.

More than 1,341 properties as of this writing have traded hands with another 60-plus scheduled to settle by December 31 — pushing Reston to just over 1,400 transactions with a value of more than $721 million.

Average home prices rose by 7% this year, coming in at $517,000 vs. $479,000 in 2019. Demand has remained strong and housing inventory has been low. If you’re selling a home and are not getting lots of traffic, you need to have a heart-to-heart with your agent. Strong demand doesn’t mean the buyer will buy anything — price and condition are still the most important factors in getting your house sold.

We currently have just 104 properties on the market; 107 homes sold in the past 30 days, and 66 homes are pending.

With interest rates expected to average 3.075% through 2021, the Reston real estate market should continue to be strong. If you’re ready to sell in 2021, 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.