Weekly Real Estate Market Update – Vienna, VA

Here are last week’s stats for Vienna Real Estate (22180, 22181, 22182):

  • Number of Contracts: 18
  • Average Days on Market for Active Listings: 98 days
  • Average Days on Market for Listings That Went Under Contract: 31 days
  • Inventory: 286 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Notes:

  • Inventory in Vienna is starting to inch up. 
  • The weekly contract rate has also started to decrease.
  • This is why you see a large spread between the number of months supply of homes based on what the contract rate was over the past 30 days and that of the past 90 days. 
  • Sellers – take note of this trend and make sure you are pricing your home at or below market. You do NOT want to “lag the market” and find your home just sitting.
  • Buyers – We are still “technically” in a Sellers’ Market – with months supply of homes between 3-6 months. When you are writing contracts, make sure yours is “clean” and you are ready to move quickly if need be. 

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

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