Red Light! Green Light!

It’s time for our weekly update on the Vienna – Oakton real estate market. This week it looks like we have “Red Light, Green Light”. While sales are slowing up in Oakton (Red Light!), they are still brisk in Vienna (Green Light!).

Here’s what’s we saw this week:

  • Inventory in Vienna dropped another 6% to its lowest level since mid-March. Inventory in Oakton remained stable.
  • Twice as many homes in Vienna went under contract last week as each of the two weeks prior. And one of the homes that sold was on the market for almost THREE YEARS! In Oakton, only one home went under contract last week.
  • With a 3-4 month supply of homes, Vienna remains in a balanced market (defined as 3-6 months housing supply). Oakton, on the other hand, shows a 4.4 month supply based on the past 90 days’ contract rate, but a 9.9 month supply based on the past 30 days’ contract rate. We will be watching closely after the New Year to see where this is headed. It may just be a blip on the “Holiday Radar”. But NOW is a good time for BUYERS in Oakton!

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

  • Number of Contracts: 13
  • Average Days on Market for Active Listings: 147 days
  • Average Days on Market for Listings That Went Under Contract: 143 days
  • Inventory: 187 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.2 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.1 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 1
  • Average Days on Market for Active Listings: 119 days
  • Average Days on Market for Listings That Went Under Contract: 68 days
  • Inventory: 79 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 9.9 months

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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