Wondering what’s happening in the greater Vienna real estate market?
- Based on the past 90 days sales (166 homes) and the current inventory of homes for sale in Vienna (229), we are in a BALANCED (neither Buyer’s or Seller’s) MARKET. There is about 4 months oh housing inventory. (Note: This varies by price range. Higher priced homes may actually be in a Buyer’s Market, and selling more slowly depending on price & location. And lower priced homes may fall into a Seller’s Market.
- November sales were up 10% from October. (Keep in mind that homes that went to closing in November likely went under contract in September or October.)
- Average days on market for those homes sold rose remained about the same as last month at 67 days. (And 3 weeks faster than this time a year ago.) So we are now seeing about a two month average time on market. This is an average – so that means some homes are selling MUCH faster. And others are just languishing on the market. (Twenty homes have been on the market more than a year!) Pricing accurately is of paramount importance if you want to sell sooner rather than later.
- November’s market slowed a bit. It was both slower than the month before (seasonality) AND slower than November of last year.
- We also saw a decrease of 46% in new listings, following last month’s 27% decrease form the month before. New listings were exactly the same as this time last year. This is typical as we head into the holiday season. But also means it could be a great time to sell. Buyers who are looking to move now are VERY motivated or they wouldn’t be looking at this time of year. (For example – relocation families.)
(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)
Click here to see the Vienna homes that have been on the market for less than a week!
For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.