The Belt Team Awarded Top 100 Real Estate Blog on The Planet

Northern VA Real Estate BlogsThe Belt Team was just notified that we have been named to the “Top 100 Real Estate Blogs on the Planet” list!

Our competition included not just other Realtors (of which there are more than 1.2 Million in the U.S.), but also entire brokerages (like Keller Williams Realty), listing portals (like Zillow) and news organizations (like Inman News). We are one of only 2 Realtors or teams in the entire state of Virginia to make the list. (The other was in Charlottesville). We are thrilled because that means the Sellers we represent have market exposure like no other Realtor can provide in Northern VA. And our buyers get the local “boots on the ground” info they need.

Real estate is local. It’s actually hyperlocal. What you read about in the paper, hear about on the news, see posted on Facebook, skim on Twitter or see delivered to your email – is NOT necessarily what’s happening in YOUR neighborhood. Even right here in Northern VA, what’s happening in Arlington may not match Alexandria. Great Falls and Falls Church may be on opposite ends of the spectrum. And even in the same town, things can be different. For example, the Vienna market is currently seeing both a buyer’s market and a seller’s market depending on price range.

THAT is why we started blogging TWENTY years ago. If you are thinking of buying or selling in Northern Virginia, THIS is where you want to be to find out local statistics and strategies for how to win in TODAY’S Northern VA real estate market. In addition to posting new listings, coming soon and TONS of local market stats, we also share real estate related strategies and info that benefit our clients.

Here are a few of our most popular blog posts over the years:

Call The Belt Team at (703) 242-3975. We’ll help you interpret the market in YOUR neighborhood or the neighborhood you’re moving to, so you can make the BEST move!

WHat Is My Home Worth

 

 

Northern VA Housing Market – Post Election Update

Credit: Keeping Current Matters
Credit: Keeping Current Matters

Election years in Northern Virginia are usually a time when the real estate market takes a deep breath and pauses to see what will happen. “I’m putting my home search on hold until we see how the election shakes out”  and “I’m gonna wait and see what happens to interest rates after the election” are comments we’ve heard frequently over the past twelve elections.

Let’s look at the market stats for some of our Northern Virginia areas and see whether that rang true this year. The charts below show the number of home sales year-to-date year-over-year for 2014, 2015 & 2016. And there seems to be a pretty consistent pattern.

Northern VA Real Estate Market

Northern VA Real Estate MarketNorthern VA Real Estate MarketNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate Stats

 

 

 

 

 

 

 

 

Other than in Ashburn, sales rose significantly in 2015 over 2014. And instead of the market pausing to digest the election, home sales continued to rise in 2016. This was true in Alexandria, Arlington, Great Falls, Herndon, McLean, Oakton, Reston & Vienna – as well as in a number of other areas.

Stay tuned for our CEO Terry Belt’s 2017 Crystal Ball Predictions! (You can read his 2016 Predictions here).

Call Terry Belt & The Belt Team at (703) 242-3975 if you’d like a market analysis for your home or neighborhood. Statistics vary wildly between cities, school districts and price ranges. And if you’re thinking of selling in 2016, NOW is the time to prepare. Did you know that in many areas of Northern VA last year, Sellers who sold in January-February sold their homes for more than those who waited for the “Spring Market”?!

FREE INSTANT Estimate of Your Home’s Value

Search Home Values in YOUR Neighborhood or City on our STATE-OF-THE-ART WEB SITE

Selling Your Home in 2017? Easy Tip to Do NOW!

If you’re thinking of selling your Northern VA home in 2017, it’s never too early to prepare. Here’s an easy tip to get you started!

If you’re thinking of selling in the January to April timeframe, now is a great time for a photo shoot. Get some shots of the autumn leaves. Then when you put your home on the market this winter or early next year – when things are dead and brown – you’ll still be able to showcase your home at its best!

(Don’t forget to email The Belt Team and ask for our FREE Report “Questions To Ask Your Realtor When Selling A House”)

Inverness at Penderbrook Fairfax TH

Snow landscapes made lovely shots to show in that “in between” time in February-March, when it’s almost Spring, but the flowers aren’t blooming yet.

Snow Day in Vienna VA

(If you’re really organized, you can do what some of our past sellers have done and sign your listing now so we can have our professional photographer come out and shoot photos for you!)

Give Terry Belt or Kevin Kleifges a call at (703) 242-3975 to schedule a pre-listing walkthrough. Fall and winter are a great time to start thinking about the updates and repairs you might need to make in preparation for next year. And you’ll want to talk to them first to ensure you don’t waste time or money on things that really aren’t necessary.

If you’re wondering about Northern Virginia Market Statistics – click the links below to find out: How fast are homes selling? What’s happening with prices? Buyer’s Market or Seller’s Market?

Selling Your Home in 2016? Easy Tip to Do NOW!

If you’re thinking of selling your Northern VA home in 2016, it’s never too early to prepare. Here’s an easy tip to get you started!

Great Falls Real Estate

School is almost out and your pool is getting ready to swing into high gear. This is the PERFECT time to snap some photos of your yard when it looks its best. Whether or not you have a pool, June is a fabulous time when trees are full, lawns are green and flowers are in bloom. So if you’re thinking of selling in the January to April 2016 timeframe, now is a great time for a photo shoot.

The same thing applies to Fall and Winter. Get some shots of the autumn leaves and some lovely snow landscapes. Then when you put your home on the market this winter or early next year – when things are dead and brown – you’ll still be able to showcase your home at its best!

Inverness at Penderbrook Fairfax TH

(If you’re really organized, you can do what some of our past sellers have done and sign your listing now so we can have our professional photographer come out and shoot photos for you!)

Give Terry Belt or Kevin Kleifges a call at (703) 242-3975 to schedule a pre-listing walkthrough. Summertime is a great time to start thinking about the updates and repairs you might need to make in preparation for next year. And you’ll want to talk to them first to ensure you don’t waste time or money on things that really aren’t necessary.

If you’re wondering about Northern Virginia Market Statistics – click the links below to find out: How fast are homes selling? What’s happening with prices? Buyer’s Market or Seller’s Market?

Northern VA Real Estate Market – How Did We Fare in 2014? What’s Happening in 2015?

2014 Northern VA Real Estate Stats

2014 was the “Year of Micromarkets”.

Check out our blog and you’ll find year-end statistics for both the larger macromarket of the Mid-Atlantic region, as well as the counties of Fairfax, Loudoun & Arlington. Along with that, you’ll find stats for the various cities and towns in Northern VA. It used to be that looking at statistics city by city was often enough to arm you with most of the information you might need to understand the market – whether on the buy side or sell side. But that is no longer the case. (So when you hear the national news headlines about real estate – don’t listen! It’s like listening to the weather forecast in Phoenix when you’re trying to figure out what to wear in McLean.)

Within each county and city, there is a whole other story being told – market by market by market. Let’s take Loudoun County for example. Average days on market in Loudoun was 44 days. The average home sold for 97.5% of original list price. If you’re a buyer, you might draw the conclusion that you can “get a deal” or at least that you can negotiate some off the list price. On some homes, that might be the case. (In fact, that was the case for Buyers represented by The Belt Team. Our buyers only paid on average 93.8% of list price.) But that would not be representative of the entire market.

If you look at the statistics further, you’ll find that last year, 37% of homes in Loudoun sold in 10 days or less. Buyers of those homes often competed and came prepared to pay over list price. In fact, the average paid was just over 100% of list price. This micromarket was seen primarily in the $400’s and below. Homes that were listed over $900K saw a different market. Average days on market was 121 days (4 months!). And homes sold for 92.9% of list price.

The moral of the story of 2014 (and going forward in 2015) is that you MUST get the detailed, hyperlocal info you need to make decisions on the very specific micromarket where you’re looking to buy or sell. It’s a vital part of setting your strategy for success – whether you’re buying or selling. The average agent (and even you) have access to some of this data through normal channels – either online, through the MLS, public tax records, etc. But if you really want to get the most when selling your home (or prevail as a buyer in a market where inventory is low – which it is all over Northern VA) – it’s imperative that you work with Realtors (like The Belt Team) who not only have the free info online and in the MLS, but who pay premium dollars for the most detailed and up-to-date data available. We are your local enconomists. And this data gives our clients a leg up.

Northern VA Real Estate Market

So. 2015. Here’s what we see:

  • Interest rates rising
  • Prices rising slightly. (Note that last year’s prices rose, but not like they did in 2013. For example – in 2013, Fairfax County rose about 7%. In 2014, Fairfax County prices rose less than 2%.)
  • Low inventory.
  • Competing contracts in the lower price ranges.
  • And the early bird will get the worm – both on the buyer side and the seller side.

If you would like an in-depth analysis of YOUR micromarket, call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE consultation.

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Open Houses: Oakton, Fairfax, Burke & Vienna – Oct 12th

We have a great variety of open houses for you this weekend – several of which have NEVER been held open before! Stop in and you just might find your dream home!

2407 Oakmont Ct in Oakton ~ List Price: $1,495,000 – Open Sunday 2-4PM

(Just reduced $200,000 and this will be the first time open!)

Exquisite four sides brick, expansive home on 1.7 spectacular acres in close-in Oakton. Full of amazing surprises like a fabulous master suite with spiral staircase to exercise area and sauna!

More info, directions & photos for 2407 Oakmont Ct

Search Oakton Homes For Sale $1,250,000 to $1,500,000

Search Oakton Homes For Sale $1,500,000 to $1,750,000

Luxury Home For Sale in Oakton

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing.

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2408 Stryker Avenue in Vienna ~ List Price: $1,275,000 – OPEN SUNDAY 1-4PM

(First time open!)

Three finished levels on a premium 1/2 acre lot in one of Vienna’s close-in hidden treasure enclaves. Approximately 5,000 finished sq ft – exquisitely maintained, beautifully landscaped & full of lovely architectural details.

More info, directions & photos for 2408 Stryker Avenue in Vienna

Search Vienna Homes For Sale $1,000,000 to $1,250,000

Search Vienna Homes For Sale $1,250,000 to $1,500,000

Vienna Luxury Home For Sale

Call Martin Bristow & The Belt Team at (703) 861-2967 to schedule a showing.

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8886 Olive Mae Circle in Fairfax ~ List Price: $875,000 – OPEN SUNDAY 1-4PM

Beautiful “English” Armistead model built by Basheer & Edgemoore! Elevator for easy access to 4 finished levels including a walkout lower level with rec room & full bath, plus upper level loft with its own bedroom, bath & terrace (great guest suite!).  Hardwood floors throughout the main level.  2-sided fireplaces in the living & dining rooms & in the master suite.  Sunny kitchen with breakfast nook & stainless steel appliances and granite countertops.  Just minutes from Metro & the Mosaic District!

More info, directions & photos for 8886 Olive Mae Circle in Fairfax

Search Fairfax Homes For Sale $800,000 to $900,000

Search Fairfax Homes For Sale $900,000 to $1,000,000

Homes For Sale Near Vienna MetroCall Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing.

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5314 Renaissance Ct in Burke ~ List Price: $749,999 – OPEN SUNDAY 1-4PM

Everything you’re looking for in Burke’s sought after Signal Hill! Three finished levels on a cul-de-sac backing to trees! A delightful sunroom, two fireplaces, hardwood floors, granite kitchen & more!

More information, price and additional photos of 5314 Renaissance Ct in Burke

Search Burke Homes For Sale $700,000 to $800,000

 

Home For Sale Signal Hill Burke VA

Call Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

 

Home Sales Down Across The Board, What About Prices?

As professional Realtors, it’s our job to have a read on the housing market. We do this by taking the market’s temperature and by taking its pulse.

Northern VA Real Estate Temperature

So – What’s The Temperature?

“98.6”

That’s the exact number just about anyone can quote when you ask them what a normal temperature is. In real estate, we also like to know EXACT numbers.

Scroll down and you’ll find a year-over-year comparison between last year’s and this year’s home sales & home prices for each city in Northern VA. What you’ll see is that although each city varies in the exact number, the trend for the entire market is that the number of home sales is DOWN. Great Falls and Oakton lead the way with the largest home sale drop (44% and 36% down respectively). Burke & Springfield also had less home sales so far this year, but only dropped by 5% and 1%.

What About Prices?

Here we see a wide swing. Some areas have seen prices rise, while others have seen the average home price drop. Still other areas have remained flat. Dunn Loring leads the way with a 12.3% rise in price. However, with only 13 home sales so far this year, that number is probably less statistically accurate and more of an anomaly.

Chantilly and Vienna were the other two winners in largest price gain – with Chantilly prices rising 7% and Vienna right behind at 6.8%.

Quite a few areas (Alexandria, Arlington, Ashburn, Burke, Centreville, Herndon, Springfield & Sterling) are seeing prices rise, but very moderately – in the 2-4% range.

On the other end of the spectrum, we have what most consider to be the primary “luxury markets” of Northern Virginia – McLean & Great Falls. Both of these markets have seen the average home price drop since last year. McLean prices are down 3.1% and Great Falls is down 1.6%. We also have several markets that are close to flat lining. Oakton, Fairfax, Falls Church & Reston have all seen a less than 2% rise in prices.

(Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean)  (Search Homes For Sale in Oakton) (Search Homes For Sale in Vienna) (Search Homes For Sale in Ashburn) (Search Homes For Sale in Springfield) (Search Homes For Sale in Burke) (Search Homes For Sale in Dunn Loring) (Search Homes For Sale in Chantilly) (Search Homes For Sale in Alexandria) (Search Homes For Sale in Arlington) (Search Homes For Sale in Herndon) (Search Homes For Sale in Fairfax) (Search Homes For Sale in Falls Church) (Search Homes For Sale in Reston) (Search Homes For Sale in Sterling)

And What’s The Pulse?

Northern VA Real Estate Pulse

When the nurse takes your pulse, it’s your heart rate that’s being measured. So as professional Realtors, we also measure the heart rate of the market. How do we do this? We monitor the “anecdotal data” we gather from open house attendance, conversations with potential & actual buyers & sellers, info from our trusted lending & settlement partners, competitive contract situations & more. That’s why a real estate team that does so many sales is much more in tune with what’s happening in the market than a solo agent.

The heart rate in Northern VA remains healthy, but it has definitely changed over the past few months. While there are still pockets where homes sell in a few days, and even have multiple contract offers; there are many areas where homes are sitting on the market for months. Open house attendance is good, but there are not many opens that are just swarmed with people. Part of this is the seasonality of the market. But part of this may also be the psychology of the market. For a variety of intangible reasons, the market seems to have softened somewhat. And buyers are a bit more tentative.

BUYERS: Before you start looking for a home, ask your Realtor to update you on YOUR market numbers . Define your market by price range and city, maybe even school district, zip code, bedrooms, acreage – whatever things are important to you. This will help you approach the market more intelligently in terms of whether you can make a low ball offer or whether you may still have to compete and pay over asking price.

SELLERS: Pricing your home to the market is the MOST important thing you can do to avoid sitting on the market for months. (Condition is second.) Many Sellers think testing the market is ok. In some cases, that strategy might work. But in most cases, all it does is lower the eventual price your home sells for and prolongs your carrying costs of the home. Statistics from the National Association of Realtors show the longer a home is on the market, the lower the price it will sell for. If you have priced the home “too low”, the market will respond accordingly and you’ll get multiple offers that bid the price back up to the max the market will bear.

Call (703) 242-3975 if you would like a zip code, school district or neighborhood analysis.

FREE Instant Online Home Valuation

Our New State-of-the-Art Home Search Site

The Belt Team’s Mission Statement is “Changing Lives For The Better” – if it’s time to change YOURS, call (703) 242-3975 or email The Belt Team and let us know how we can help! (The Belt Team is ranked in Top Teams in the State of VA – out of 30,000 Realtors).

Statistics below per MRIS – Jan 1 to July 31.

Northern VA 2013 Sales 2014 Sales Yr Over Yr Avg SP 2013 Avg SP 2014 Yr Over Yr
Alexandria 3122 2869 -8% $485,653 $500,383 3%
Arlington 1807 1644 -9% $599,888 $621,221 3.6%
Ashburn 1069 911 -15% $482,263 $495,125 2.7%
Burke 377 357 -5% $438,739 $447,383 2.0%
Centreville 638 567 -11% $386,947 $395,292 2.2%
Chantilly 513 434 -15% $449,341 $480,806 7.0%
Dunn Loring 17 13 -24% $793,618 $891,538 12.3%
Fairfax 1365 1163 -15% $494,691 $502,509 1.6%
Falls Church 941 801 -15% $504,457 $510,076 1.1%
Great Falls 177 100 -44% $1,217,869 $1,198,601 -1.6%
Herndon 525 460 -12% $469,813 $484,617 3.2%
McLean 471 418 -11% $1,082,324 $1,049,266 -3.1%
Oakton 247 159 -36% $663,576 $664,913 0.2%
Reston 732 626 -14% $457,445 $465,474 1.8%
Springfield 776 772 -1% $432,298 $446,459 3.3%
Sterling 737 676 -8% $378,760 $393,913 4.0%
Vienna 530 483 -9% $744,413 $794,770 6.8%

Real Estate Market Shift Spells “Opportunity” for Some, “Reality” For Others

Opportunity or Reality

The real estate market in Northern Virginia is continuing to experience a subtle shift. While we’re still seeing competitive situations and multiple offers on some homes in some areas, other areas are seeing average time on market as high as 6 months and housing inventory of more than a year. If you’re thinking of buying or selling your home, you will definitely want to take a look at these numbers – because numbers tell a story!

City # Homes On Market Avg Days on Market # Under Contract Past 30 days #Months Housing Supply
Vienna 242 102 73 3.3
Sterling 281 50 109 2.6
Springfield 257 52 113 2.3
Reston 283 54 97 2.9
Oakton 104 112 28 3.8
McLean 321 108 66 4.9
Herndon 237 65 77 3.1
Great Falls 224 179 15 14.9
Falls Church 296 58 117 2.5
Fairfax 445 55 182 2.5
Dunn Loring 7 49 1 7.0
Chantilly 53 51 14 3.8
Centreville 243 61 80 3.0
Burke 105 48 53 2.0
Ashburn 558 93 143 3.9
Arlington 610 75 246 2.5
Alexandria 1181 79 440 2.7

The area and price range you’re looking in will vastly affect what strategy you employ.

If you’re looking to buy in Great Falls for example, then you have a HUGE amount of leverage when making an offer. Currently, there are 224 homes for sale and the average time those homes have been on the market is SIX MONTHS. There is also a FIFTEEN MONTH supply of housing right now. That means if homes sell at the rate they have over the past 30 days, then it would take 15 months to sell all of the homes currently on the market. That spells OPPORTUNITY for buyers. And it spells REALITY for Sellers. It’s no longer the time to price aggressively to “see what the market will bear.”

(Search Homes For Sale in Great Falls)

On the other hand, if you’re looking in Burke, you’ll find the complete opposite. Average days on market for active listings is less than two months. And there is only a 2 month supply of housing. Less than 3 months housing supply means that Burke is still experiencing a Seller’s Market. What does this mean? Sellers may still be able to push the envelope; and Buyers will likely find themselves competing for homes. This means Buyers need to adjust their contract strategy accordingly – being prepared to offer more, use an escalation clause, drop contingencies, offer a free rentback or a number of other strategies.

(Search Homes For Sale in Burke)

When you look at the chart above – what you’ll see is that in general, the higher price areas (like Great Falls & McLean) are starting to see longer marketing times and a much larger housing supply. While the more affordable areas (like Burke & Springfield) are still firecely competitive.

(Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean)

(Search Homes For Sale in Burke) (Search Homes For Sale in Springfield)

Areas like Vienna, Oakton & Ashburn are experiencing what we call a “W” Market. Buyers in these markets are extremely price sensitive and there are pockets of Buyer & Seller submarkets embedded within each – some Seller’s, some Buyer’s, some Balanced Markets.. As an example, we recently put 3 listings on the market in Vienna between $800,000 and $900,000. One had multiple offers and sold in 3 days over list price. The others are still on the market. We are seeing Buyers step back and make much more considered decisions – sometimes not even looking at homes they feel are overpriced, and/or not being able to look past issues like dated kitchens. This means Sellers must be much more on target when setting that initial price in order to end up at the top of the W, and not at the bottom.

(Search Homes For Sale in Vienna) (Search Homes For Sale in Oakton) (Search Homes For Sale in Ashburn)

For more info about YOUR neighborhood or the neighborhood you WANT to live in, contact The Belt Team at (703) 242-3975. We’ll help create a personal strategy for YOUR market. regardless of whether you’re buying or selling, you deserve the BEST Real Estate Team in Northern VA!

Top Northern VA Real Estate Agents

Home Sales Down, Real Estate Prices Up in Most of Northern VA

Northern VA Real Estate

A year-over-year comparison for home prices in Northern Virginia (for homes that sold Jan 1 thru June 16) shows several trends for most of Northern Virginia:

Number of Home Sales:

The number of home sales is down in almost every area of Northern VA. Burke & Dunn Loring home sales remained stable. In Springfield, home sales increased 4% this year – from 522 sales to 543 sales. However, in every other city, home sales fell. The most extreme drop in sales occurred in Great Falls, where home sales dropped 43% (from 122 sales to 70 sales).

Average Sales Price:

With three exceptions, home sale prices increased in every city in Northern Virginia. One area (Burke) remained almost stable. And two areas (Mclean and Great Falls) saw prices fall. Note that McLean and Great Falls are also the only two Northern Virginia areas where the average home price exceeded $1 million. The areas seeing the highest rise in values year over year were Herndon (6.9%), Vienna (8.4%), Chantilly (9.2%) and Dunn Loring (10.4%).

If you’re buying or selling a home, it’s imperative you know the market trends not just in YOUR city – but also your school district and neighborhood.

This will help guide your pricing strategy. Statistics are not the ONLY guide to pricing, but are an important piece of the puzzle – whether you’re a Seller deciding on where to price your home for market – or a Buyer deciding whether to offer above or below list price.

Here are specific stats for each area of Northern Virginia.

Northern VA 2013 Sales 2014 Sales Yr Over Yr Avg SP 2013 Avg SP 2014 Yr Over Yr
Alexandria 2244 2005 -11% $479,250 $498,618 4%
Arlington 1309 1174 -10% $598,657 $609,025 1.7%
Ashburn 734 593 -19% $476,335 $478,629 0.5%
Burke 255 255 0% $440,717 $439,585 -0.3%
Centreville 436 387 -11% $377,711 $379,598 0.5%
Chantilly 335 309 -8% $439,383 $479,623 9.2%
Dunn Loring 8 8 0% $761,688 $840,563 10.4%
Fairfax 962 810 -16% $484,174 $495,857 2.4%
Falls Church 646 556 -14% $486,779 $507,063 4.2%
Great Falls 122 70 -43% $1,228,030 $1,160,466 -5.5%
Herndon 366 310 -15% $452,807 $483,955 6.9%
McLean 338 281 -17% $1,067,027 $1,002,964 -6.0%
Oakton 163 105 -36% $624,298 $633,566 1.5%
Reston 509 444 -13% $447,494 $458,481 2.5%
Springfield 522 543 4% $426,240 $444,782 4.4%
Sterling 498 484 -3% $377,291 $388,738 3.0%
Vienna 373 325 -13% $734,102 $796,107 8.4%

Call (703) 242-3975 if you would like a zip code, school district or neighborhood analysis.

FREE Instant Online Home Valuation

Our New State-of-the-Art Home Search Site

The Belt Team’s Mission Statement is “Changing Lives For The Better” – if it’s time to change YOURS, call (703) 242-3975 or email The Belt Team and let us know how we can help!

Best Realtor Northern Virginia

Real Estate Prices Continue To Rise in MOST of Northern VA

Northern VA Real Estate

A year-over-year comparison for home prices in Northern Virginia (for homes that sold Jan 1 thru April 30th) shows there are only a few areas left where home prices did not rise over last year.

McLean

Although sales were down 10% in 2014 vs 2013, the average home price of homes sold also fell 13%. This means Buyers in certain price points MAY be able to get a deal! The caveat to this is that home sales varied from as low as $215,000 to as high as $3,400,000 so far this year. The lower the price point, the less likely you are to get a deal and you probably will still be competing.

Dunn Loring

Sales were up 33%. But the average price of a home sold fell 7%. However, Dunn Loring is a statistical anomaly. With only 3-4 sales during the Jan-April timeframe each year, you cannot truly chart this as a falling market.

Burke

Burke “technically” makes it onto the list of areas where home prices did not rise year-over-year. Prices went down .1%. (That’s “point one percent – NOT one percent). Sales actually rose in Burke this year. We’ll be keeping our eye on this area to see what transpires over the rest of the Spring.

Other than McLean, Dunn Loring & Burke – every other area’s prices rose from last year!

Most areas rose somewhere less than 5%, while two areas showed price increases of more than 7%. Arlington, Ashburn, Centreville, Fairfax, Falls Church, Herndon, Sterling & Vienna – all fall into the first category. While Oakton & Springfield fall into the latter.

If you’re buying or selling a home, it’s imperative you know the market trends not just in YOUR city – but also your school district and neighborhood. This will help guide your pricing strategy. Statistics are not the ONLY guide to pricing, but are an important piece of the puzzle – whether you’re a Seller deciding on where to price your home for market – or a Buyer deciding whether to offer above or below list price.

Here are general stats for Northern Virginia.

Call (703) 242-3975 if you would like a zip code, school district or neighborhood analysis.

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Our New State-of-the-Art Home Search Site

Northern VA 2013 Sales 2014 Sales Yr Over Yr Avg SP 2013 Avg SP 2014 Yr Over Yr
Alexandria 1420 1306 -8% $467,712 $496,433 6%
Arlington 839 751 -10% $582,945 $586,994 0.7%
Ashburn 477 396 -17% $468,098 $472,508 0.9%
Burke 153 167 9% $427,016 $426,518 -0.1%
Centreville 266 271 2% $362,482 $376,142 3.8%
Chantilly 229 218 -5% $429,903 $465,667 8.3%
Dunn Loring 3 4 33% $897,333 $834,000 -7.1%
Fairfax 620 534 -14% $474,712 $487,474 2.7%
Falls Church 407 369 -9% $465,892 $486,850 4.5%
Great Falls 78 44 -44% $1,213,930 $1,203,783 -0.8%
Herndon 214 197 -8% $437,149 $458,407 4.9%
McLean 217 195 -10% $1,071,602 $933,403 -12.9%
Oakton 93 69 -26% $571,826 $612,194 7.1%
Reston 301 298 -1% $432,459 $455,443 5.3%
Springfield 318 344 8% $404,473 $436,536 7.9%
Sterling 302 310 3% $362,709 $380,380 4.9%
Vienna 236 210 -11% $731,906 $746,379 2.0%

The Belt Team’s Mission Statement is “Changing Lives For The Better” – if it’s time to change YOURS, call (703) 242-3975 or email The Belt Team and let us know how we can help!