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Blog :: 2020

The Year in Reston Real Estate

Audubon Lake Houses in Reston Virginia

 

It was an interesting year in Reston real estate.  When the COVID-19 shut-downs 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.

As of this writing, more than 1,341 properties have traded hands with another 60+ scheduled to settle by December 31st, pushing Reston to just over 1,400 transactions with a value of more than $721MM.

Average home prices rose by 7% this year, coming in at $517K vs. $479K 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. Check out these tips on selling your home or contact me for more information if you're curious about listing your Reston area home.

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.

Year

Volume

Units

Avg Price

%

Dif +/-

2002

502M

1795

280

   

2003

588M

1877

314

12.1%

+11%

2004

725M

1955

371

18.2%

+18%

2005

863M

1853

466

0.6%

+25%

2006

589M

1307

451

11.9%

-3.2%

2008

368M

965

381

2.7%

-20%

2007

556M

1212

458

0.4%

+1.5%

2009

439M

1148

383

0.5%

-

2010

440M

1104

399

4.2%

+4%

2011

378M

937

403

1.0%

+1%

2012

483M

1061

455

0.9%

+12%

2013

515M

1138

456

0.2%

-

2014

465M

1005

463

1.1%

1.5%

2015

531M

1139

473

1.5%

2%

2016

573M

1249

459

-3.0%

-3%

2017

571M

1265

451

-1.7%

1.7%

2018

611M

1292

473

4.9%

5.0%

2019

632M

1320

479

1.3%

-

2020

692M

1341

516

7.7%

7.7%

     

(1000's)

 

% Change

 

 

 

 

 

Waterfront like along a lake