The Reston, VA real estate market is buzzing with activity, and September 2024 has proven to be a record-breaking month. Whether you’re a homeowner, a prospective buyer, or just curious about local market trends, understanding these shifts is crucial. In this comprehensive analysis, we’ll delve into the latest statistics, explore what they mean for you, and answer some of the most frequently asked questions about the Reston housing market.
Table of Contents
- Market Overview
- Total Sold Dollar Volume
- Closed Sales
- Median and Average Sold Prices
- Days on Market
- Price per Square Foot
- ZIP Code Breakdown
- FAQs
- Conclusion
- Contact Greater Reston Living
1. Market Overview
September 2024 has been a standout month for Reston’s real estate market. With significant year-over-year increases in total sold dollar volume and median sold prices, the market shows robust growth. However, increases in days on market suggest a nuanced landscape that both buyers and sellers should navigate carefully.
2. Total Sold Dollar Volume
- September 2024 Total: $48,313,100
- Year-over-Year (YoY): Up 27.5%
- Month-over-Month (MoM): Down 9.8%
The total sold dollar volume indicates the overall health of the real estate market. A 27.5% YoY increase showcases strong market demand and rising property values. Despite a slight MoM decrease, the market remains vigorous compared to last year.
3. Closed Sales
- September 2024 Total Closed Sales: 70
- YoY: Up 4.5%
- MoM: Down 19.5%
Closed sales have seen a modest YoY increase, reinforcing the upward trend in market activity. The MoM decline could be seasonal or indicative of market stabilization after a particularly active summer.
4. Median and Average Sold Prices
- Median Sold Price: $661,250
- YoY: Up 29.7%
- MoM: Up 22.5%
- Average Sold Price: $694,828
- YoY: Up 19.6%
- MoM: Up 11.2%
These substantial increases highlight a competitive market where homes are commanding higher prices. The significant YoY and MoM growth in both median and average sold prices suggest strong buyer demand and limited inventory.
5. Days on Market
- Median Days on Market: 7 days
- YoY: Up 16.7%
- MoM: Unchanged
- Average Days on Market: 15 days
- YoY: Up 50%
- MoM: Up 25%
An increase in days on market means homes are taking slightly longer to sell. This could indicate a shift towards a more balanced market, giving buyers a bit more leverage than in previous months.
6. Price per Square Foot
- Median Price per Sq Foot: $354
- YoY: Up 5%
- MoM: Down 1.9%
- Average Price per Sq Foot: $367
- YoY: Up 6.1%
- MoM: Down 0.3%
While the YoY increase shows that property values are climbing, the slight MoM decrease may suggest a leveling off. This metric is crucial for buyers comparing the value of different properties.
7. ZIP Code Breakdown
20190 Reston, VA
Median Sold Price:
- 2024: $567,000
- 2023: $405,000
- YoY Change: +40%
Median Days on Market:
- 2024: 14 days
- 2023: 7 days
- YoY Change: +100%
Price per Sq Foot:
- 2024: $389
- 2023: $359
- YoY Change: +8.4%
Closed Sales:
- 2024: 30
- 2023: 30
- YoY Change: 0%
Analysis:
Downtown Reston (20190) has seen a significant 40% increase in median sold price, indicating a high demand for properties in this area. However, the doubling of median days on market suggests buyers are taking more time to make decisions, possibly due to higher prices.
20191 Reston, VA
Median Sold Price:
- 2024: $749,500
- 2023: $550,000
- YoY Change: +36.3%
Median Days on Market:
- 2024: 6 days
- 2023: 6 days
- YoY Change: 0%
Price per Sq Foot:
- 2024: $347
- 2023: $323
- YoY Change: +7.4%
Closed Sales:
- 2024: 33
- 2023: 26
- YoY Change: +26.9%
Analysis:
South Reston (20191) is experiencing a robust market with a 36.3% increase in median sold price and a 26.9% increase in closed sales. The steady median days on market indicates that homes are selling quickly despite higher prices.
20194 Reston, VA
Median Sold Price:
- 2024: $745,000
- 2023: $739,000
- YoY Change: +0.8%
Median Days on Market:
- 2024: 5 days
- 2023: 6 days
- YoY Change: -16.7%
Price per Sq Foot:
- 2024: $313
- 2023: $326
- YoY Change: -4%
Closed Sales:
- 2024: 7
- 2023: 11
- YoY Change: -36.4%
Analysis:
North Reston (20194) shows a stable median sold price with a slight YoY increase. However, the significant decrease in closed sales and a drop in price per square foot may indicate a cooling in this area.
8. FAQs
Q1: Why are home prices increasing so significantly in Reston?
A: Reston’s growth is driven by high demand, low inventory, and its appeal as a desirable place to live. Excellent schools, amenities, and proximity to D.C. make it a hotspot for buyers.
Q2: Is it a good time to sell my home in Reston?
A: Yes, with median sold prices up nearly 30%, sellers can capitalize on the strong market. However, increased days on market suggest pricing competitively is essential.
Q3: What does the increase in days on market mean for buyers?
A: Buyers may have slightly more time to consider their options, but desirable homes still sell quickly. It’s important to stay prepared and act decisively.
Q4: How does the market differ between ZIP codes in Reston?
A: Each ZIP code has unique trends. For instance, 20191 shows significant growth in both prices and sales, while 20194 has a stable market but fewer sales.
Q5: What should I consider when buying a home in this market?
A: Work with a knowledgeable local agent, get pre-approved for a mortgage, and be ready to move quickly when you find the right property.
9. Conclusion
The September 2024 real estate market in Reston, VA, is characterized by soaring home prices and an overall robust market. While sellers are enjoying higher returns, buyers face a competitive landscape. Understanding these trends is crucial for making informed decisions, whether you’re buying or selling.
10. Contact Greater Reston Living
Ready to navigate Reston’s dynamic real estate market? The Greater Reston Living team is here to guide you every step of the way. Our expertise and local knowledge ensure you make the best decisions for your unique situation. Book a short introductory call now.
Greater Reston Living is committed to helping you find your perfect home or sell your property at the best value. Let’s turn your real estate dreams into reality!
