As part of my real estate research, I look at different neighborhoods in Northern Virginia. I see what the sales trends are, and what the current inventory looks like. This week I took a look at the past 12 months in the Churchill neighborhood of Falls Church.
Churchill is a highly sought-after area in Falls Church due to its great location in the heart of the tight-knit city. 35 homes sold in the area in the past 12 months, 23 for less than $900,000 and 12 for over $1,100,000.
Here are the numbers:
Home Sales April 2013-April 2014:
- 35 sales
- Average List Price: $918,896
- Average Sold Price: $918,152
- Average Lot SF: 11,001
- Average Living SF: 1,866
- Average Days on the Market: 19
Home Sales Under $900,000
- 23 sales
- Average List Price: $692,915
- Average Sold Price: $700,822
- Average Living SF: 666
- Avg Days on Market: 17
Home Sales Over $1.1 Million
- 12 sales
- Average List Price: $1,352,027
- Average Sold Price: $1,334,702
- Average Living SF: 4,166
- Avg. Days on Market: 21
Market Insights: Home sales have been very strong in Churchill for the past 12 months. In fact, the average sale price for homes listed for under $900,000 was actually higher than the list price. This indicates that many homes in the area are recieving multiple offers.
Like many other areas inside the beltway, Churchill has a had a chronic lack of inventory for the past 12 months, and demand in this area remains high, as the lightning-fast pace of home sales indicates. As of mid-April there was only one home on the market in Churchill, an old listing at the very top end of the price range. So for all intents and purposes, there is currently zero inventory on the market in the area.
Sell now if you’re thinking of selling in this area. Conditions will never be more ideal than they are right now! If you are looking to buy in the area, you need to be patient and keep an eye on all of the new listings as they come on the market.
Want to learn more about Falls Church VA real estate? Please feel free to call me any time at 571-305-2405, or email me: lsagatov@kw.com. Interested in seeing a free sales report for your neighborhood? Click Here
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