According to the numbers, home prices plateaued and the number of homes sold declined this fall and summer vs the same period of 2017.
I was curious about the lack of growth, particularly in home prices, so I looked back at overall home sales for the past 5 years:
- 2013: 642 homes sold / $841,120 Avg Sale Price
- 2014: 600 homes sold / $902,946 Avg Sale Price
- 2015: 645 homes sold / $905,681 Avg Sale Price
- 2016: 668 homes sold / $902,306 Avg Sale Price
- 2016: 693 homes sold / $955,015 Avg Sale Price
From 2013 to 2017, the average sale price of a single family home increased 12% in Vienna. That’s an average of 3% a year.
Last year, the average sale price increased 6%. This large jump in home prices last year probably accounts for the lack of an increase this year. Looking back at home sales over the past 4 years, a similar stagnation in home prices occurred in 2015-2016, followed by the large increase last year.
It’s probable that this trend will repeat, and the biggest question for Vienna is this: Will the price stagnation continue into 2019, or will home prices begin to rise again in the coming year?
Let’s take a quick look at the current inventory picture: