A Brisk Fall Market So Far
After an uneven and uncertain Spring/Summer, the Vienna real estate market has experienced strong growth this fall.
118 homes have sold in Vienna since Sept. 1st. That’s the highest total number of fall home sales in the last 5 years, and a 10% increase over the same period of 2019, which had the second most home sales in the past 5 years. The average sale price was $944,635, a 13% increase over 2019.
Here’s a full breakdown:
|Timeframe||# of Homes Sold||Average Sale Price||Average Days on Market|
|Sept 1st-October 13th 2020||118||$944,635||28|
|Sept 1st-October 13th 2019||106||$814,781||33|
|Sept 1st-October 13th 2018||103||$863,889||47|
|Sept 1st-October 13th 2017||73||$844,772||39|
|Sept 1st-October 13th 2016||93||$782,646||49|
Vienna is currently experiencing a strong seller’s market, and I expect the brisk pace of home sales to continue deep into fall and early winter. The traditional timeframe of the real estate market was delayed due to COVID, and as a result we are seeing more sales activity later into the year than we have in past years.
When you combine that with low inventory, low interest rates and a backlog of buyers eager to purchase a home in Vienna, the likelihood of record fall sales is high.
This is good news for potential sellers. Buyers really need the help of an expert realtor to capitalize on the opportunities present, and make sure any offers they want to make get handled with skill and care.
If you’d like to learn more about the Vienna market, or discuss anything real estate and home building, please don’t hesitate to reach out.
Lou Sagatov, Realtor®