January 2018 Vienna VA Housing Market Updates for Single Family Homes
Vienna VA Housing Market Data At Glance:
- Active Listings: 104 (Down -23.5% from January 2017).
- Sold Listings: 21 (Down -34.4% from January 2017)
- Average Days on the Market: 25 (Down -13.3% from January 2017)
- Average Price: $815,000 (Down -6.6% from January 2017)
- Total Under Contract: 55 (Down -20.3% from January 2017)
According to the newest data released by Metropolitan Regional Information System or MRIS, Vienna VA housing market is going strong. The statistics for single family homes are showing some signs of shrinking inventory. And, even though, there were fewer homes sold in January 2018 than in January of 2017, the average days on the market (DOM) was shorter which means there is a higher demand.
WHAT DO THESE STATS MEAN:
If you are a SELLER, it might be a good time to sell. Even though, the prices are slightly lower in comparison to the January of 2017, the inventory for single family homes in Vienna VA is trending downwards – which might lead to higher demand, higher prices and shorter days on the market.
If you are a BUYER who is looking to buy fast, with lower inventory and shorter DOM, you might encounter competitive situation or get into a bidding war. If you find the house that you like, don’t procrastinate and present offer as soon as possible in order to secure a deal.
Whether you are selling or buying a single family home in Vienna VA, make sure your real estate agent provides you with up to date Vienna VA housing market data, so you make an educated decision about a purchase or a sale of your home.
If you are looking to buy, please check out my article: “10 Steps to Buying a Home”.
And, as always, if you have any specific questions about real estate market or if you need help buying and/or selling real estate in Vienna VA area, feel free to contact me.