Even though it’s January, Spring has definitely sprung in real estate. And it’s already time for another weekly update on the Vienna Oakton real estate market!
Let’s start with Vienna:
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- In the past week, 13 homes in Vienna went under contract.
- Net inventory has still only increased slightly and inventory for single family homes has actually gone down. There are currently 153 homes on the market.
- Average days on market for active listings in Vienna is 164 days.
- We now have a 3.2 month supply of homes, down from 3.3 months last week.
For details on what’s happening in your neighborhood, make sure you contact The Belt Team. Here’s an example of why:
- In Vienna, there are 153 homes on the market.
- Of those 153, 72 are listed under $899,000 and 81 are listed at $899,000 and higher.
- The homes listed under $899,000 have an average days on market of only 110 days, while the higher priced homes are averaging 218 days.
- That means homes under $899,000 are selling twice as fast - in less than 3.67 months instead of more than 7 months.
So even within the same town, it’s a “Tale of Two Markets”. (It’s actually more a tale of almost infinite markets, depending on price range, school district, location, etc - which is why it’s important for you to consult with Realtors who know YOUR market.)
Now, here’s the update for Oakton:
- In Oakton, 4 homes went under contract this past week.
- Total active listings is 49, with only 4 townhomes and only 5 condos available for sale in all of Oakton.
- Average days on market is 155 days.
- There is now less than a 3 month supply of inventory on the market.
We’ll be updating you weekly so that if you are thinking of buying or selling a home in Vienna or Oakton, you will be “in the know” about what’s happening in general in TODAY’S market. and please don’t hestitate to contact us for an analysis specific to either the home you want to sell or the area where you want to buy. It would be our pleasure to assist you!