Prices of homes in the Pimmit Hills subdivision in Falls Church climbed all of 2013 with multiple offers commonplace. A total of 65 homes sold in 2013 and the demand has been strong in 2014 with 45 homes sold by the middle of August.
Buyers have really caught on to the great value of the location and large lot sizes in Pimmit Hills. Where else can you get a single family home on a quarter acre lot minutes from Tysons Corner in the $400,000′s? While x homes sold below $500,000 in 2014 YTD, the average sales price was a bit higher at $540,210.
Per the middle of August 2014, the lowest price home that sold was a basic 3/1 rambler at $385,000. The highest priced home was a 5 br new home on Maynard Drive that sold for $1,100,000. 8 homes sold above $700,000 this year so far – so it seems the neighborhood it starting to be able to sustain higher priced homes.
To get a better understanding of the overall price level in the neighborhood we need to compare apples to apples. We have therefore tracked sales of the 884 sq/ft 3br/1ba ramblers in the neighborhood over the last 15 years. We have tried to exclude homes with rear extensions, finished basements and so on (but we don’t account for interior condition etc.)
Our “similar home average” makes it much easier to see what the price trend is in the neighborhood. Otherwise the mix of homes sold would continuously skewing the min, max and average sales price (particularly in a neighborhood as diverse as Pimmit Hills.)
As you can see from the above graph the prices in Pimmit Hills were pretty stable from 2009-2012. The jump in the 2014 max value for home was likely due to an extra large lot size. If you have a basic 3/1 rambler, chances are your home is worth something in the $400,000-$450,000 range. Every home is different though, so yours could more or less.
Prices in the neighborhood jumped significantly from 2012-2013. The average sales price of a 884 sq/ft rambler jumped ~30% from 2012 to 2013!
Some of that may be from the homes selling being more updated. However it is likely also fueled by limited inventory, low interest rates, reasonable prices in the community and excitement about everything happening in Tysons Corner. Tysons Corner is seeing a great transformation and Pimmit Hills continues to be the best deal for single family homes in the area.
Pimmit Hills is a great neighborhood in a fantastic location. We know the community very well having helped buyers, sellers and landlords in the community. If you would like to discuss selling, purchasing or leasing in Pimmit Hills please give us a call at 703 560-3424 or contact us online.
Are Andresen Broker, Soldsense Realty LLC “Your sixth sense in real estate”