Summer is here and the 2017 real estate market in Tysons Corner Virginia is having another great year. Traditionally March, April and May are the most popular months for sellers to put their home on the market in the Tysons Corner area (zip codes 22102 and 22182.) So far, 2017 looks to be no different.
In January, 81 homes were listed for sale in Tysons Corner. That is the highest January number of the last 5 years. In February the numbers were a bit down from last year but far above the 5 year average. While April was a bit slow things caught up again in May listing-wise so hopefully the buyers are still out there!
It is pretty clear the market was ready to absorb all the new listings – the number of sales in February hit a 5 year high for the 22102/22182 zipcodes.
So, how is the market? It looks to be doing great. reasonably priced homes in the area sell quickly at great prices. As an example – a $1.3M single-family home in McLean recently received 7 offers. Some of them with escalation clauses and waiving contingencies. For condominiums prices are still below their peak (not back to 2005 levels yet in most places) and buyers are taking advantage of that. Anecdotally there seems to be quite a few investor buyers (many with cash.) I can only speculate that people are cashing out from the US stock market or moving money from abroad to the United States. Regardless – despite interest rate hikes there is still a healthy supply of confident buyers looking for homes.
2017 is shaping up to be yet another great year for real estate. Call me today at 703 861-0845 to chat about how I can help make it great for you too!