In 2023, Tysons Corner’s real estate market exhibited robust pricing amidst a moderation in transaction volume. The surge in interest rates contributed to a scarcity of available properties, causing heightened buyer anxiety and a limited inventory selection. Despite these challenges, homes continued to swiftly leave the market, often generating multiple offers and surpassing asking prices. With the anticipation of interest rate fluctuations settling, there’s optimism for a return to a more active transaction landscape.
Illustrated in the graph below, the number of new listings in the Tysons Corner 22102 and 22182 zip codes consistently lagged behind the 5-year average throughout the year and frequently dipped below the 2022 average.
The number of new listings trailed the 5 year average the whole year and was also below the 2022 average most of the time.
There are currently 67 homes listed as Active in the 22102 and 22182 zipcodes. (see a list of those homes for sale in the Tysons Corner area here.)
Currently, there are 67 active listings in the 22102 and 22182 zip codes. Among these, 29 are detached homes with a median cumulative days on market (CDOM) of 107 days and a median price of $3,200,000. Additionally, there are 2 townhomes with a median CDOM of 29 days and a median price of $644,850, and 36 condominiums with a median CDOM of 66 days and a median price of $587,500.
So, how are things selling in the 22102 and 22182 zipcodes?
Turning our attention to sales, the number of homes sold generally remained slightly under the 5-year average in the Tysons Corner 22102 and 22182 zip codes. Despite a notable decline in sales from 2022, the overall number of homes sold remained reasonably close to the 5-year average.
For a broader regional context, NVAR has released year-over-year statistics for November 2023 for the entire region, offering a comprehensive view of the market dynamics during this period.
FAIRFAX, Va. (December 18, 2023) – Northern Virginia home sales declined 9.8% from last November, but in positive news, sales increased 12.5% from October 2023. Meanwhile, prices grew higher, up 5.72% from the previous November, reported the Northern Virginia Association of Realtors® (NVAR).
“November data shows that the market continues to adjust in this post-Covid time, and we haven’t quite found a new normal. We do know that housing inventory remains limited which drives down home sales. That in turn drives up demand for those limited homes to choose from, which leads to higher home prices,” explained NVAR Board Member Casey Menish, Pearson Smith Realty. “I am optimistic that as mortgage rates fall, we will see more people ready to sell their homes, and more buyers ready to pick up their home searches where they left them.” The months’ supply of inventory for November 2023 was 1.05, up a smidge (.3%) from last
November but down from October 2023’s 1.23 months. The average days on the market in November was 20, down significantly (23.08%) from last November but a little higher than October 2023’s 17 days.
Homebuyers continued to have few options and that meant higher prices. The median sold price for a home in November 2023 was $656,500, up 5.72% from November 2022. This is an increase compared to the (pre-pandemic) November 2019 median sold price of $538,250. In good news, this was a drop from October 2023’s median sold price which was $670,000.
“Our just released economic housing forecast noted that we expect home values to continue to increase due to historic low housing inventories across the region. But we remain hopeful that recent spikes in mortgage rates will moderate and stabilize and help create ownership opportunities,” said Ryan McLaughlin, CEO, NVAR.
NVAR’s newly released 2024 economic housing forecast, produced in conjunction with George Mason University’s Center for Regional Analysis, revealed that the residential and commercial real estate market has not yet reached a post-pandemic normal. The forecast reported a possible downturn despite the economy attracting regional workers and creating jobs. As such, overall sales activity is expected to decline in 2024. Another Covid outcome cited in the forecast was an increase in intraregional migration patterns—especially to distant suburbs— spurred by more work-from-home options.
Our buyers and sellers still have great success buying and selling. The real estate market is local – Send us a message if you would like to know how we can help you make a move.