To say that Pimmit Hills is undergoing a transformation would be an understatement. It seems that every other day another piece of original Pimmit Hills history is torn down and replaced with another mansion. If you live in one of the older homes builders are probably calling and knocking on your door non-stop (don’t sell – we will get you the best price possible by selling it as-is.)
Most of the new homes being built, while not in character with the original neighborhood size-wise, are what most people would call nice. They certainly increase the prices in the neighborhood (unfortunately, the real estate taxes increase too making it harder for those on fixed incomes.)
With each home gone, one cannot help but thinking about the past and what made Pimmit Hills unique. I suspect the future holds fewer whimsical over-the top Christmas light displays, fewer bears carved out of tree stumps and almost no front yard gnomes and Statue of Liberties.
So, real estate – how is the market doing? A total of 65 homes sold in 2013 and the number of sold homes in 2014 was exactly the same. So far in 2015 a total of 9 home sold. The average sales prices have been steadily increasing over the years due to both a higher price paid for “typical” homes as well as more updated and larger homes being added to the mix.
Builders and buyers have really caught on to the great value of the location and the large lot sizes in Pimmit Hills. Last year 20 homes sold below $450,000 and 11 sold above $750,000. While the vast majority of the homes sold are still in the $400’s and $500’s purchasers are getting more and more comfortable at the higher price ranges in the neighborhood. With all the new construction, the trend will continue.
To get a better understanding of the overall price appreciation 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. If you have a basic 3/1 rambler, chances are your home is worth something in the $450,000-$475,000 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. It increased in 2014 again and so far this year prices seems to still be rising. Tysons Corner is seeing a great transformation and Pimmit Hills continues to be the best deal for single family homes in the area.
So, should you stay or should you move? Prices have recovered and you will be able to get a great price for a basic 3/1 rambler at this time. As it will likely be torn down making improvements to sell likely won’t be worth the expense. If you have a larger expanded home, making improvements may pay but the potential increase in price of your home will have to be weighed against the price that a new home can be purchased at.
We know Pimmit Hills 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.
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