Tysons Market Still Going Strong

In 2020, while sales slowed significantly in the spring for a few months, the market has been full steam ahead since. In most areas single family homes are flying off the market with multiple offers and prices far above asking. In some cases sight unseen as buyers have been making offers on homes that hasn’t been put on the market yet. In Tysons Corner, detached homes and townhomes have been selling very well while condominiums have been doing ok depending on the community.

The graph below shows the number of new listings in the Tysons Corner 22102 and 22182 zipcodes.

The number of new listings trailed the 5 year average in early spring but really took off this summer and is well above the 5 year average.

There are currently 171 homes listed as Active in the 22102 and 22182 zipcodes – down slightly from 182 about a month ago. (see a list of current homes for sale in the Tysons Corner area here.)

  • 67 are detached homes with a median CDOM (cumulative days on market) of 50 days. Median price is $2,395,000.
  • 14 are townhomes with a median CDOM of 39 days and a median price of $763,500.
  • 89 are condominiums with a media CDOM of 54 days and a median price of 535,000.

So, how are things selling in the 22102 and 22182 zipcodes?

The number of homes sold has remained above the 5-year average this summer in the Tysons Corner 22102 and 22182 zip codes. While the number of sales dropped significantly from April to May, the number of homes selling is still well above the 5-year average.

To put the numbers in a regional perspective, NVAR put out year-over-year statistics for July 2021 for the region.

 

(from NVAR September 15th, 2021 Press Release)

August 2021 Regional Home Sales Compared to August 2020: Northern Virginia Data from Bright MLS as of September 7, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on August 2021 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 2,337 homes sold in August 2021, a 1.7% increase above August 2020 home sales of 2,299.

The number of total active listings increased last month compared with 2020. Listings were about 26% above last year, with 2,678 active listings in August, compared with 2,127 homes available in August 2020.

The average days on market for homes in August rose by 12.5% to 18 days – compared to 16 days on market for homes in August 2020.

New listings fell by 4.5% in August compared with last year, to 2,592. There were 2,714 new listings in August of 2020.

The average home sale price rose by 4.4% compared with last August, to $697,334. The August 2020 average sale price was $667,738.

The median sold price of homes this August, which was $608,250, rose by 2.7% compared to the median price of $592,500 in August 2020.

Our buyers and sellers of single family homes have had great success selling. The market for condominiums have been picking up in some communities to the point where appraisals are becoming an issue.

The real estate market is local – Send us a message if you would like to know how we can help you make a move.

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About The Author
Are Andresen

Are Andresen is the principal broker owner of Soldsense Realty LLC. He is also an experienced property investor and help clients find and manage properties in Northern Virginia.