Tysons Market Still Going Strong into 2023

The year 2022 follows a fantastic 2021 in real estate in the Tysons Corner area. The expecrted interest hikes created a strong demand from buyers wanting to secure a home with still low interest rates. In most areas homes were flying off the market with multiple offers and escalation clauses – and with prices going far above asking. The spring and early summer were great – things started to slow down a bit towards the end of the summer and into fall. That being said, the number of new homes coming on the market is low and prices have remained stable up to now.

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, and summer and then pulled back a bit in the fall.

There are currently 100 homes listed as Active in the 22102 and 22182 zipcodes. (see a list of those homes for sale in the Tysons Corner area here.)

• 46 are detached homes with a median CDOM (cumulative days on market) of 82 days. Median price is $2,545,000.
• 5 are townhomes with a median CDOM of 52 days and a median price of $849,900.
• 48 are condominiums with a median CDOM of 89 days and a median price of 806,975.

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

The number of homes sold has remained below the 5-year average this summer and fall in the Tysons Corner 22102 and 22182 zip codes. While the number of sales dropped significantly from 2021, the number of homes selling overall is still not too far below the 5-year average.

To put the numbers in a regional perspective, NVAR put out year-over-year statistics for October 2022 for the region.

(from NVAR November 16, 2022 Press Release)

FAIRFAX, Va. (November 16, 2022) – Driven by higher mortgage rates, October housing sales continued to fall, dropping 37.4% compared to October 2021. Meanwhile, limited inventory pushed prices up 4% from the previous year, according to the Northern Virginia Association of Realtors® (NVAR).
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The number of closed sales in October 2022 was 1,275 units, a decline of 37.4% compared to October 2021 and down 11.6% compared to September 2022. The number of closed sales is also down compared to (pre-pandemic) October 2019, when there were 1,719 closed sales.

The average days on the market in October 2022 was 25 days, up 8.7% compared to October 2021. However, this was unchanged from September 2022. Months’ Supply Inventory for October 2022 was 1.2 months, up 8% from October 2021 and was the same as September 2022.

The cost of buying a home is still rising. The median sold price for a home in October 2022 was $650,000, up 4% compared to October 2021. This is also a significant increase compared to the (pre-pandemic) October 2019 median sold price of $549,900. In addition, this was a jump from September 2022 when the median sales price was $619,142
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Below is October 2022 regional home sales compared to October 2021 for Northern Virginia with data derived from Bright MLS as of November 1, 2022 (total sales and listings may not include garage/parking spaces):

• The sold volume in October 2022 was $978,593,099, down 36.1% compared to October 2021 and down compared to (pre-pandemic) October 2019, when it was $1,045,124,316.
• The average sold price for a home in October 2022 was $761,931, up 1.8% from October 2021 and significantly more than October 2019 (pre-pandemic) when the average sold price was $607,230.
• The number of active listings in October 2022 was 2,200, down 9.5% from October 2021, when there were 2,836 listings. This number was also down from October 2019 (pre-pandemic), when the number of active listings was 2,556.
• Pending sales in October 2022 were 1,230, down 45.6% compared to October 2021.
• Showing levels were tracked at 62.6% of the same week from October 2021.

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.