Tysons Taking Off (and landing again?)

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 in April and May.

There are currently 201 homes listed as Active in the 22102 and 22182 zipcodes (see them here.)

  • 62 are detached homes with a median CDOM (cumulative days on market) of 42 days. Median price is $2,392,750.
  • 14 are townhomes with a median CDOM of 22 days and a median price of $787,450.
  • 124 are condominiums with a media CDOM of 55 days and a median price of 454,950.

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

The number of homes sold jumped significantly above the 5-year average in March and April 2021 in the Tysons Corner 22102 and 22182 zip codes. Of the 107 homes that sold in April, 54 were detached, 38 were condominiums and 15 were townhomes. 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 May 2021 for the region.

 

(from NVAR June 14th Press Release)
May 2021 Regional Home Sales Compared to May 2020: Northern Virginia Data from Bright MLS as of June 4, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on May 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 2,656 homes sold in May 2021, a 63.8% increase above May 2020 home sales of 1,622.

The number of total active listings increased last month compared with 2020. Listings were 10.2% above last year, with 2,187 active listings in May, compared with 1,984 homes available in May 2020. The average days on market for homes in May 2021 fell by 23.5% to 13 days – compared to 17 days on market for homes in May 2020.

New listings rose by 58.8% in May compared with last year, to 3,452. There were 2,174 new listings in May of 2020. The average home sale price rose by 16.3% compared with last May, to $745,323. The May 2020 average sale price was $641,002.

The median sold price of homes this May, which was $656,400, rose by 13.2% compared to the median price of $580,000 in May 2020.

So, will prices keep going up or down in 2021? Well, for single family and townhomes they seem to be going up for now. The spring has been very busy for us at Soldsense. Our buyers and sellers of single family homes have had multiple offer situations pretty much every time. The market for condominiums have been slower but attractive units are still selling depending on the community. NVAR put out an article on the condominium market a few months ago that makes some interesting points.

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.