Spring Market in Tysons Taking Off!

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 seem to be steady but still trails the 5 year average some. There are currently 143 homes listed as Active in the 22102 and 22182 zipcode (see them here.)

  • 48 are single family homes with a median CDOM (cumulative days on market) of 71 days. Median price is $2,900,000.
  • 3 are townhomes with a median CDOM of 15 days and a median price of $749,999.
  • 92 are condominiums with a media CDOM of 53 days and a median price of 494,900.

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

The number of homes sold jumped significantly in March 2021 in the Tysons Corner 22102 and 22182 zip codes. Of the 86 homes that sold, 41 were detached, 29 were condominiums and 16 were townhomes.

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

 

(from NVAR April 13th Press Release)
March 2021 Regional Home Sales Compared to March 2020: Northern Virginia

Data from Bright MLS as of April 6, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on March 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 2,140 homes sold in March 2021, an 18% increase above March 2020 home sales of 1,815.

The number of total active listings decreased last month compared with 2020. Listings were 19% below
last year, with 1,579 active listings in March, compared with 1,957 homes available in March 2020. The
average days on market for homes in March 2021 rose by 5.3% to 20 days – compared to 19 days on
market for homes in March 2020.

New listings rose by 8.6% in March compared with last year, to 3,067. There were 2,823 new listings in
March of 2020.

The average home sale price rose by 7.3% compared with last March, to $696,318. The March 2020
average sale price was $649,118.

The median sold price of homes this March, which was $595,000, rose by 3% compared to the median
price of $577,900 in March 2020.
(…)
There continues to be a marked difference in the availability of single-family versus condo inventory in
the region, as reported by NVAR last month. In March there were 846 active condo listings and 555
active single-family detached homes available. In contrast, last year there were 467 condos listed for
sale and 1,217 single-family homes available.

“This contrast in condo inventory is particularly evident in Arlington County,” says McLaughlin. “In
March, there were 292 condo units listed for sale in Arlington, compared with 76 in March of 2020,
pushing the year-over-year increase in total active listings to 102% in Arlington.”

So, will prices go 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 last month 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.