Tysons Market Still Going Strong

In 2021, 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. Condominiums have also been doing well depending on the community but a bit more up and down through the year.

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

There are currently 91 homes listed as Active in the 22102 and 22182 zipcodes. (see a list of current homes for sale in the Tysons Corner area here.)

  • 32 are detached homes with a median CDOM (cumulative days on market) of 89 days. Median price is $3,200,000.
  • 2 are townhomes with a median CDOM of 36 days and a median price of $669,950.
  • 56 are condominiums with a median CDOM of 76 days and a median price of 501,500.

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 overall still well above the 5-year average.

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

 

(from NVAR December 14, 2021 Press Release)

November 2021 Regional Home Sales Compared to November 2020: Northern Virginia
Data from Bright MLS as of December 6, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on November 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 2,124 homes sold in November 2021, an 11 % increase above November 2020 home sales of 1,908.

The number of total active listings decreased last month compared with 2020. Listings were about 30% below last year, with 1,641 active listings in November, compared with 2,358 homes available in November 2020. The average days on market for homes in November rose by 26.3% to 24 days – compared to 19 days on market for homes in November 2020.

New listings fell by 19.8% in November compared with last year, to 1,518. There were 1,893 new listings in November of 2020.

The average home sale price rose by 1.9% compared with last November, to $698,176. The November 2020 average sale price was $685,445.

The median sold price of homes this November, which was $610,000, rose by 5.2% compared to the median price of $580,000 in November 2020

Our buyers and sellers of single-family homes have had great success selling. The market for condominiums has been good to great as well 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.