AveryHess, Realtors® Blog

Sterling, VA Market Report – 1/13/10

Higher and higher, faster and faster, the market in Sterling, Virginia is on the move.

  • Homes for sale: 374
  • Closed sales: 121
  • Average sold price: $364,091
  • Average days on market: 39

Each month, the average sales price in Sterling keeps going up and is now 24% higher than one year ago. In addition, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, averaging 39 days compared to when it took 95 days last year. Available inventory is now down 31% from a year ago, reducing the housing selection for potential buyers.

In the past, investors and first-time buyers had been competing to buy the same houses. This caused bidding wars, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner-occupant buyers first preference should result in making it easier for owner-occupants to purchase without having to pay more than the original asking price. This is good news for first-time buyers who will be living in the homes they’re purchasing.

Sterling is conveniently located near the employment centers of Tysons Corner, Route 28, and the Route 7 biotech corridor. Dulles Airport is also nearby and a big employment center, too.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

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