Bristow, VA Market Report – 2/12/10

12 Feb
February 12, 2010

As we have said before, almost everything in Bristow is less than ten years old. Therefore, it’s a good place to buy a home and not have to worry about a lot of repairs, as long as the previous owner did their regular maintenance. If you’re unsure about a home, think about getting a home inspection to fully understand the systems of the house you’re buying. Also ask for a warranty so you can be protected from costly, unexpected repairs.

Here is a complete analysis of last month’s housing market in Bristow, Virginia:

  • Homes for sale: 166 (up 8% from last month)
  • Closed sales: 35 (up 9.4% from last month)
  • Average sold price: $350,374 (up 13.4% from one year ago, and over 10% from just last month)
  • Average days on market: 30 (virtually unchanged for the last three months)

Bristow’s prices have moved up rapidly from the low $300s, which was way underpriced, to the mid $300’s which is still underpriced, just not as ridiculously so. Bristow remains an affordable and in-demand place to live. The average sales price of $350,374 is way above 2008’s average, but still very affordable. Bristow hit its statistical price bottom in December 2008 and has risen slowly and steadily almost every month since then. A year ago it took 69 days for a house to sell, more than double last month’s 30 days. With interest rates remaining around 5%, consumer confidence rising, and inventory at such a low level, high buying activity is creating an upward drift in prices.

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

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

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