Centreville, VA Market Report 8/20/10

20 Aug
August 20, 2010

The following statistics reflect the real estate market in Centreville, Virginia:

  • Homes for sale: 356 (down from 381 in June, and down from 394 at same time last year.)
  • Homes Sold: 79 (down from 101 in June and down from 94 one year ago.)
  • Average sold price: $367,332 (another jump up from $338,208 last month and WAY UP from $314,426 at the same time last year.)
  • Average days on market: 33 (very stable over past six months, but down from 50 days one year ago)

For close to a year, I have been saying that prices in Centreville were continuing to move up after prices bottomed out in December 2008. The increase in confidence paired with amazingly low interest rates fueled a growing trade up market where existing homeowners with equity started selling their house to buy a bigger one. This has helped pull up the average sales price.Even with only a four and a half month supply of houses, I expect the second half of this year to have fewer transactions than the first half because the First Time Homebuyer Tax Credit distorted the market.  Markets always swing back to equilibrium if given time and lack of government interference, so I expect that to happen again. The lower price ranges are still hot as a firecracker.

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

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

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