February and early March have seen a downturn in the real estate market throughout much of Northern Virginia due to several factors, not the least being the colder than average winter weather. Tysons Corner, the shopping and employment center and unofficial downtown of Fairfax County did not escape this trend. Another major factor for the Tysons Corner area is the massive amount of road construction for the Beltway HOT lanes and the expansion of the Metro.
The number of units sold was approximately the same as the previous year but the average sales price was down more than $90,000.
|Avg. Sold Price||$626,628||$720,651|
|Avg. Days on Market||100||52|
Hopefully, since the calendar indicates the arrival of spring, we will have improved weather conditions but the road construction issue will remain for quite some time. While residential real estate seems to be lagging, the commercial market is gearing up and building construction continues. There is no doubt that the residential market will once again be robust as Tysons Corner becomes accessible by Metro.
Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
Search for homes in McLean, Tysons Corner and all of the DC Metro: www.averyhess.com