AveryHess, Realtors® Blog

McLean/Tysons Corner, VA Market Report – 8/10/2011

Tysons remains the vibrant center of business and shopping in Fairfax County; despite the traffic congestion and the continuing road construction for the widening of the beltway and the Metro extension to Dulles.

Perhaps with an eye towards the future, when all of the projects are completed, people are buying homes in the Tysons Corner and the surrounding neighborhoods.

Comprised of 3 different zip codes, the Tysons area has remained overall stable year over year, with 22180 seeing declines in total volume and average sales price, but 22043 seeing significant gains in both categories.

The statistics for July 2011 are relatively unchanged from 2010.

Total Volume $58,509,126
Units Sold 87
Average Sold Price $660,967
Days on Market 51

It will still be several years before the road & Metro projects are completed, but as much as Tysons Corner is the center of business and commerce today, the future promises great opportunities for those who act now.

If you are considering purchasing now is the absolute best time. Prices and interest rates are at historic lows.  While the Fed has indicated that rates will remain low for a few years, the price of housing is certainly going to increase.

If you bought gold in 1996 for $400 an ounce you were probably depressed in 1999 when it dropped to $250. How delighted you are today when it reached $1700.

The housing market is cyclical and historically always rebounds. It may have taken longer this time around but it definitely will again.

Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
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