The last time I did a market report for Vienna was in May and the information I was pulling was from March. In that Blog post, I warned buyers that now was the time to get on the train before interest rates went up.
Guess what…they went up!
The rates didn’t just go up a hair, either. They went up 1.5% plus. Let’s be completely real though for a moment. They are still at historic lows, and if they went any lower, our economy would be heading back towards uncertainty. Interest rates are up and that’s a sign that our economy IS indeed recovering. Notice I said “recovering,” which means it is not fully recovered, which means another rate adjustment, in the north position, is in our future. So if you are kicking yourself in the pants for “waiting for the bottom”, you will be a bit more easy on yourself if you lock in before they are back in the 5s.
Vienna has and continues to be a market that seems to always be moving in the positive direction when other markets stall out or plummet.
|Total Sold Dollar Volume||$35,714,485||-0.99%||+16.98%|
|Median Sold Price||$812,501||+6.21%||+11.45%|
|Avg Sold Price||$850,345||+1.37%||+8.63%|
|Avg Days on Market||31 days||-64.77%||-20.51%|
|Avg Sold to Orig List Ratio||99.01%||+1.98%||-0.8%|
Inventory is still at record lows, (NOVA has less then one month of inventory!) and average sales prices are up. Great for selling your home if that is your market, multiple offers and escalation clauses are back as the norm. If you are buying, get in now before another interest rate adjustment bumps your chances of owning a piece of Vienna to a distant glimmer. Get a hold of one of our experienced agents at our Tysons location that knows Vienna better then anyone! We will get you top dollar for you home and if you are a buyer, we can show you what you need to do to own your little piece of Vienna.
Market data and commentary provided by Chris Brown, Manager of the Tysons Regional Office, Avery-Hess, Realtors.
Search for homes in Vienna, Dunn Loring, and all of the DC Metro: www.averyhess.com