Is Sterling, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Sterling has remained a Seller's Market.
Key Takeaway
Sterling is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sterling, VA
How much do homes in Sterling, VA cost?
Median Sold Price
$600,142
$291/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Sterling have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Sterling was $600,142 in May 2024, up 11.1% from last year, and the median price per square foot was $291.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $259K | $210K | -18.9% |
| 2 Bedrooms | $355K | $387.5K | +9.2% |
| 3 Bedrooms | $517K | $575K | +11.2% |
| 4 Bedrooms | $632.6K | $665K | +5.1% |
| 5+ Bedrooms | $704.5K | $821K | +16.5% |
Summary: Sterling housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.9%, 2 bedroom homes increased by 9.2%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 16.5%.
Median Sold Price Compared To Nearby Cities
| Sterling | $540K | $600.1K | +11.1% |
| Dranesville | $1.1M | $1.2M | +9.1% |
| Sugarland Run | $597K | $630.6K | +5.6% |
| Herndon | $650.6K | $675.9K | +3.9% |
| Potomac | $564.5K | $585.8K | +3.8% |
Housing Supply in Sterling, VA
How many homes are available in Sterling, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 203 | 254 | +25.1% |
Summary: The Sterling real estate market had 254 homes for sale in May 2024, a 25.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 33 | 35 | +6.1% |
| 3 Bedrooms | 78 | 115 | +47.4% |
| 4 Bedrooms | 58 | 68 | +17.2% |
| 5+ Bedrooms | 31 | 34 | +9.7% |
Summary: The Sterling housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 47.4%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes increased by 9.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 65 | 54 | -16.9% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
35 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sterling, you could pay more than the asking price. 64.8% of homes here sold above asking price last month.
Summary: A total of 54 homes were sold or pending in Sterling in May 2024, down by 16.9% month-over-month. Of the 54 sold homes, 17% were sold under asking, 19% were sold at asking, and 65% were sold over asking.
Days on Market for Sterling, VA
How long does it take to sell a home in Sterling, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 8 Days | +2.0% |
Summary: Homes in Sterling had an average of 8 days on market in May 2024, up by 2% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sterling are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 54 homes were sold in Sterling; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
