Is Reston, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Reston has remained a Seller's Market.
Key Takeaway
Reston is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reston, VA
How much do homes in Reston, VA cost?
Median Sold Price
$550,666
$341/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Reston have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Reston was $550,666 in March 2024, up 3.9% from last year, and the median price per square foot was $341.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $281K | $309.5K | +10.1% |
| 2 Bedrooms | $375K | $395K | +5.3% |
| 3 Bedrooms | $560K | $601.2K | +7.4% |
| 4 Bedrooms | $800K | $817.5K | +2.2% |
| 5+ Bedrooms | $966.1K | $1.0M | +4.5% |
Summary: Reston housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.1%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Lake Anne | $685K | $736K | +7.4% |
| Lake Audubon | $850K | $887.5K | +4.4% |
| Reston | $530K | $550.6K | +3.9% |
| Lake Newport | $980K | $962K | -1.8% |
Housing Supply in Reston, VA
How many homes are available in Reston, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 276 | 300 | +8.7% |
Summary: The Reston real estate market had 300 homes for sale in March 2024, a 8.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 23 | -8.0% |
| 2 Bedrooms | 95 | 101 | +6.3% |
| 3 Bedrooms | 87 | 106 | +21.8% |
| 4 Bedrooms | 42 | 45 | +7.1% |
| 5+ Bedrooms | 27 | 25 | -7.4% |
Summary: The Reston housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 21.8%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes decreased by 7.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 77 | 67 | -13.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
41 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reston, you could pay more than the asking price. 61.2% of homes here sold above asking price last month.
Summary: A total of 67 homes were sold or pending in Reston in March 2024, down by 13.0% month-over-month. Of the 67 sold homes, 18% were sold under asking, 21% were sold at asking, and 61% were sold over asking.
Days on Market for Reston, VA
How long does it take to sell a home in Reston, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 16 Days | 9 Days | -42.1% |
Summary: Homes in Reston had an average of 9 days on market in Mar 2024, down by 42.1% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Reston are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 67 homes were sold in Reston; 93% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
