The first year of the decade has been a year like none other, and the Reston real estate market annual review is no exception. Year over year there has been marginal improvement in the number of homes sales, with a total count of 1400 in 2020 compared to 1359 in 2019, an increase of 3%. Compared to one decade ago in 2010, there is more significant an increase as sales are up 23% over that time frame.
The greatest impact in 2020 has been the upper bracket homes priced over $1M. There were 39 homes that sold over $1M across all 3 zip codes in Reston compared to the previous year of 21, an improvement of almost 39%. Homes over $1M in Reston are most often for single family homes that offer the advantages of more physical space for interior living as well as outdoor areas, which was at a high premium in 2020. Of the 39 homes sold in the upper brackets, 12 were Lake fronted properties and 3 were Condominiums in the Reston Town Center.
Homes in good show condition and priced correctly for the market are in low supply. With strong buyer demand and low supply, many segments are experiencing price appreciation for the first time in over a dozen years. The low supply is most likely attributed to the stay-at-home orders due to the global pandemic from March through June, which is the traditional spring selling season. During that time frame, homes were not going on the market at the pace of a typical selling season. It was mostly vacant properties and sellers who were really motivated who listed their homes for sale. These market conditions are advantageous for Sellers considering a move.
The average sales price in Reston saw a significant increase in price appreciation from 2019 to 2020, especially in zip code 20194 which ended the year with an average price of $617,433, up 9.2% over 2019. Over all 3 Reston zip codes, the price appreciation was 7%, with an average home sales price of $526,862.
The real estate community continues to serve customers and clients safely by following CDC guidelines. More than ever during the pandemic, people have sought the security of home as a safe haven. To meet this need, agents continue to list houses for sale, show houses to buyers, write contracts and settle on transactions. Technology is cutting edge in the real estate arena offering virtual tours, Zoom meetings, secure digital document execution as well as online notary cam and drive through closings. Traditional in person meetings are available following safety protocols.
Looking forward to the first quarter of 2021, if the weather remains mild the traditional spring selling season is likely to begin mid to late January. There is still considerable pent-up buyer demand throughout Reston. Even more so now, home represents the place where people live, work, play, educate their children, as well as enjoy physical activity and entertainment. As our nation and world navigate the impact of COVID-19, people still find themselves in situations where they have a need to make a move!
Jenny McClintock is a Vice President with HBC Group at Keller Williams and an active and experienced Realtor® in the Northern Virginia marketplace. Along with her team, she works with sellers, buyers, investors and builders in all price ranges. We are available to assist with your real estate needs! firstname.lastname@example.org, 703-731-2412, www.HBCGroupKW.com