Reston Housing Market: Hot and Not Slowing Down

Reston Housing Market: Hot and Not Slowing Down

Area continues to benefit from low interest rates and very little inventory of homes for sale.

Reston’s real estate market is hot and shows no signs of slowing down. It has to be one of the best markets we have witnessed in our now 46th year of serving the Reston community. We continue to benefit from low interest rates and very little inventory of homes for sale across all categories.

*Sales—Reston home sales are strong and up 22 percent over last year. For the first six months of the year we sold 607 homes vs. 498 in 2012 (129 detached homes vs. 105 last year, 277 townhouses vs. 201 in 2012 and 201 condominiums vs. 192 in 2012). The average days on market/time to sell are just 21 days down from 33 days. Exceptionally strong sales were noted across all price ranges and housing styles/types. Many homes are selling with multiple offers, at the asking price and in some cases over list. Now more than ever we’ve learned homes in top condition with nice upgrades sell and they sell fast for top dollar. We live in a very expensive area, most buyers are working to afford the high cost of housing, they are busy and lack the time and, in some cases, the interest in doing work and prefer to buy a home with the work done. If you are thinking of selling, call me. We are happy to come out and give you some suggestions for work that you might consider doing if you want to sell for the most money in today’s real estate market.

*Interest rates—Still quite amazing and in the high 3 percents to low 4 percents for 30-year fixed. And yes, we are starting to see 100 percent (no down payment required) loans becoming available.

*New construction—Not much to report. Construction is underway on the Parc Reston towers on Reston Parkway, concrete is poured for the fifth floor. The building going in across from Midtown at Reston Town Center is up and under roof with interior finishing due to commence. Current plans are for both to be luxury rentals although depending on the market either could convert to sell as a condo.

*What’s new/what’s going on—We are pleased to welcome Reston Tailoring to Lake Anne Plaza in the old Millenium Bank Space (a long time family owned business that has been on Hunters Woods Plaza for over 30 years). Among new restaurants are, in the Hyatt Hotel (old Market Street Grill), Tavern 64 Regional Kitchen, a redone space featuring local ingredients, and Ted’s Bulletin (out of DC—menu looks like good, old fashioned American fare, will do breakfast, lunch and dinner), which took original town center tenant Pizzeria Uno’s old space. We were sad to see Barnes and Noble leave the town center—space is under construction for The Container Store.

The writer is assoc. broker, The Long and Foster Companies, Tel: 703-585-4900 or 571-926-9085.