Buyer's Or Seller's Market - You May Be Surprised!

If you’re thinking of buying or selling a home, you’re probably wondering whether it’s a Buyer’s Market or a Seller’s Market. You may even already know the answer – or at least you think you do!

Local headlines (and even our blog!) are proclaiming “Seller’s Market”, “Homes Flying Off The Shelves”, “Multiple Contracts”, “Two Months of Housing Supply“. So let’s break it down and see what’s really happening!

Let’s take Vienna & Oakton as an example.

• There are currently 217 homes on the market in Vienna and Oakton.
• In the past month, 147 homes went under contract.

That means there is STILL less than a 2 month housing supply and that Vienna and Oakton remain in a Seller’s Market. 

However, be careful of generalities! Here’s an example of why.

• In the million dollar+ price range – there are 121 homes on the market.
• In the past month, only 26 homes went under contract.

So that means in the million dollar+ price range – it’s NOT a Seller’s Market, it’s a Balanced Market. 

Now – let’s look at the other extreme.

• In the price range of $300,000 or less – there are 7 homes on the market in Vienna & Oakton.
• In the past 30 days, 18 homes in this price range have gone under contract.

You can only imagine how competitive THAT market is. Seller’s Market does not even come close to describing the situation. 

If you are a Buyer or Seller, it’s imperative that you ask your Realtor to break down the market in very specific terms for you BEFORE you put your home on the market or BEFORE you start looking for a home. You need ALL the statistics in order to price your home properly or to know how to craft an offer to purchase. Strategies are vastly different in a Seller’s Market, Balanced Market & Buyer’s Market!

General weekly statistics on the Vienna & Oakton markets are below.

(Call The Belt Team at (703) 242-3975 for more specific info or for an analysis on any area of Northern VA.)

Vienna Real Estate (22180,22181, 22182):

Search Homes For Sale in Vienna

• Number of Contracts: 18
• Average Days on Market for Active Listings: 81 days
• Average Days on Market for Listings That Went Under Contract: 19 days
• Inventory: 136 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 1.3 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 1.4 months

What Is My Vienna Home Worth?

Oakton Real Estate (22124):

Search Homes For Sale in Oakton

• Number of Contracts: 8
• Average Days on Market for Active Listings: 103 days
• Average Days on Market for Listings That Went Under Contract: 42 days
• Inventory: 81 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 1.8 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 1.6 months

What Is My Oakton Home Worth?

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