What does the Reston Real Estate Market Look Like?
If you’re in the market for a new home, Reston could be the place for you. Choose from luxury hi-rise condos, lakefront property, townhomes, and single-family homes, with tons of amenities nearby including shopping, dining, entertainment, and recreation.
Market Overview
The Reston housing market is currently a seller’s market, with more buyers than homes for sale. While this is better for sellers, buyers can maximize their possibilities by having their pre-approval documents ready and view homes they are interested in as immediately as possible. Things can get competitive in a seller’s market, so buyers should be prepared to put more money down if they can, and expect few, if any, concessions.
Median Prices
Homes for sale in Reston range from $134.9K to $1.9M. The median listing price in Reston is $432K, according to www.realtor.com. The median sold price is $430.5K. The median listing price per square foot is $287. The median home value in Reston is $447K.
Neighborhood Trends
Neighborhood Scout lists the most expensive neighborhoods in Reston are Lawyers Rd. /Soapstone Dr., Grooms Ct. /Whipper In Ct., Sunset Hills Rd. /Hunter Mill Rd., Meadowville Ct. /Stuart Rd., and Sunrise Valley Dr. /Monroe St.
The highest appreciating neighborhoods in Reston since 2000 are Sunrise Valley Dr. /Monroe St., Meadowville Ct. /Stuart Rd., Sunrise Valley Dr. /Soapstone Dr., Fairway Dr. /Waterhaven Ct., and Edgemere Dr. /Cameron Glen Dr.
Owners vs. Renters
There are 25,436 homes and apartments in Reston according to Neighborhood Scout. There are more homeowners (60.6%) than renters (39.5%), with 4.7% of properties vacant. There are currently about 237 homes for sale and 162 homes for rent. In Reston, homes are on the market for an average of 47 days.
Choices!
Although it is a seller’s market, Reston buyers enjoy a variety of choices, not only in where to live but the type of housing that is best for them. Those seeking an urban feel can opt for luxury apartments in Reston Town Center and near the Wiehle-Reston East Metro station, including BLVD Reston Station and EXO Reston. If you are looking for a quieter, traditional suburban setting, there are numerous communities around Reston with townhomes and condos, as well as large single-family homes. There are also many developments surrounding Reston National Golf Course, and homes on and around Reston’s four lakes.