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Reston Real Estate Market Trends – October 2023

Here is your monthly real estate market update in Reston, VA!  Check back each month for new updates.

Units Sold: There was an increase in total units sold in October, with 75 sold this month in Reston Real Estate versus 67 last month, an increase of 12%. This month’s total units sold was lower than at this time last year, a decrease of 5% versus October 2022.
Active Inventory: Versus last year, the total number of homes available this month is lower by 43 units or 39%. The total number of active inventory this October was 67 compared to 110 in October 2022. This month’s total of 67 is lower than the previous month’s total supply of available inventory of 85, a decrease of 21%.
Median Sale Price: Last October, the median sale price for Reston Homes was $555,990. This October, the median sale price was $510,000, a decrease of 8% or $45,990 compared to last year. The current median sold price is 1% higher than in September.
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.
Months of Supply: In October, there was 0.9 months of supply available in Reston, compared to 1.4 in October 2022. That is a decrease of 36% versus a year ago.
Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts: This month there were 73 homes newly listed for sale in Reston compared to 95 in October 2022, a decrease of 23%. There were 87 current contracts pending sale this October compared to 78 a year ago. The number of current contracts is 12% higher than last October.
Sale Price to List Price Ratio: In October, the average sale price in Reston was 100.5% of the average list price, which is similar compared to a year ago.
Days on Market: This month, the average number of days on market was 15, lower than the average last year, which was 26, a decrease of 42%.
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