Reston Real Estate Market Update                                                                 Fall 2017

I hope you had a great summer!   Here is a brief look at the Reston real estate market.  We continue to benefit from low interest rates and low inventory of homes for sale.  The inventory in all categories – detached homes, townhomes and condominiums – has been unchanged from the past year.

For sale – There are currently 279 homes for sale in Reston. Breakdown is as follows:  63 detached homes with an average list price of $777,312; 80 townhouses with an ALP of $516,241; and 136 condominiums with an ALP of $443,918.

Sales – Reston home sales are strong and running at a slightly higher pace than last year.  For the third quarter we sold 342 homes vs 332 last year.  The average sales price was unchanged compared to one year ago – $453,281 vs $453,921 (2016).  The average seller got 99% of their asking price.  I have remarked before that Reston is not an inexpensive place to live, never was, never will be.  We have yet to see a noticeable jump/increase in sales prices due to metro coming to town.  I do think most of it was already factored in to the prices BEFORE metro arrived.  The inventory of detached homes and townhomes continues to remain low with properties in nice shape and updated selling in the first few weeks, some with multiple offers.  Condos are in plentiful supply with lots for sale…and, little selling at Reston Town Center.  We are not sure if the paid parking fiasco has affected sales but from a visitor (and PR) perspective activity and retail/restaurant sales would appear to be negatively affected.

For most current Reston real estate market conditions click here – Reston Market update

Interest rates – Continue to be very attractive and currently below 4% for thirty year fixed; fifteen year fixed available in the low 3’s.  Interest rates have been at near record lows for so long we take for granted how good they are.  We have been told for several years, they have to go up; we are still waiting to see if they do. The stock market continues to defy the odds and is at record highs. If you have children of home buying age talk to them about buying ‘something’ to get a foot in the market.  Young and/or first time home buyers should buy something/anything they can afford; it may not be their dream or ‘forever’ home but they can purchase with a minimal down payment, enjoy it for several years and if the stars align sell it and move to something else in several years or better yet keep it and start building equity with a real estate rental portfolio.

Refinancing?  Curious if it works for you…call for a reference on a good loan officer.

What’s new/what’s going on – Our first new construction in years of homes for sale is here!  Sunrise Square is a cluster of 34 luxury townhouses – four levels, two car garages, rooftop decks + elevator options.  Location is quite good, short walk to Reston Town Center and will be accessible to metro when the town center station opens in a few years. From $860,000 to $950,000. This is the site of the old American Press Institute building on Sunrise Valley Drive.  The API building by acclaimed 20th Century architect Marcel Breuer was demolished to make way for the redevelopment (much to the dismay of many).

Coopers Hawk Winery and Restaurant has opened over by Target and the YMCA on Sunset Hills.   Great food and spirits and staff is some of the best we have encountered in years, also, plenty of free onsite parking.

Spotlight on a local business – As a rule, I do not do endorsements but I am making an exception, actually two, to recommend Café Montmartre and Chesapeake Chocolates – both on Lake Anne Plaza.  I am embarrassed to tell you I have never had dinner at Café Montmartre, lunch but not dinner.  We recently checked it out and my food was superb.  I had trout almandine and it was as good, if not better, than I have had anywhere – including San Francisco, Paris, Rome or New York.   Owners are lovely people too.

My second recommendation is Chesapeake Chocolates – owned, managed and operated by chocolatier Doris Tyler. For almost 20 years now Doris has been making chocolates using the best ingredients available.  I am a huge chocolate fan; her shop on Lake Anne is charming, filled with of course, lots of different delectable chocolates, gifts and a nice selection of local/Virginia wines.

This is our 50^th year serving the Reston community.  As always, we appreciate your calls, emails, questions and the occasional problem/ ’can you help please’ messages.  Thank you for your continuous support and referring your friends and family to us.

Remember we have an extensive list of well vetted vendors and repair people we have worked with for years…if you need a simple handyman or have a laundry list of delayed items – painter, hardwood floors to be redone or installed, a new kitchen or bath – call the office or email and we will get you taken care of.

For all of your real estate needs call the Reston Experts at 703-585-4900

JON