Desire for A Sweeter Home
The two-year long pandemic has led us to spend less time doing things that took us away from the home and more time at home enjoying the company of our closest loved ones, learning new hobbies, and binge watching the latest TV shows. The run on outdoor furniture and the recent gardening industry boom indicate how people have spent more time enjoying the space just outside their homes too. More time at home often brings a desire for more space or even a different space altogether, and this has contributed to an unprecedented upswing in the housing market.
Dramatic Growth in 22180 Neighborhoods
Last year, in the 22180 Vienna, Virginia zip code, the average home sales price increased by 10%. During the same period, the average number of days a home sat on the market decreased from 41 to 28. Additionally, low inventory led to multiple-offer buying scenarios becoming the norm for most home purchases.
The Market is Strong, But Will It Remain So?
The real estate market has always been cyclical, much like the stock market. However, this current 14- year run is longer than we typically see in our area. If you have any interest in selling your home this year, I highly encourage you to take advantage of the current market. Today’s levels of buyer demand, low inventory, and low interest rates greatly benefit sellers. As much as we don’t know what’s around the corner with the pandemic, we also don’t know how long the housing market will stay as it is now. In fact, the Federal Reserve has stated they anticipate three interest rate hikes in 2022. While interest rates will still be relatively low, multiple rate hikes in one year are likely to have a negative effect on the market.
A Closer Look at the Vienna Market
For now, the Vienna housing market remains one of the strongest in the DMV area. As a Vienna resident and active community member, a Falls Church native, and a real estate agent in Virginia and DC, I truly hope this trend continues. Below you will find a detailed report on last year’s housing market in Vienna. Please contact me to discuss this data and what it means for the value of your home or a purchase you are contemplating. It would be my pleasure to talk with you.