The Long & Foster Market Minute

FOCUS ON: RESTON HOUSING MARKET MAY 2024

Zip Code(s): 20194, 20190 and 20191
Units Sold
131
Active Inventory
87
Median Sale Price
$619,900
Days On Market
12
Up 6%
Vs. Year Ago
Up 45%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 33%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 131 sold this month in Reston Real Estate versus 102 last month, an increase of 28%. This month's total units sold was higher than at this time last year, an increase of 6% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 27 units or 45%. The total number of active inventory this May was 87 compared to 60 in May 2023. This month's total of 87 is lower than the previous month's total supply of available inventory of 91, a decrease of 4%.

Median Sale Price
Last May, the median sale price for Reston Homes was $595,250. This May, the median sale price was $619,900, an increase of 4% or $24,650 compared to last year. The current median sold price is 9% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
118
Current Contracts
110
Sold Vs. List Price
103.9%
Months of Supply
0.7
Up 6%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 1.3%
Vs. Year Ago
Up 38%
Vs. Year Ago

Months of Supply
In May, there was 0.7 months of supply available in Reston, compared to 0.5 in May 2023. That is an increase of 37% 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 118 homes newly listed for sale in Reston compared to 111 in May 2023, an increase of 6%. There were 110 current contracts pending sale this May compared to 106 a year ago. The number of current contracts is 4% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Reston was 103.9% of the average list price, which is 1.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 12, higher than the average last year, which was 9, an increase of 33%.

The Long & Foster Market Minute Reston are defined as properties listed in zip code/s 20194, 20190 and 20191.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.