The below chart will show the median sales price for Ashburn VA real estate by housing type (detached, townhouse, condo, overall). This is not the best chart but it shows you generally that the housing market has been fairly stable throughout the past 12 months.
To dig a little deeper, let's look at the real data by month and housing type to get a better understanding of the overall trends..
As you can see from the table for all of the property types, the median sales price in Ashburn has increased year over year with the largest increase for townhomes and condos. Note that these median homes prices can be deceiving because another factor that plays into these prices is the total unit home sales, condition of home, location, etc.
Questions that I get constantly is what are the home sales details for my neighborhood, when this below chart will give you some details for year to date and October year over year. This table is sorted by highest year over year price change...
As you can see, Farmwell Hunt has the largest price change year over year at 37.5%. This could be for a number of reasons including the housing mix of home sales year over year, the # of sales, etc. To really have a good understanding of this, you need to peal back the details ever more. That is exactly what our real estate team does every month for our clients in Ashburn.
For home sellers, the most important question we get besides "how much can we get for our home is?" would be "how long will it take for our home to sell?". There are a number of factors that determine these questions and are a case by case basis. But in terms of days on market, we know generally how long each property type takes to sell when it is priced correctly...
This table tells you alot about the market - beginning in March and running thru the summer this past year, homes sales in Ashburn were moving off the market in generally selling in less than 30 days. Past experience tells us that if you home is not selling within the at least 60 days, then the house is not priced correctly for the condition, location of the property.
This last chart I wanted to share is a 12 month trending of the housing supply in months for Ashburn by housing type.
This above chart is a very telling chart which shows us that the overall market in Ashburn started the year off as a strong seller's market where the average inventory was roughly 2 months. This means that on average the housing inventory turns over every 2 months. As the year has gone on, the overall inventory has essentially doubled by the end of the year where now the inventory is turning over roughly every 4 months.
We review the real estate details for all neighborhoods in Ashburn for home sales, pending transactions, new listings, days on market, inventory levels, and more each and every month.
Why?
We want to make sure we are providing our clients the best information available that they have so they can make sound decisions in terms of their real estate needs. So whether you are buying a new home or selling your current property in Ashburn - make sure that your real estate agent is provide great information for you and your family.
If you have questions on your property, a neighborhood, or just want to chat about the current market - please reach out to us today.
Michael O'Brien, Keller Williams Realty
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