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This Week In Vienna / Oakton Real Estate: "We're In A Buyers Market, Right?"

This Week In Vienna / Oakton Real Estate: "We're In A Buyers Market, Right?"

We’re in a Buyers Market - right?”

This is a question/comment we get a lot. And if you listen to the headline news on CNN or FOXNEWS or even some of the local networks & radio stations - it would make sense to think that. There is still lots of talk about foreclosures, heavy housing inventory & “getting a deal”.

So before we answer the question of whether we are seeing a Buyers Market or a Sellers Market in Vienna and Oakton, let’s define what we’re talking about.

This Week In Vienna / Oakton Real Estate - 6 Things You Need To Know

This Week In Vienna / Oakton Real Estate - 6 Things You Need To Know

What happened in Vienna and Oakton real estate this past week?

1. The rate at which homes went under contract remained strong. For the 2nd week in a row, Vienna saw 20 homes go under contract. And with 10 contracts, Oakton hit double digits for only the 3rd time this year.

2. Many homes are selling quickly. As an example, The Belt Team put a home on the market on Loch Lomond Drive in Vienna recently and sold it in 1 day! 47% of the homes that went under contract in Vienna and Oakton this past week sold in 2 weeks or less. (However, note that “average days on market” for active listings is still about 100 days.)

4. Five homes listed above $1 million (17%) went under contract this week. While 77% of the homes that went under contract were listed at $800,000 or less.

This Week In Vienna / Oakton Real Estate - 6 Things You Need To Know

This Week In Vienna / Oakton Real Estate - 6 Things You Need To Know

What happened in Vienna and Oakton real estate this past week?

1. The rate at which homes went under contract remained strong. Vienna saw 20 homes go under contract and Oakton had 6.

2. Many homes are selling quickly. As an example, The Belt Team put a home on the market on Loch Lomond Drive in Vienna recently and sold it in 1 day! 46% of the homes that went under contract in Vienna and Oakton this past week sold in less than 2 weeks. (However, note that "average days on market" for active listings is still about 103 days.)

4. Three homes listed above $1 million (12%) went under contract this week. While 77% of the homes that went under contract were listed under $800,000.