The Sterling, VA 2018 real estate market showed a pull-back in real estate sales from the two previous years. The total number of sales was 1302 compared to 1348 in 2017 and 1346 in 2016. That’s a 3.4% decline in total home sales year to year.
There is good news for home sellers in Sterling, VA. The average sales price climbed another 2.4% from 2017 to 2018. The 2018 average home sale price was $431,727 compared to $421,780 in 2017. The 2016 to 2018 average sales price rose 7.9%.
The biggest change in the Sterling, VA real estate market was seen in the number of distressed properties. Distressed properties are made up of foreclosures and short sales. In 2016, the Sterling, VA real estate market had a 5.5% distressed property rate. The number dropped a little in 2017. The 2017 distressed property sales came in at 3.9%, but 2018 dropped another 50% to 1.7% of total sales. That is a great sign of a healthy market.
The drop in distressed properties is a contributor to higher home values in Sterling, VA. The increase in average sales prices show that, but the decline in total sales is something worth watching. It’s only 3.4% year to year, but it should be monitored.
Overall, Sterling has a steady real estate market. At this stage, there is nothing pointing to a negative change in the current market. When you’re ready to buy or sell in the Sterling, VA real estate market, give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros.