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And the Hottest Neighborhood in LoCo this Month Is…

South Riding home

Two weeks ago I wrote about the top selling neighborhoods in LoCo, and Brambleton was the leader of the pack with 15 sales in the previous 30 days. Well, the top spot now belongs to South Riding with 29 sales in the last month. Let’s take a look at what is moving in this community and how it could affect you.

Sixteen townhomes have changed owners since March 11(non-new construction), with an average sales price of $383,687. Considering the average list price was $385,543, this mirrors what we are seeing throughout the county with sellers getting very close to full asking price. The most expensive home was the former Toll Bros. model which closed on March 14 for $528,990. As of this afternoon, there are 37 non-new construction townhomes on the market. Only 7 of those are still available, so it looks like South Riding may not give up the #1 slot easily.

There were thirteen single family homes sold during the past 30 days (non-new construction), at an average price of $553,784. Once again, the asking price of $555,768 was less than 1% above the final sales number. Interestingly, the single family homes, at an average of just 18 days on the market, took half as long to sell as the townhomes. As of this afternoon, 21 of the 30 non-new construction homes on the market are under contract.

What does this mean for you? The spring market is kicking into gear now that we are past Easter and Spring Break. Homes are moving quickly here, and going at or above asking price. With the interest rates staying down and so little inventory, I would expect to see the average price continue to creep up. If you are thinking about selling this spring, the first step is to see what your home may be worth. Click here to get our home value report delivered to your inbox. Thinking about buying? Sign up here for our new listing email alerts.

Cheers,
Mike

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About our blog

Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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