Homeowners in Ashburn, take note…if you are thinking of selling, don’t just look at the overall market in your town, look at how your particular home type stacks up. There is a pretty significant difference in what is going on in the single family home market in Ashburn compared to the condo/townhome market.
Single Family Home Stats
For single family homes, median price seems to be slipping a little bit (which matches up with the last two years as we have transitioned from summer to fall.) If you are thinking of selling, you might want to wait until spring to see if the prices trend back upwards…however, inventory levels now are very, very low so your home is not likely to sit on the market very long if it presents well and is priced appropriately.
Meanwhile, Condos and Townhomes:
Now, if you own a condo or townhome, and you are looking to move up to a single family home, now might be a good time to do it. Median price is up a bit, and inventory is low. (Not as low as the single family home inventory, but still low from a historical perspective.) One way to make that type of a transaction work is to put a ‘home of choice’ contingency in the contract to purchase your current home, which gives you a set period of time (a couple of weeks, typically) to identify and get under contract on your new home, before the contract to purchase your home is completely locked in. Just my thoughts. Questions? Reach out to me!