Great Falls, Virginia Real Estate Market Analysis for October 2018
Good news for Great Falls home sellers! The October 2018 average sold price was 12.4% higher than the previous month and the average sales price was $1,089,409.
This price increase can make now a good time for older homeowners to sell and downsize to a smaller house.
A 5 to 7 month housing supply is considered a normal market — a housing supply under 5 months is considered a seller’s market. While a housing supply over 7 months is considered a buyer’s market. The 6.9 month housing supply in October which decreased since September means the market has moved into the normal range.
The Federal Reserve did not raise interest rate in October 2018. It is anticipated that they will raise rates in the future. Now is the time to buy before interest rates and monthly mortgage payments increase.
Quick Stats for 22066
October 2018 Properties Sold in Great Falls, Virginia
|$2,325,000||639 Nalls Farm Way||5||7/1||6,366|
|$1,650,000||10023 Colvin Manor Court||5||5/2||5,870|
|$1,175,000||10906 Thimbleberry Lane||5||3/1||3,008|
|$1,000,000||11616 Holly Briar Lane||5||4/1||3,454|
|$1,000,000||629 Springvale Road||3||3/1||4,330|
|$968,500||10855 Patowmack Drive||4||4/1||4,470|
|$925,000||10230 Elizabeth Street||3||3/0||1,508|
|$880,000||10105 Minburn Street||4||2/1||2,460|
|$745,000||941 War Admiral Street||4||2/1||2,900|
|$705,000||12183 Holly Knoll Circle||4||2/1||2,350|
|$610,000||9615 Beach Mill Road||4||2/1||3.00|