This Lorton home market report analyzes sales of single family, detached homes in Lorton, Virginia 22079. Lorton is located in Fairfax County.
- Homes in Lorton currently for sale: 49
- Closed sales for Lorton homes in September 2013: 13
- Average sale price: $680,000
- Average list price: $699,589
- Sales price to list price ratio: 97.2%
- Average days on the market: 61
- Number of sales currently pending: 30
- Lorton Absorption rate for homes: 3.77 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
Currently Listed Lorton Single Family Homes for Sale
Lorton home sales are in a seller’s market, as you can see from the low inventory, which is 3.77 months as of today, December 6th. The last time I blogged about the Lorton real estate market was October 30th, when inventory was a little lower, at 4.57 months. Despite the lower inventory, the average number of days on the market for sales of Lorton homes increased from September (22 days) to October (61 days). A higher average can sometimes point to lower demand, but it can also be a result of sellers overpricing their homes. A quick look at the sales price to list price ratio between September and October seems to demonstrate the latter. In September, Lorton homes were fetching on average, above asking price, while in October, they were selling for almost 3 percentage points less. When homes are overpriced, they stay on the market longer and they sell for under asking price.
The contract ratio for Lorton home sales was 0.47 in October, which was 36% lower than the average contract ratio over the past five years in October, which was 0.73. The contract ratio is a great measure of the sales activity compared to the supply of homes in an area. Specifically, it is the number of pending sales compared to the number of active listings not yet under contract. A lower contract ratio signifies market movement toward buyers, while a higher ratio shows market movement toward sellers.
Sellers of homes in Lorton are in a position to benefit from the low inventory right now. If you own a home in Lorton and are thinking of putting it on the market, call me at 703-462-0700 and I’ll prepare a comparative market analysis for you.
If you’re thinking of buying a Lorton home, call me so I can go to work for you. I’m an experienced buyer agent who great up in Northern Virginia and knows the Lorton real estate market very well.