2024 has been a challenging year for homebuilders in Vienna, with losses of over $30 million in profits. But it’s not just builders feeling the pinch—resale sellers may also be headed for a bumpy ride in 2025.
Homebuilders Take a Hit in 2024
In 2024, $185 million worth of new home listings in Vienna went unsold after sitting on the market for an average of 254 days. That’s over $30 million in lost profit due to unsold inventory. Add in the 10-12% loss in market value and carry costs, and it’s clear that time is money. Even as these homes continue to sit unsold, $117 million worth of inventory remains on the market, unable to find buyers.
The lesson is clear: time is costing sellers big.
Resale Sellers: Are You Next?
As we head into 2025, resale sellers may face similar challenges. While home prices are still above inflation-adjusted values, the market is showing signs of correction. In the second half of 2024, home prices dipped 6-10%, and the trend may continue into 2025.
Without adjusting to the changing market conditions, Casey predicts that 40% of resale sellers will fall into the trap of overpricing their homes. As a result, they will likely withdraw their listings unsold, suffering the same 10-12% loss in market value that builders experienced in 2024.
Signs the Market is Already Shifting
The market shift may already be underway. In the fourth quarter of 2024, 300 homes in Fairfax County priced over $1 million went under contract. However, 155 of those homes (34%) were withdrawn before closing. This reflects a broader trend across the region, where both resale and new home prices are correcting.
How Sellers Can Maximize Profits in 2025
In 2025, sellers need a strong, professional team to help them navigate this shifting landscape and avoid costly mistakes. That’s where a team like our team can make all the difference. As Virginia’s #1 Medium Team, we’ve helped clients sell homes quickly and for top dollar—97% of our “Gold Standard Listings” sold within the first week at a $80K premium.
We specialize in helping sellers make informed decisions and avoid the pitfalls that can lead to unsold listings and lost profits. By leveraging market knowledge and a strategic approach, we ensure our clients get the best possible outcome.
