Vienna's Home Prices Outpace Many NoVA Counterparts: Real Estate Agent Explains

VIENNA, VA — Vienna's single-family home prices are overtopping numerous other communities in Northern Virginia, according to a real estate agent who compiles real estate statistics for Vienna and other communities.

Data shows home inventory is going up, but that hasn't stopped home prices from continuing to climb.

Suzy Minken is a real estate agent associated with Compass and a New Jersey transplant who moved to Vienna. As part of her real estate work, she puts together the Minken Housing Index, a compilation of real estate data of key Northern Virginia communities.

Communities analyzed in the index are Vienna, Oakton, Falls Church, McLean, Reston, Arlington, Fairfax, Alexandria, Herndon and Annandale.

According to Minken's index, Vienna had 309 homes sold in the first half of 2025, which is up 5.4 percent from the first half of 2024. Her data only counted detached single-family homes.

Nevertheless, more inventory hasn't meant the price tag is lower. Minken's data indicates the $1.547 million average home sale price in the first half of 2025 is up 9.9 percent from the same time in 2024.

On the other hand, neighboring Oakton saw the average home sale price drop 4.4 percent to $1.468 million. Oakton has a smaller sample size, with 64 homes sold in the first half of 2025 compared to Vienna's 309.

On strong buyer interest in Vienna, Minken points to the close proximity to D.C., a strong school system, restaurants and shops, diversity and a sense of community. Minken sees similarities in strong housing demand between Vienna and her former North Jersey home.

"The town that I raised my kids is very similar to Vienna, so I couldn't have chosen more similar two towns," said Minken. "And the growth and the excitement about living in Vienna is very similar to the town in northern New Jersey, and consequently, the prices are kind of going through the roof, you know, and that's why the builders are coming."

Minken noted how Vienna's home prices differ from Annandale, another community seeing a notable increase in single-family home inventory.

"Right now, there's a total of 102 [active listings] and coming soons in Vienna, and only 6 percent of them are under a million. I mean, that's crazy," said Minken. "Whereas you go to a place like Annandale on the other end, and you've got 53 percent that are under a million."

Vienna's average price even stands above Arlington County, a desirable location next to D.C. with 170 active detached home listings. Minken said 20 percent of these detached home listings are under $1 million.

The only place on the Minken index with a higher home sale price than Vienna is McLean, with a whopping $2.55 million average in the first half of 2025.

Vienna also has the second-highest average listing price — $2.175 million — just trailing McLean's $4.471 million average. According to Minken, 46.1 percent of listed homes in Vienna are in the $2 million price range.

One trend contributing to rising home prices in Vienna is the conversion to larger homes. Arlington is no stranger to the trend of larger home conversions, which spurred the Missing Middle zoning policies that have been in a court battle.

"There's just a lot of turnover in older homes that are being knocked down and replaced with new construction," said Minken. "Anyone who's like a first-time home buyer who's looking at a home, they're actually competing with some of the builders who are coming in trying to scoop up the properties under a million. They buy it for under a million, and then they put it back on the market for, you know, 2.5 million or above."

Minken explains that a "vanishing price point" is occurring in Vienna due to a desire from buyers for updated move-in ready homes. The real estate agent, who often works with builders, says a lot of new construction homes have design features that buyers are looking for. For example, Minken said she attended an open house of a home priced over $3 million that already had multiple offers.

"The demand is certainly there," said Minken. "I wouldn't say they're selling like hot cakes, but they are getting a lot of activity in the open houses."

New elements that Minken says are resonating with buyers are an open floor plan, making the lower level more of an active living space, oversized windows to bring more light in, dual kitchen islands or even second kitchens, lounge or office areas on the second level outside bedrooms, spa-like bathrooms, primary bedrooms with hotel-style elements and double-sided fireplaces.

Across the region, Minken noted that more housing inventory lately is giving buyers an advantage. That has led some sellers to pursue lower initial listing prices or seek price reductions later. Sold homes under listing price have become more common, although competitive houses are still selling with multiple bids over the listing price.

"Buyers, they do have the leverage, and they're using it. So they're taking their time, and that's giving sellers kind of some pause, because they're surprised that the house isn't selling as soon as it goes on to the market," said Minken. "I think part of that is because they set their listing price higher than what the value is perceived by the buyer, because they're being much more critical and selective about the home."

Uncertainty around interest rates has affected the real estate market for years, as Minken says buyers who got lower rates during the COVID-19 pandemic feel locked in while current rates are much higher. Other factors related to the federal government are also contributing to uncertainty.

"There's the question mark, certainly always, about the interest rates. … Might it go lower? We don't really know where it's going to go. No one has a crystal ball as much as we would like," said Minken. "A lot of uncertainty, rising costs due to the tariffs, the inflation and federal job cuts. You know, in this market, certainly there are a lot of residents here who are employed in the federal government, and a lot of the programs are going away, and that has a big, big impact."