Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
Good morning Arlingtonians, as always, I appreciate you tuning into Just Listed to start your Friday morning well informed on all things Arlington real estate!
Interest rates rose again (and this data largely does not reflect what has happened since Wednesday when the fed raised their benchmark rate 50 basis points). According to Freddie Mac, interest rates averaged 5.27%, the highest since 2009. Freddie predicts that house prices continue to rise this year, but at a much slower pace, and I concur. Despite strong demand both nationally and locally, enough of the marketplace will be priced out through higher monthly payments (because of rates) and that will slow growth — in fact, it already has!
I just read that Boeing is moving their headquarters from Chicago to Arlington! This is just the latest story in the continued growth and trajectory for Arlington as a whole, and you can chalk that up to another reason we’ll be resilient should an economic downturn materialize, both in the short term and the long term.
Real estate continues to feel turbulent in Arlington, but on paper it continues to crank! While showings, open house visitors and offers are still down from earlier in the year, ratified contracts are working feverishly to compete with an influx of new inventory, showing Arlington buyers aren’t too concerned with 5+% interest rates.
Over the past seven days in Arlington, sellers have listed some 122 homes for sale while buyers ratified 90 contracts! Of the 90 ratified contracts, 55 of those were on homes that spend seven days or less on the market! Last week sellers listed 128 homes and buyers ratified 99 contracts.
Right now, in Arlington, there are 304 properties fully available for sale. Of those 304, 91 are detached properties, 28 are town homes/semi-detached properties, and 185 are condominiums.
The average sales price for currently available homes in Arlington is $864,024 and the median is $625,000. Days on market has ticked up just a bit, with the average sitting at 45 days and the median at 25 days. This is exactly what I predicted would start to happen, and while 3 days more on market (median) doesn’t seem significant, it represents about a 13.5% increase in just one week!
This week last year, sellers had listed 99 homes for sale and purchasers ratified 82 contracts. There were 452 homes for sale, meaning we have 48.7% less inventory to choose from this year. Interest rates averaged just 2.96% — wow!
Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!
Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings that I think you might like to check out — let me know what you think!
- 3411 S. Stafford Street, Arlington, VA 22206 — $525,000
- 4653 2nd Street S., Arlington, VA 22204 — $770,000
- 837 31st Street S., Arlington, VA 22202 — $975,000
- 7024 Williamsburg Boulevard, Arlington, VA 22213 — $1,037,000
- 5722 4th Street N., Arlington, VA 22205 — $1,099,000
- 2907 N. Greencastle Street, Arlington, VA 22207 — $1,175,000
- 5011 14th Street N., Arlington, VA 22205 — $1,198,000
- 3081 N. Quincy Street, Arlington, VA 22207 — $1,899,900
