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Just Listed in Arlington

By ARLnow.com Sponsor

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.

Hello Arlingtonians, and welcome to this week’s edition of JUST LISTED!

At the risk of sounding like a broken record, mortgage rates are surging and inventory is plummeting. This puts us in an interesting position heading into the fall which is typically a busy time for real estate transactions in the region and especially in Arlington.

Rates just hit their highest level in two months, reaching 5.55% for a 30-year fixed rate mortgage!

Inventory had built up quite a bit, and in fact, it has plummeted by 20% in just the last six weeks! Our housing market looks well positioned heading into the fall and should be able to withstand any economic swings that may arise.

We’re hearing questions about price stability here in Arlington and the region more broadly. Specifically, are prices going down? The short answer — no, prices are steady. We simply do not have a buildup of inventory to result in a shift in the supply and demand equation, and I do not expect that to change anytime soon. The reason prices would decline is the opposite of why the rise, a dramatic decline in demand, but there are just too many things happening in Arlington that continue to make this one of the most in-demand regions in the country.

This week in Arlington, sellers listed 36 homes for sale, while buyers ratified 51 contracts, 14 of which were on homes just listed in the last seven days.

Of the 366 homes currently available for sale (24 less than last week), 119 are detached homes, 53 are semi-detached/town houses and 194 are condos.

Demand for condos has continued to be very strong as purchasing power declined this year. Condos tend to be the most affordable type of housing in Arlington, so with mortgage payments rising based on higher interest rates, it was very predictable that the condo market would recover this year, and it has! You might recall that in 2020 and into 2021, many people were leaving condos for more space as well as able to afford more home, so townhomes and detached homes soared while condos sat…

Of those currently available properties, the average asking price is $916,103, and the median is $694,950. These properties have been sitting on the market for 61 days on average, while the median is 42.

This week last year, there were 511 properties available for sale, sellers listed 50 homes and buyers ratified 44 contracts. Mortgage rates were 2.87%!

PICK OF THE WEEK — 2700 S. Grant Street, Arlington, VA 22202 — $1,099,000

Welcome home to this beautiful brick colonial perched on a quiet street in Aurora Hills. Featuring four bedrooms, two full and one half bathroom and loads of updates throughout, including bathrooms and the kitchen. A foyer entry leads to a large living room that opens to the dining room and open concept kitchen with bar seating. A sun porch on the side of the home leads to the surprisingly private, serene and terraced backyard with a screened gazebo! Radiant heat throughout the home, loads of storage, a basement rec room and large storage/ utility area, and driveway parking — this one is not going to last.

Find myself, and my team here this weekend — Saturday and Sunday public open houses from 1-4 p.m.

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 properties I think you might light to check out!

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