Just Listed in Arlington

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Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”

Sellers were active this week listing 93 homes in Arlington, but buyers were snoozing with only 63 ratifying contracts. Of those home sold, 19 were gone within a week. This has dropped the days on market to just 27, down from 37-39 in previous weeks. And the average list price of homes sold this week dropped radically to just $451,513, down from about $645,000 in previous weeks.

Mortgage interest rates remained unchanged on the 30-yr fixed rate with no points at about 3.95%. But the Fed announced Wednesday that it is starting to sell off its 10-yr Treasury bonds and mortgage backed securities from its balance sheet which is expected to cause an increase in the yield on 10-yr T bills. While that’s not good for mortgage rates, it does signal that the Fed has confidence in a strong economy that’s showing signs of increased growth.

And Freddie Mac said this week to expect to see rates rising very soon, like maybe next week. A US Census Bureau report shows that median household income across the US is at its highest historically at $59,039. That’s a 3.2% increase since 2015, a very good sign for the economy. However, in the greater DC Metro area including northern Virginia, household income has been flat for five years.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.