This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: How long do most people in Arlington live in their home before selling?
Answer: Arlington’s transient nature leads to a much shorter length of home ownership than the rest of the US.
The average homeowner lives in his or her house/apartment for an average of 9.4 years (median 7.2 years) while the national long-run average is 13.3 years, according to this study from the National Association of Home Builders.
I was curious if certain factors like condo vs. single-family or number of bedrooms has an impact on the average length of home ownership in Arlington. Below I pulled over 3,200 recent homes sales, excluding investment properties, in Arlington and looked at the impact different factors have on average length of ownership.
- Property type, number of bedrooms, purchase price and location have surprisingly little influence on the length of home ownership
- Property age has the biggest impact on length of ownership. Owners of homes built before 1990 stayed for 10.4 years while owners of homes built since 1990 average just 6.8 years.
- One may draw the conclusion that homeowners living in the 22205 zip code are the happiest with their neighborhood and neighbors, staying put an average of 2.4 years longer than the rest of Arlington homeowners (Kautter would agree)
- Of all 3,200+ data points, the longest length of home ownership was 55.8 years in… you guessed it… 22205! There were eight owners who lived in the same home for over 50 years (four of them in 22205!). 10% of the owners lived in their home for 20+ years.
People paying over $1.5M for their home stay an average of 2.4 years less than those buying homes under $1.5M
The County-wide averages were about what I expected, but I assumed single-family home ownership would be substantially greater than two years longer than condo ownership, and there were a couple of other averages that surprised me as well. I hope you found the data as interesting as I did!
As a reminder to all current and future home-buyers, taking the time to think about how long you’re likely to live in your next home if a critical, often overlooked, decision in forming a good home-buying strategy.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
The week started as summer and is ending, unmistakably, as fall. On the plus side, we have a stretch of crisp, sunny days ahead, with the exception of some rain…
A 5 BD/2 BA home with a light-filled den and screened back porch is included in Open Houses.
Early voting got off to a muted start today (Thursday) at the Arlington County government headquarters in Courthouse. “We had a line of five voters when we opened at 8…
Wakefield High School and Claremont Elementary School were secured today in response to reports of gunfire in nearby Bailey’s Crossroads.
Now you can have fun with your family and friends when deciding where to eat!
Just hop aboard The Lunch Train and set the destination for: breakfast, brunch, lunch, dinner, or nightlife!
– No app necessary. Simply go to the website if you’d like!
– No account necessary
– Use your current location or a desired location
– Add restaurants you’re interested in, invite your friends, and play the game!
Lyon Park & Ashton Heights’ biennial home & garden biennial tour is back. The tour will include contemporary custom homes, older historic bungalows as well as renovated properties. One of the stunning homes on the tour is pictured above. In addition to beautiful & unique homes, the Villa & Vistas ’22 event will conclude with a festive reception at the Lyon Park Community Center at 414 N Fillmore Street, Arlington VA 22201. What could be better right?
All proceeds from this event will go to the Lyon Park Citizens Association (LPCA) towards our neighborhood jewel & hub, the Lyon Park Community Center (LPCC).
When: Sunday, October 2nd, Noon – 4 PM.
Where: Meet to get your tickets and the tour map at the Lyon Park Community Center (414 N Fillmore Street) We will have a table with information outside.
Are you ready to jump into homeownership or started considering it but don’t know where to start? Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved. Join ACFCU for our Homebuying