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.”
The fall real estate market is starting to show some trends already. Sellers are actively listing their homes, with 95 fresh listings this week. But buyers are lagging, ratifying only 65 contracts. This slow pace of buyer activity is showing up nationwide.
The canary in the coal mine is San Francisco, the hottest market in the US. Higher end homes are lingering on the market and price drops have started. It’s the same case with upper end prices in other markets as well. Abundant supply and record prices are causing buyers to pause. Many markets are seeing a shift from seller’s market to buyer’s market.
The low price market is just the opposite. There’s still a shortage of homes and buyers are snatching up what’s available.
The issue is affordability. Prices have hit record highs, while mortgage rates keep creeping up, and only in the last few weeks have workers started to see a small increase in average household income.
Mortgage rates jumped this week to their highest levels in seven years with the predominant rate for 30-yr fixed at 4.875% and some major lenders are at 5%. Next week it’s expected to get worse.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 234 S. THOMAS ST #4, ARLINGTON, VA 22203 — $252,000
- 4877 28TH ST S. #B, ARLINGTON, VA 22206 — $465,000
- 3237 6TH ST S., ARLINGTON, VA 22204 — $649,000
- 3205 7TH ST S., ARLINGTON, VA 22204 — $725,000
- 400 S. GARFIELD ST, ARLINGTON, VA 22204 — $749,900
- 430 N. PARK DR, ARLINGTON, VA 22203 — $849,900
- 5106 25TH PL N., ARLINGTON, VA 22207 — $860,000
- 1621 N. GREENBRIER ST, ARLINGTON, VA 22205 — $915,000