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.”
Arlington’s inventory of homes actively for sale is at a near all time low of only 350 homes. This is down 20-25% from typical levels in the summer and early fall.
Only 30 sellers put their homes on the market this week, while 43 buyers ratified contracts. The pace has clearly slowed but even at this snail speed, Arlington has only two months of inventory.
While prices are increasing slightly, the number of sales is declining. This is felt nationally as well. October saw a 2.6% drop over September, and a 6.7% drop from a year ago. This is the 10th straight month of sales decline nationally.
So what’s going on? Many factors, but economists point primarily at affordability. Prices and interest rates have continued to rise, but incomes have only marginally begun to increase. Low inventory is also to blame, as well as many new home buyers, aka millennials, are carrying significant student loan debt that delays their ability to buy a home.
Fortunately, interest rates did not increase this week but held steady at about 5% with no points for a 30-yr fixed rate.
Click here to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 2111 N. Scott Street Unit #56, Arlington, VA 22209 — $335,000
- 2417 S. Walter Reed Drive Unit #1-2, Arlington, VA 22206 — $425,000
- 1300 S. Cleveland Street Unit #368, Arlington, VA 22204 — $449,000
- 625 N. Buchanan Street, Arlington, VA 22203 — $825,000
- 2613 N. Harrison Street, Arlington, VA 22207 — $899,900
- 1035 N. Kensington Street, Arlington, VA 22205 — $995,000
- 2023 N. Dinwiddie Street, Arlington, VA 22207 — $1,199,900
- 3300 N. Pocomoke Street, Arlington, VA 22207 — $1,750,000