Arlington, VA

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.”

What an incredible week for Arlington’s real estate market.

Both buyers and sellers set new records for the year with buyers ratifying 82 contracts and sellers listing 86 homes. Half of the homes that sold this week (41) were on the market only seven days or less. And 17 of those sales were homes priced above $1 million.

The average days on market for those sold homes is just 18. At the current rate of sales, and with only 268 homes actively available on the market, Arlington has only 0.8 months of inventory. This is the lowest level of inventory I can remember since the crazy days of 2001-2005.

This helps to explain two growing trends in our national housing market. Seniors are increasingly choosing to age in place and spend their savings on renovating and modifying their homes for one-level living. Part of that decision is because they can’t find a suitable and affordable replacement home. And part is because they already have their support network where they live.

The other trend is that millennials are moving in large numbers to smaller cities where unemployment is low and housing prices are more affordable. They are moving into places like Madison, Oklahoma City, Durham and Grand Rapids.

Mortgage rates have closed out the week with essentially no change, even though Wall Street has the jitters because of new talk about trade wars with China and the damage it could do to the U.S. economy. Rates ended the week at 4.25% for a 30-yr fixed rate.

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

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