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.”

Arlington’s blistering heat wave this week hasn’t slowed down the real estate market.

Buyers and sellers performed more like the cool days of spring with 56 ratified contracts and 61 new listings. So far, the spring market keeps plowing right through the summer. Of those 56 sales, 26 of those homes were gone within a week.

The lack of inventory is still a big problem. There is now only 1.1 months of inventory, a slight improvement from two weeks ago when it dipped to 0.9 months. A market is considered in balance when there’s 5.5 months of inventory.

Homeowners in North Arlington should be happy (unless you’re on a fixed income). The average price of a detached home last month was up 10.2% compared to June of 2018. That increases an owner’s equity, but it also increases an owner’s property tax. Not good if you’re living on a pension.

Mortgage rates have finally started to move. In just the last week, rates have gone from 3.875% for a 30-yr fixed rate with no points to 4%. The financial markets are anticipating that the Federal Reserve will cut its bank rate by the end of the month to help stimulate what the Fed sees as a slowing U.S. economy.

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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