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.”
Our real estate market in Arlington has slid backward this week with only 41 ratified contracts and a meager 43 new listings. Last year at this time, we had 63 ratified contracts and 50 new listings.
Can anyone remember what else happened this week a year ago? Amazon announced it was moving its HQ2 to Arlington, and the town was abuzz with the news and wild speculation on its impact on our housing market.
The lack of inventory continues to plague our market. A year ago, we had 476 active listings of homes for sale, resulting in 1.9 months of inventory. This week we have only 236 homes actively for sale, and at our current rate of absorption we now have just 1.4 months of inventory. Compare that to the current national inventory rate of 4.3 months. So Arlington home buyers are super challenged.
There’s finally a glimmer of good news on the national front. Housing starts have increased for both single family and multi-family homes. So we’ll see more inventory coming into the market. Single family starts are up 3.8% over last year, and multi-family starts are up 8.6%. This is the highest level of housing starts in 12 years. It’s about time.
When a buyer can’t find a home to purchase, their alternative is to rent. And so the rental market both here in Arlington and nationally is hot hot hot, if you’re a landlord; and horrible horrible horrible if you’re a tenant. Rental inventory is also down by about 1 percent, and rent rates are up about 3.8% for lower end homes. With the rental market so hot, it attracts more investors who in turn compete with end-user buyers for the available inventory putting an ever greater burden on buyers to compete.
Meanwhile, mortgage rates held steady this week with the 30-yr fixed rate at 3.75%-3.85%…
Best wishes to all for a wonderful Thanksgiving holiday next week. Let your family and friends know how much you love them.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1415 S. Barton Street Unit 256, Arlington, VA 22204 — $399,000
- 4832 29th Street S., Arlington, VA 22206 — $514,900
- 4237 36th Street S., Arlington, VA 22206 — $639,900
- 3800 N. Fairfax Drive Unit 903, Arlington, VA 22203 — $675,000
- 5246 26th Street N., Arlington, VA 22207 — $825,000
- 6611 N. Little Falls Road, Arlington, VA 22213 — $829,000
- 936 26th Street S., Arlington, VA 22202 — $1,099,999
- 4831 N. Little Falls Road, Arlington, VA 22207 — $1,774,900
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