Submit Content

Ask Eli: Arlington Single-Family and Townhouse Mid-Year Real Estate Review

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: How did Arlington’s real estate market perform in the first half of 2020?

Answer: What a wild year it’s been for real estate. After a huge 2019 (SFH/TH review, Condo review), the 2020 market took off in January with prices and competition up sharply. When Coronavirus hit, that momentum tapered off for a couple of months but prices remained steady because of low interest rates and low supply. The Arlington housing supply was down about 400 listings from March-June, but listing activity is surging to historically high levels in July and August, which is traditionally when we see the spring market momentum slow down.

Let’s take a look at how the single-family detached (SFD) and townhouse (TH) market performed in the first half of 2020 using some awesome charts developed by my new partner, the wonderful Alli Torban. We will take a similar look at condos next week.

Note that all of the data used in these charts is based on sales that went under contract from January-June in order to provide the most accurate reflection of the market during the first 6 months. I don’t like using the date a home sold/closed for analysis like this because closing date often lags 30-60 days behind agreement of sale (contract).

Average and median price continued to rise, but not by nearly as much as last year. The total homes transacted in the first six months dropped significantly to 710 from a previous 5-year low of 838, established in 2019.

22207 (most of North Arlington) remains the most expensive place to buy a SFD or TH and 22204 and 22206 (most of South Arlington) remain the most affordable, although we’ve seen strong appreciation in those markets over the last three years.

For new Amazon HQ2 employees hoping to find a SFD or TH to buy within walking distance of your office, your 22202 zip code offers some of the fewest purchase opportunities in the County, so you’ll want to act quickly if you find something you like.

The cost of going from a 4 BR home to a 5 BR home is significant in Arlington. This is because most new (read: expensive) homes being built have at least five bedrooms and Arlington’s older housing stock mostly floats between two and four bedrooms. Finding a house with five or more bedrooms under $1M in Arlington is a difficult task.

One of the measures I like taking to gauge market competition is the percentage of homes going under contract within the first week and how much buyers are paying relative to the asking price within that window. An incredible 41% of SFD/TH contracts were accepted within the first week this year and the average buyer paid 2% more than the asking price to secure a home that just hit the market.

The key takeaways are that good homes sell very quickly and if you love a house that has just hit the market, be prepared to pay the asking price or more to secure it because if you don’t, there’s a good chance somebody else will.

As the chart above showed, this is a fast-paced market and it got even faster in 2020 with the median days on market for SFD/TH remaining at seven days and the average dropping below three weeks.

Next week I will have condo data for you. If you’d like to discuss buying or selling strategies, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local real estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington D.C., and Maryland with RLAH Real Estate, 4040 N. Fairfax Dr. #10C Arlington, VA 22203, (703) 390-9460.

Recent Stories

The Arlington County Fair is set to kick off this Wednesday and run through Sunday, Aug. 21. As usual (though it was not without some debate) the fair is being…

Hundreds of K-5 students at Oakridge Elementary School packed 200 gift boxes to seamen and Marines serving on the USS Arlington. The boxes sent to those aboard the 684-foot-long amphibious…

Meet Cannoli, the Arlington Pet of the Week who loves chewing his many bones and playing chase with friends.

When Marine veteran Brendan McElroy started working on the sales side of the consulting industry, he quickly realized that although he enjoyed the more interactive part of his job, he did not like the “typical consulting-sales model.”

15 year old Australian Shepherd went missing from her yard in Waycroft-Woodlawn on the evening of August 8.

A pet tracker hasn’t been able to find her, and despite roaming in a busy area, there have been no reported sightings. She is microchipped, and her information is up to date. It’s most likely someone has picked her up. If found, or if there is any information, please contact the Animal Welfare League of Arlington or her owner at 571-510-0508 or [email protected]. If spotted, please don’t approach or call to her, but take a picture and call her owner.

Submit your own Community Post here.

As the summer winds down, it’s a great time to look forward to a creative fall! Art House 7 has a terrific selection of classes, for preschoolers to adults. Our fall session, starting September 6, offers painting, drawing, sculpture, collage, ceramics (including the wheel) and sewing. We have specialty classes such as Suminagashi, the ancient art of Japanese water marbling.

If you’re looking for a shorter commitment, we also have a full schedule of workshops, Art Nights, and Morning Art Socials. If you haven’t discovered Art House 7, please check us out! We offer classes throughout the year, taught by a range of fantastic teachers. You can buy art supplies next door. We’re near the Lee Harrison shopping center, and free parking is outside our door.

Art House 7
5537 Langston Blvd.Arlington VA 22207
https://arthouseseven.com/

Submit your own Community Post here.

Standup Comedy Showcase Starring Todd Riley (Comedy Central)

A night of live standup comedy, with some of the best comedians from the DMV and beyond!

Todd Riley – Headliner

From the moment Todd Riley stepped onto that stage in 2008, he knew comedy is what he wanted to

MEGA Wine Tasting

Join us Sunday, Aug 28 from 12-3pm for our MEGA Wine Tasting

How it Works:

We’ve invited all our wine vendors that we work with to bring 6-10 wines in their portfolio (wines that are usually not carried at Osteria

×

Subscribe to our mailing list