Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
Hello, Arlington! It’s a snow day as I write this (Thursday), and I am predicting it will be another one as you read this (Friday). Do not expect this to deter homebuyers, sellers or agents from transacting real estate sales and events this weekend…
With fewer and fewer single-family homes as well as townhouses/semi-detached available in Arlington, the median and average price for available homes is dropping. Condominiums make up such a large proportion of the available inventory (75.3%!) and tend to cost less than single-family/townhomes. This week, there are 365 available properties for sale, a decline of 11 from the week prior. There are just 67 single-family homes to choose from and only 23 townhouses/semi-detached.
For a bit of contrast, this week last year, we only had 157 active properties — total! Despite over double the inventory, demand is way up, and we’re moving along at a brisk pace.
Sellers put a whopping 91 homes on the market this past week, and buyers worked hard to grab them before the weekend open house rush, despite the snow. Seventy-three homes went under contract over the past seven days, and 33 of those were homes were just listed in the past week.
New builds can barely keep pace with the wealthier buyers in Arlington, frequently being taken under contract prior to the old house even being demolished. The price threshold keeps being pushed higher and higher, and many of these homes are now on million dollar lots. Yes, a builder in certain areas will pay over $1 million just to tear down what was there and can sell a $2.5 million (or more) home almost instantly.
Despite many longtime Arlingtonians’ hesitancy toward new construction, it plays a vital role for the county. First, they generate substantially more tax revenue than older homes, often times doubling or more the revenue from that same lot. Additionally, a lot of them are being built by local builders who either reside in Arlington, employ a workforce based in Arlington or have other close ties to our community. Because we do not have many large tracts of land available for big, multi-state production builders to develop, this keeps the new construction quality much higher as well. It also raises the value overall of Arlington real estate because of the relationship each property has to another. Put simply, as the top end of the market stretches higher and higher, it’s bringing the bottom up with it.
One downside, of course, is the rising property tax bills we all pay as home values continue upward.
This same week in 2020, sellers listed 68 homes and buyers ratified 53 contracts, so we’re way ahead of the 2020 pace, still pre-pandemic at this point…
The average list price for currently available properties is $718,508 and the median is $459,700.
Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.
Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:
- 2810 S. Meade Street, Arlington, VA 22206 — $465,000
- 1276 N. Wayne Street #1018, Arlington, VA 22201 — $470,000
- 3709 3rd Street S., Arlington, VA 22204 — $579,900
- 2723 N. George Mason Drive, Arlington, VA 22207 — $959,000
- 4416 18th Street N., Arlington, VA 22207 — $1,240,000
- 5724 2nd Street S., Arlington, VA 22204 — $1,489,000
- 1401 21st Street S., Arlington, VA 22202 — $1,600,000
- 2437 N. Nottingham Street, Arlington, VA 22207 — $1,895,000