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. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!
Question: How does Arlington’s housing market compare to what you’re seeing in Fairfax and Loudoun counties?
Answer: The Arlington single-family home (SFH) market has been competitive, and prices have increased, but the shift hasn’t been nearly as dramatic as what we’ve seen farther west in Fairfax County and Loudoun County.
The Arlington condo market has improved from the end of 2020/early 2021, and prices seem to be coming back, but inventory levels are still much higher than they were in the years preceding the Amazon HQ2 announcement.
Listing Activity up in Arlington, Normal in Fairfax and Loudoun
The number of SFH listings in Arlington this spring is up noticeably compared to prior years, but the biggest story continues to be the amount of condos being listed for sale. I previously wrote about the historical volume of condo listings we had last fall, and that trend has continued through this spring with the total number of condos listed for sale from March to May significantly higher than any other spring market in the last 10+ years.
The number of SFH listings in Fairfax County and Loudoun County have been consistent with past spring markets, down slightly compared to 2018 and 2019.
Demand Meets or Exceeds New Supply, Except Condos
Despite higher-than-average listing activity in Arlington, the SFH inventory levels remain very low because there is enough demand to absorb the extra supply. SFH inventory has remained at about one month of supply throughout 2021.
Condo demand has not met the higher-than-average listing activity, and condo inventory has steadily increased through the spring after dropping (and flattening) from five-year highs this winter. The Arlington condo market has settled at around 2.5 months of supply for the last six months, which represents a market that is more favorable to sellers than buyers but still a significant shift from the post-Amazon HQ2 market with two to three weeks of supply for about 18 months.
Demand in Fairfax County and Loudoun County has been exceptionally high, and inventory levels remain dangerously low with just two to three weeks of supply for nearly the last eight months.
Prices Are up (Of Course)
Prices for SFHs in Arlington are up, with the median price of a SFH in Arlington exceeding $1.2 million for the first time ever in May. While the prices in Arlington are up noticeably, it’s nothing compared to the massive appreciation seen in Fairfax County and Loudoun County over the last four months where we’ve seen up to 15-20% year-over-year increases in prices throughout both markets.
Condo prices have increased from late 2020/early 2021 and seem to be settling in a bit below pre-pandemic numbers. I didn’t include a chart for condo prices because there’s too much variability, and it doesn’t provide much value.
Escalations Over Ask Are The Norm, Likely to Change Soon
This spring, the average SFH in all three markets has closed for 3-4.5% over the original asking price. I expect this number to come down over the next few months as asking prices catch up with what the market is willing to pay and the attention/priorities of buyers starts to shift to other things like travel, events, and seeing family and friends.
If you’d like to discuss buying, selling, investing or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703)-390-9460.
A man was shot early this morning in Clarendon and police are still looking for the suspect. The shooting happened around 2 a.m. at a parking lot along N. Highland…
Good Friday evening, Arlington. Today we published articles that were read a total of 5266 times… so far. 📈 Top stories The following are the most-read articles for today —…
A water rescue operation is underway along Four Mile Run after reports of a drunk man falling down an embankment. The incident happened shortly before 4 p.m. behind the Virginia…
With the Yellow Line bridge and tunnel work complete, Metro is upping service on the line. Starting Sunday, Yellow Line trains will arrive every eight minutes all day, the transit…
Join MoCA Arlington Summer Camps at Marymount University and learn the fundamentals of handbuilding, throwing on a wheel, glazing, and much more. In this two-week course, students will explore hand building techniques, wheel throwing, and strengthen ideas that exemplify individual artist expression guided by professional working artists. Students of all skill levels are welcome!
Visit MoCA Arlington’s Website here and the registration page to secure your space today!
Please join us on Saturday, June 3, from 2 to 4 pm for the Glencarlyn Home Tour in Arlington’s historic Glencarlyn neighborhood. Among the featured homes will be a sparkling new home by A&N Builders at 5604-4th St. South. The inviting front porch opens to a light-filled space featuring high ceiling, wood floors, gas fireplace, Pella windows, Shrock cabinets, Quartz countertop, and JennAir appliances. Doors from the family room open to a large covered porch with a few steps to the level, landscaped rear yard. Upstairs, there are four bedrooms, three bathrooms, laundry room, and linen storage. The big lower level has a rec room, gym space, and a fifth bedroom and bathroom plus even more storage. After leaving the home, stroll to the Ball-Sellers home, the oldest residence in Arlington, the community gardens at the library, Carlin Hall, and the 94 acre Glencarlyn Park. A lovely way to while away a late spring afternoon.
Homebuying 101: Steps to Getting Pre-Approved
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’s mortgage loan officers
4th of July Celebration & Fireworks
Treat yourself this Independence Day with a world-class, private 4th of July extravaganza at the Military Women’s Memorial – a premier National Capital Region site.
Great food, fun, and the best views of Washington DC’s spectacular fireworks display. Relax, enjoy,