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.
Good morning Arlington. As always, thanks for keeping up with the Just Listed column. We aim to keep you in-the-know with how our Arlington real estate market is performing week over week.
Some big news in the mortgage industry, the 30-year fixed rate mortgage surpasses 3%, which is the highest point since April of this year. As reported by Freddie Mac, when you couple this rise in rates with home price growth, it is going to keep some buyers out of the market, especially those shopping close to their limits.
This usually impacts first time home buyers who are trying to break into the market more than their more experienced counterparts, often in the more approachable price points.
Another trend I’ve been watching is the decrease in available condominium inventory. This has been going on for the past five weeks, the longest decrease I’ve seen since the exodus from condos back in spring of 2020. Condos and higher priced homes have been the shining stars of the market for the past few weeks, a trend the rest of the market is not going along with. I’ll be keeping an eye on this going forward as it may be a broader market indicator.
This week, 64 new properties were listed in the county, 10 more than last week.
Buyers ratified 67 contracts, five more than the week before, including 22 contracts on properties that had been on the market seven days or less.
In Arlington, we currently have 531 listed homes for sale, two more than last week. 140 of these options are detached homes. 69 are townhomes/semi-detached properties, and the remaining 322 are condominiums.
The average price for homes across all property types in Arlington right now is $772,807, while the median price is $587,000. On average, these homes have been on the market for 62 days, but the median is just 36.
A quick comparison to this week last year, there were 88 homes listed for sale and 71 ratified contracts. There were 542 properties available in Arlington.
Click here to search currently available Arlington real estate. If you see a home that 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 that I think you might like to check out.
- 3600 Glebe Road #815W, Arlington, VA 22202 — $405,000
- 836 S. Irving Street, Arlington, VA 22204 — $535,000
- 1832 N. Culpeper Street, Arlington, VA 22207 — $699,999
- 2001 15th Street N. #309, Arlington, VA 22201 — $749,900
- 2152 Military Road, Arlington, VA 22207 — $898,000
- 4032 N. Tazewell Street, Arlington, VA 22207 — $1,050,000
- 2248 N. Vermont Street, Arlington, VA 22207 — $1,199,900
- 1031 N. Edgewood Street, Arlington, VA 22201 — $2,675,000
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This is my last column. Over the past two years, I’ve had the privilege of sharing my views about housing with you. I don’t know if I changed anyone’s mind, but I do know I stirred up some conversation.