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, and welcome to Just Listed!
New listings slowed down quite a bit this week, and demand sagged about 12% week over week. Neither of those points surprise me given we’re now in November, and it’s getting cold outside! Last year, the 2020 anomaly, was still going strong, but this year is a bit more on-trend than last year.
A brief bit on the seasonality of our market here in Arlington… We’re a lot less seasonal than many parts of the country — it’s a result of our broad-based economy bringing people here, and taking them away, for a variety of reasons all throughout the year. Having said that, we do experience higher volume times, the spring, for example, and lower volume times around the holidays. Demand is strong enough that homes go under contract every day of the year, including on Christmas, so seasonality is not a focus, just something to consider.
The attraction to new listings has stayed consistent as of late, with about 25% of those selling in their first week, and overall available inventory decreased. This is down a bit from some of the exuberance of the spring, where as much as 50%+ of new listings flew off the shelf, so to speak, while inventory was simultaneously building as new listings popped up each week in droves.
Mortgage rates dipped after rising for a month, still hovering about 3% for now. The fluctuations over the past month or so are minimal, and buyer’s primary takeaway should be that these rates are historically low, so from that perspective, it’s a great time to lock in your low housing payment. For sellers, this means buyers are holding onto most of their buying power, a good thing for prices which have remained elevated and climbed tremendously over the past two years.
This week, 56 new properties were listed in the county, eight less than last week. Buyers ratified 43 contracts, 19 less than the week before, including 15 contracts on properties that had been on the market seven days or less.
In Arlington, we currently have 482 listed homes for sale, 31 less than last week. 118 of these options are detached homes. 72 are townhomes/semi-detached properties, and the remaining 292 are condominiums.
The average price for homes across all property types in Arlington right now is $801,465, while the median price is $582,500. On average, these homes have been on the market for 65 days, but the median is just 39.
A quick comparison to this week last year, there were 66 homes listed for sale and 65 ratified contracts. There were 554 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 S. Glebe Road #1014W, Arlington, VA 22202 — $405,000
- 849 S. Glebe Road, Arlington, VA 22204 — $680,000
- 820 N. Pollard Street #609, Arlington, VA 22203 — $710,000
- 1312 S. Rolfe Street, Arlington, VA 22204 — $825,000
- 422 N. Thomas Street, Arlington, VA 22203 — $925,000
- 4856 29th Street N., Arlington, VA 22207 — $1,299,000
- 401 S. Jefferson Street, Arlington, VA 22204 — $1,590,000
- 2408 N. Utah Street, Arlington, VA 22207 — $2,095,000
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