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.
Happy New Year, Arlington!
WOW — 2021 was a year for the record books when it comes to real estate, and the real question is how will 2022 compare!?
Truth is, we only have some early indicators at this point, and anyone who claims to know is only speculating. So many things impact our local marketplace, and many of those are likely to change throughout the year.
Interest rates are going to rise this year, but exactly how that impacts our high-priced homes might surprise some folks. I’ve mentioned before that interest rates impact lower incomes and lower price points more than they do the million-dollar homes, so the hype around interest rates may be overblown, at least in Arlington and the surrounding metropolitan area.
Inflation is another serious factor, especially as it continues to run very high, relative to the past few decades. Real estate is a hard asset, a perfect place to hedge against weakening purchasing power. If inflation continues to run high, expect housing prices locally and across the country to keep up, or exceed inflation numbers.
Inventory, currently at the lowest point since I took over this blog 23 months ago, will always be the biggest part of the story in Arlington. I’ve said it before and I’ll say it again, housing markets are a simple supply and demand equation. So long as inventory fails to meet demand, prices will be driven upwards. Expect this to continue for years to come.
Do politics play a role? Well, more so in Arlington and the DMV than just about anywhere else in the country, but just how much? Very little. Truth is, even in presidential cycles, most of the staffers on the hill are already here, and they don’t leave even if their candidate doesn’t win, they just work in a different office somewhere in the region. There is almost no discernible impact from either the presidential election or mid-terms, and 2022 isn’t likely to deviate from that too much.
2021 smashed sales records for one main reason, and that is that people finally started moving! Demand wasn’t fully satisfied, but enough homes came up for sale, and were subsequently bought, that we were able to see so much more turnover in our geographically tiny county. We’re beginning 2022 with 261 properties available for sale, but this week last year, we had 513! So, for 2022 to look anything like 2021, we’re going to need some sellers to cash in on the high prices…
Digging into some other numbers for you to kick off the year, we’re off to a slow start, but that’s to be expected this time of year. Sellers listed just 28 homes in the past week, and buyers ratified 17 contracts, four of which were on homes listed seven days or less.
Of the homes currently available for sale (261 total), 61 are detached homes, 36 are semi-detached/ townhomes, and the remaining 185 are condominiums. These properties range in price from $100,000 all the way up to $4,250,000.
Average list price for currently available homes is $841,985, and the median price is $562,450. These homes have been on the market for an average of 89 DOM (days on market) and a median of 64. Expect the DOM to start dropping precipitously in the coming weeks as we see a surge of new inventory.
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.
- 1024 N. Utah Street #517, Arlington, VA 22201 — $372,000
- 4127 S. Four Mile Run Drive #403, Arlington, VA 22204 — $379,000
- 2952 S. Columbus Street #A2, Arlington, VA 22206 — $524,900
- 1301 N. Courthouse Road #1710, Arlington, VA 22201 — $625,000
- 2420 S. Walter Reed Drive #1, Arlington, VA 22206 — $699,000
- 6586 Williamsburg Boulevard, Arlington, VA 22213 — $1,075,000
- 2800 N. Dinwiddie Street, Arlington, VA 22207 — $1,200,000
- 2805 11th Street N., Arlington, VA 22201 — $1,290,000
Learn how to maximize the home buying search from the Keri Shull Team’s seminar on January 24 at 6 p.m.
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