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.
Interest Rates — These very important details of the real estate market just SKYROCKETED to 3.45% for a 30-year fixed rate mortgage! This is a tremendous jump, from 3.22% last week, from 2.78% just six months ago and the highest since March 26, 2020, according to Freddie Mac.
Why are rates rising? Well, the Fed has signaled multiple rate hikes in 2022 as they start to tighten their monetary policy to fight rampant inflation, but this does not lead directly to the mortgage rates I quoted you above. The reason these rates have risen is due to the expectation of Fed interest rate hikes. The interest rates borrowers pay are more closely related to the 10-year treasury yield, and that takes its ques from broader market sentiment and expectations. In any case, rates rose almost a quarter of a point in just the last week, a very steep rise that is likely to impact home purchases, especially if inventory remains tight.
Last week we had 261 properties for sale in Arlington, and this week we have just one more, for a total of 262.
We saw a big jump in activity from two weeks ago — no surprise as we’re now solidly past the holidays. Sellers listed 56homes in the past week, double the 28 from last week, and buyers ratified 56 contracts, 16 of which were on homes listed seven days or less.
Of the 262 homes currently available for sale, 61 are detached homes, 29 are semi-detached/townhomes, and the remaining 172 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 $847,787, and the median price is $562,450. These homes have been on the market for an average of 82 DOM (days on market) and a median of 49. From last week, average days on market dropped by 7, and median by 13, both lowered by a large influx of new homes starting to hit the market.
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.
- 4605-A 28th Road S., Arlington, VA 22206 — $393,700
- 4622 36th Street S. #A, Arlington, VA 22206 — $589,900
- 3315 S. Stafford Street, Arlington, VA 22206 — $599,900
- 4414 34th Street S., Arlington, VA 22206 — $600,000
- 5332 2nd Street S., Arlington, VA 22203 — $895,000
- 1615 N. Queen Street #M301, Arlington, VA 22209 — $1,250,000
- 6058 Little Falls Road, Arlington, VA 22207 — $1,350,000
- 2334 N. Vermont Street, Arlington, VA 22207 — $2,250,000
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