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: Can you summarize the type of housing inventory one can expect to find in Arlington?
Answer: One of the most beneficial things you can do when starting your home search is to understand if the type of property you want exists in the market you’re looking and, if so, how likely it is you’ll find it. The best way to do that is looking at sales over the past year or so to identify how many properties have the specifications you want, and what type of budget it’ll take to secure it.
For example, if you have your heart set on a lot with at least ½ acre in Arlington, you should know going into your search that just 1% of single-family homes that sold last year sat on ½ acre or more, so you need both patience and a substantial budget.
Condos Nearly Half of All Sales
Properties in multi-family buildings represented nearly half of all sales in Arlington last year, followed by single-family homes, and then townhouse/duplex properties. I broke down the data a bit further by bedroom count and pulled out some interesting details about each property type:
- 5% of condos sold had one or two bedrooms, 4% had three bedrooms (none had more than three)
- 84% of single-family homes had 3-5 bedrooms, 29% with 3 BR, 34% with 4 BR, and 22% with 5 BR
- The median price for a home with at least four bedrooms and at least three full bathrooms in North Arlington was $1,455,000 and $1,030,000 in South Arlington
- 40% of townhouse/duplex properties had just two bedrooms and only 14% had four or more bedrooms
Arlington by Decades
Arlington’s single-family home problem is very much a decade problem. 66% of single-family homes last year were built prior to 1960 (mostly small and expensive to expand) and 14% were built since 2010 (large and expensive). Only 7% of homes sold last year were built from 1970-1999.
Why is this relevant? Because those decades (70s-90s) offer a middle-ground for many buyers — floor plans and square footage that meet the functional priorities of many of today’s buyers but old enough to sell at a steep discount from newer homes. So, we are faced with single-family inventory in Arlington that is either too small or too expensive for many buyers (this is not a comment on Arlington’s Missing Middle Study!).
The age of Arlington’s condo and townhouse/duplex properties is much more evenly distributed by decade, which is generally a good thing for a marketplace.
If You’re Looking for Square Footage…
I broke down last year’s sales by finished square footage (includes finished basements) and the results are in line with what one would expect from an urban/suburban community adjacent to a major city. 87% of properties sold last year had less than 3,000 finished square feet and just 4% had more than 5,000 finished square feet.
If You’re Looking for a Big Yard…
What constitutes a big yard is subjective, but by most standards, Arlington has small yards that lack privacy. For reference, ¼ acre is just under 11,000 SqFt. 86% of single-family homes sold last year had lots with less than 12,000 SqFt and 58% has lots with less than 8,000 SqFt.
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.
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Arlington and its neighbors have become more segregated in the last 10 years while fair housing legislation at the state level faces significant roadblocks. Arlington’s fair housing enforcement, education, and commitment to equity practices in housing policy and programs are beginning to show signs of improvement but much more needs to be done.
Join the NAACP Arlington Branch, HOME of Virginia, and Equal Rights Center for the 2nd Annual Arlington Fair Housing Conference on April 15th to discuss the threats and opportunities to advancing fair housing policy across the state and within Arlington.
The half-day, in-person event will feature speakers from fair housing advocacy organizations and government agencies including the U.S. Department of Housing and Urban Development, and focus on fair housing policy trends in Virginia and Arlington County. The conference aims to advance the understanding of issues and policies related to equity and affirmatively further fair housing among local officials, advocates, and members of the public.
2nd Annual Arlington Fair Housing Conference
Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, April 5th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
Call/text Manavi at 703-869-6698 with any questions!
Private School Fair
Congressional School to Host MONA Private School Fair Thursday, April 27 at 6:30 PM
Congressional School in Falls Church, VA is delighted to host the MONA (Mothers of North Arlington) at an upcoming Private School Fair. Private schools from around
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
Shop local vendors, arts & crafts, new and used items, food vendors/trucks, and