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 Arlingtonians, welcome to Just Listed!
Interest rates did a backflip this past week after the news the Fed raised rates by .25%. Buyers were being quoted over 5% briefly in some instances, but that leveled out by last Friday.
Freddie Mac notes that the 30-year fixed rate mortgage average for the past week sits at 4.42%, higher than it’s been in at least three years. For perspective, rates are up 1.31% higher this year than where they left off in 2021, and have gone up 9/12 weeks this year.
Despite the rise in interest rates, the inventory situation is a bit dire for buyers. We are running about 2-3 weeks’ worth of inventory, depending on how you measure it week over week. Simply put, rising interest rates aren’t curbing the demand for a piece of Arlington real estate, whether it’s a condo, a townhouse or a detached home.
While inventory is tight (of course), it’s grown just a bit over the last week. We have 14 more properties available in the county than we did last week, totaling 262. Sellers listed 98 homes for sale, 13 fewer than last week.
Buyers seem to have been a bit spooked by the rate volatility the past week, ratified contracts are down a bit… 70 contracts in the past seven days, down 12 from the week prior. Forty of those were homes listed just within the past seven days.
Of the 262 homes currently available for sale, 62are detached homes, 27are semi-detached/townhomes, and the remaining 173 are condominiums. These properties range in price from $100,000 all the way up to $7,950,000.
Average list price for currently available homes is $819,333, and the median price is $539.450. These homes have been on the market for an average of 54 DOM (days on market) and a median of 21.
This week last year, there were 429 homes available for sale throughout the county. Sellers had listed 101 homes for sale and buyers ratified 89 contracts.
PICK OF THE WEEK — 3103 S. High Street, Arlington, VA 22202 — $624,900
Welcome to this deceptively large four-story home with two bedrooms, one bathroom and plenty of storage; all the best of a detached home, with one less exterior wall! An inviting front porch, hardwood floors throughout the main and upper level, and freshly painted in neutral tones. Thoroughly updated with many new and recent major systems and appliances.
Featuring a wood burning fireplace with brick hearth, open and renovated kitchen and dining area and a private backyard deck. Lower-level laundry and utility space as well as rec room, and uppermost level loft is perfect for a home office. Parking pad can be added in front of the home, though street parking is abundant. So much additional potential by finishing the basement, with ability to add another full bathroom! A perfect income generating property right in the neighborhood!
Find me and my team here this weekend, Saturday and Sunday from 1:00pm-4:00pm for the public open houses!
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.
- 4600 S. Four Mile Run Drive #1021, Arlington, VA 22204 — $189,900
- 3103 S. High Street, Arlington, VA 22202 — $624,900
- 838 S. Lincoln Street, Arlington, VA 22204 — $720,000
- 1300 Crystal Drive #506S, Arlington, VA 22202 — $950,000
- 6512 36th Street N., Arlington, VA 22213 — $1,200,000
- 6029 22nd Street N., Arlington, VA 22205 — $1,375,000
- 2947 26th Street N., Arlington, VA 22207 — $1,500,000
- 4823 16th Street N., Arlington, VA 22205 — $1,598,000
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