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.
Well good morning, Arlington, I have news for you!
Yes, mortgage rates just hit FIVE PERCENT for the first time since 2011! Buckle up because they are likely to continue climbing. At the beginning of the year, broad consensus was that rates might level out around 4.5%, by the end of the year.
This rapid rise is exactly what the Fed wants to happen in their hopes to tamp down inflation. The problem is that people still need a place to live and there is plenty of cash out there, so buyers are likely to continue buying. The shortage of available inventory won’t go away no matter how high rates go.
I’ve spoken to some local lenders recently, and in their circles, there is talk about rates going as high as 8% or 9% within the next two years! I don’t like to speculate too much, but considering how fast this trend line is moving, that honestly wouldn’t surprise me one bit!
As of right now, we now have 277 properties available for sale in Arlington, one more than last week. Sellers listed 85 homes for sale, 21 less than last week. That’s about a 25% reduction in new listings week over week. Perhaps sellers are avoiding Easter week and we’ll see more new listings next week?
Ratified contracts are down 11 from last week, with 72 contracts in the past seven days. 39 of those were homes listed just within the past seven days, representing almost 50% of new inventory taken off the market by purchasers in a week or less!
Of the 277 homes currently available for sale, 70 are detached homes, 25 are semi-detached/townhomes, and the remaining 182 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 $836,109, and the median price is $562,000. These homes have been on the market for an average of 45 DOM (days on market) and a median of 22.
This week last year, there were 458 homes available for sale throughout the county. Sellers had listed 136 homes for sale and buyers ratified 88 contracts.
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.
- 1311 N. Ode Street #631, Arlington, VA 22209 — $299,000
- 1300 Army Navy Drive #829, Arlington, VA 22202 — $324,900
- 3800 Fairfax Drive #311, Arlington, VA 22203 — $699,000
- 14 S. Kensington Street, Arlington, VA 22204 — $725,000
- 1610 N. Queen Street #236, Arlington, VA 22209 — $850,000
- 1005 N. Madison Street, Arlington, VA 22205 — $899,000
- 2608 N. Potomac Street, Arlington, VA 22207 — $1,300,000
- 602 20th Street S., Arlington, VA 22202 — $1,400,000
Join the Keri Shull Team May 24 to learn about creating a custom-built home while avoiding costly mistakes.
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