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 and welcome to JUST LISTED, Arlingtonians!
WOAH — mortgage rates just hit their highest average since 2008 — 5.89% average for the standard, 30-year fixed rate mortgage. This continued upward trend reflects the nervous sentiment about the overall trajectory of the economy, the persistent and elevated rate of inflation and simple uncertainty that comes from this.
The flood of inventory I predicted would hit our marketplace just after Labor Day is here, and available properties just jumped significantly, after a six-week run of decreasing inventory.
Additionally, as of now, there are 24 properties in “Coming Soon” status, many of which will begin hitting the market over the next few days and within 21 days at most. This number varies greatly depending on the day of the week, due to the weekly cycle most agents follow of listing properties in “active” status on Thursday and Friday.
What are we seeing in the market right now? Well, we’re seeing some things we hadn’t for a long time. Lowball offers, houses sitting that everyone thought would sell, an abundance of price reductions to find the marketplace, and overall lower activity on all fronts. The reality of our market, and how fast it has shifted is lost on some, especially on sellers. The days of intense bidding wars, large price escalations and over-exuberance are largely behind us, and that may be the new norm, for a while.
This week in Arlington, sellers listed 68 homes for sale (22 more than last week), while buyers ratified 43 contracts, 12 of which were on homes just listed in the last seven days. Of the 392 homes currently available for sale (34 more than last week), 131 are detached homes, 62 are semi-detached/town houses and 199 are condos.
Of those currently available properties, the average asking price is $902,205 and the median is $715,000. These properties have been sitting on the market for 55 days on average, while the median is 37.
This week last year, there were 532 properties available for sale, sellers listed 93 homes and buyers ratified 41 contracts. Mortgage rates were 2.88%!
Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!
Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out.
- 1804 S. Nelson Street, Arlington, VA 22204 — $745,000
- 2332 N. Columbus Street, Arlington, VA 22207 — $949,990
- 6124 11th Street N., Arlington, VA 22205 — $1,175,000
- 4666 20th Street N., Arlington, VA 22207 — $1,299,900
- 4405 1st Street S., Arlington, VA 22204 — $1,324,990
- 4715 38th Place N., Arlington, VA 22207 — $1,395,000
- 2407 N. Rockingham Street, Arlington, VA 22207 — $1,569,000
- 1626 N. Adams Street, Arlington, VA 22201 — $1,699,900
