2018 Arlington real estate market was very similar to 2017. Some key statistics:
*Fewer homes sold 3,083 (2% fewer vs. 2017)
*Average Sales price went up by 0.7% from $657,000 to $661,500. Prices went up for the 9th year in a row!
*Average single family home prices went up 4.65% from $975,000 to $1,020,000. That’s pretty significant!
*On average there were 1.6 months of supply of home vs. 2 months in 2017. (What is home supply? If no new listings come on the market it would take 1.6 months to sell all available homes)
1.6 months of home supply is very very low is will push the prices up. I’ve noticed that prices stay flat when we have 2.5-3 months of supply. (All data was pulled from our local MLS)
On top of that – Amazon’s announcement to make Arlington home is a BIG DEAL and I think we will feel the consequences of this move in the next few years. They will only be moving in about 500 people to Arlington this year – which is not going to make that much if an impact. Interestingly there will be lots of new apartments and condos built – single family home supply will not grow – I wonder if that means single family home prices will continue to rise at a faster pace than condos.
I expect 2019 to be a great year in Arlington! Don’t expect price drops even with the rising interest rates.