Arlington, VA 2019 Real Estate Overview by a local Realtor Renata Briggman
So how much affect did the Amazon HQ announcement and arrival have on the Arlington real estate market so far? Are you thinking double digit value increases? It definitely felt that way.
Here are the largest trends that I pulled up from the latest 2019 MLS data:
The supply of homes in Arlington, VA is at an all time low
We don’t have nearly enough homes for sale to satisfy the demand of current buyers looking in Arlington, VA. Real estate sales follow a simple law of supply and demand, and currently the supply of available homes is at record lows. I’ve been selling real estate since 2003 and have noticed that the market is quite balanced when we have 2.5 months of inventory/supply (What does this mean? If no homes came on the market it would take 2.5 months to sell the remaining inventory) We’ve had 1 month of inventory since last December – the lowest I’ve ever seen in my 17 years in the business. And I don’t see how this is going to get better any time soon. What does this mean to Arlington sales? Expect competition, price increases and madness. You can see home supply/demand chart for the last 10 years here:
Fewer homes sold in Arlington, VA in 2019
The number of homes went down by 9%. In 2018 3,061 homes sold in Arlington, VA. In 2019 we had 2,782 sales. Some potential sellers are choosing to hold onto their homes instead of selling anticipating price increases. I think that’s a very smart move – prices will keep going up due to lack of supply of homes.
Condo and townhome sellers were more likely not to sell than single family home. Condos and townhomes experienced 10% drop in units sold (1,984 to 1,781) vs. 5% for single family homes (1,054 vs. 1,001).
Here’s a chart comparing the last 3 years of sold units in Arlington, VA
Average home sales price went up in Arlington, VA in 2019
The average sold price went up by 6% in Arlington, VA (From $663,894 to $703,641). Median Sold price went up by 9% (From 560,000 to $610,000). So double digits! Surprised? I think the prices are so high already, that double digits would feel like insanity.
Interestingly single family home sold prices went up 5.59% while condos/townhomes went up by 3.33%. So single family homes had larger increase.
Here’s a chart for average sales price for 2019 in Arlington, VA. You can see statistics for all Arlington homes, then condos, townhomes and single family homes.
Average days on the market in Arlington, VA went down. Way down.
Average days on the market went from 65 days to 23 days. I think this number is probably even more dramatic, because if we exclude all the 2 million dollar mansions that are not selling as fast – you will see even fewer days. Most good listings sold in about 1 weekend.
So what can we expect for 2020 in Arlington, VA? With really low inventory levels I expect the prices to keep going up, I expect the sellers to keep holding onto their homes as Amazon has barely moved in yet – so more low inventory, and I expect more madness.
If you are a buyer – you need to be very prepared and work with an agent who understands how to write a competitive offer. I see so many good buyers writing poor offers and not presenting themselves in the best light.
If you are a seller – you should list your home with a Realtor – who will expose your listing to many many hungry buyers. I highly don’t recommend a private sale – as you might be leaving thousands on the table.
As always – I am here to help with all your Arlington, VA real estate needs! For sellers – I will make your home look its best so you get the highest price, for buyers – I know how to write competitive offers and win your dream home! Request a consultation today!