How is Arlington, VA real estate market?
The market has slowed down A LOT – as if everyone left on vacation! Of course that’s not the reason for slow down, but this market has certainly allowed me to travel without much guilt!
Just to show you how much things have slowed down in comparison to 2022:
Last July we had 461 active listings and this July we had 282 – that’s almost 40% less. Last July we had 245 sales and this July we had 189 – that’s 23% less. The demand is still high – 186 new pending listings vs. 214 last year – that’s only 13% fewer. When the supply drops 40% and the demand drops only 13% – that’s a problem for the buyers.
One of the big reasons for the slow down is the high interest rates. National average is 7.5%. Many sellers don’t want to sell, because their refinanced rate is lower than 4%. And buyers are on the sidelines waiting for the rates to come down too. So here we go – only those that really need to sell are selling, and most buyers are with a ton of cash.
The inventory is at 1.45 months – which indicates a seller’s market. We need at least 2 months to have a somewhat balanced market. You can see the inventory levels for the last 5 years below:
More statistics for Arlington, VA real estate:
The homes are selling at about 99.4% of the original list price.
Average days on the market are 19.
Average sales price went down 2.65% (from $894,779 to $871,042) – I wouldn’t trust this number too much – there were very few sales and the number might not be accurate.
It’s impossible to time the market – if your life is changing and you want to sell or buy – you should call me. I can help you figure out your options and walk you through the pros and cons. You can call me at 703-217-2077 or contact me here.