So how is the Arlington, VA real estate market?
The market is SLOW. What do I mean by that? There were only 192 total sales in Arlington, VA in August, 2023. In the last 10 years there hasn’t been an August with sales under 200. We had almost 20% (192 vs. 236) fewer closed sales in Arlington, VA August 2023, than in August 2023.
One of the most important indicators of the market is “months of supply” and it’s still under 2 months – which indicates seller’s market. (What is months of supply? If no new homes come on the market it would take x number of months to sell existing inventory).
Here is a chart for the last 5 years of months of supply. In addition to overall supply and demand, I am also including condos (yellow) and single family homes (red). Condos seem to be in hot demand!
Some other important statistics:
Available homes for sales are DOWN 24% (285 vs. 373). Slim pickings for the buyers.
Average days on the Arlington, VA market is 22 vs. 23 in 2022. 22 days means a fast market.
Homes sell at about 99.5% of their original sales price – which means there aren’t many price reductions or discounted deals.
Medium and average sales prices are up 13% and 7% – so yes – the prices are not coming down even with these interest rates.
If you’d like more date – here is a PDF County-ArlingtonCountyVA-202308 with August statistics.
National average mortgage interest rate is 7.59%.
If you think you’ll be in better position to buy when the interest rates are down – think again. The prices and the competition will be up too. Maybe you could refinance then instead and not compete with all the buyers. There is no right or wrong time to buy or sell – it really depends on your situation. It’s impossible to time things. Call me today to discuss your situation and let’s figure out what’s the best solution for you. Contact me here.