Real estate market has slowed down in Arlington, VA

So how was Arlington, VA real estate market in September, 2021?

With a very surprising upswing of real estate during the pandemic everyone wants to know how the market is doing? That’s all I’m hearing from friends, neighbors, clients. HOW IS THE MARKET?

Well, we went from 100 to about 80.

Here are the main points:

1. The sales are lower than last September. About 11% fewer homes sold this September than 2021 (22 vs. 274). If we look at the actual dollar volume – we are seeing about a 22% dip.

2. Average days on the market wen from 21 to 30 – that is a 43% jump and probably the highest number since pre-pandemic. The chart below shows 3 years of data.

3. Price per square foot is holding strong.

4. The house inventory is still low which will keep the prices high. We need 2.5 months inventory to keep prices flat. Currently single family homes are at 1.39 months and condos are at 2.37 (condos are not going up in value).

5. We do have plentiful real estate listings (maybe not enough of single family homes, but not fewer than last year). About 7.78% more available listings on the market in Arlington, VA than last year (540 vs. 501)

So what’s next for Arlington real estate?

I think condo prices will dip a little. I’ve seen condo prices come down and I have two condo listings of my own that are not getting too much traffic. Single family homes will continue to sizzle as the inventory is still so low, even though the crazy heat of the spring market is not here. Townhomes are hot as well – we don’t have enough of those for sale either.

I do anticipate a strong market to continue into the spring. It’s a great time to buy due to low interest rates and it’s a great time to sell, because the market is strong.

Contact me if you are thinking about it and need advice based on your situation! I am here to help!