It’s been a few months since I looked at North Arlington from a macro perspective, so this week I pulled the summer sales numbers and compared them to the same period of 2016. Here’s what I found:
The home sale numbers for this summer follow the same trend that the North Arlington VA Real Estate Market has seen for the past 5 years. Home prices are slowly, and steadily increasing.
The average sale price for Summer 2017 is:
- up 2.8% over the same period of 2016
- up 9% over the same period of 2014
- up 21% over the same period of 2012
If you average the growth out, you get a 4.2% annual increase in home prices from 2012-2017. This slow, sustained growth is indicative of a healthy housing market. The current inventory on the market in North Arlington b
180 single family homes are currently listed for sale in Vienna VA, and there are 81 pending sales. That gives us 133 days of inventory currently on the market. This is indicative of a modestly strong seller’s market.
Here’s what the current inventory looks like broken down across a range of price points:
- 66 homes listed for less than $750,000
- 41 homes listed for $750,000-$1,000,000
- 21 homes listed for $1,000,000-$1,250,000
- 26 homes listed for $1,250,000-$1,500,000
- 27 homes listed for $1,500,000-$1,750,000
- 23 homes listed for $1,750,000-$2,000,000
- 18 homes listed for over $2,000,000
When I look at the inventory breakdown above, I notice that homes in the $750,000-$1,250,000 range are underrepresented within the current inventory. This has been a trend for the past year or so, as it is the most popular price range in North Arlington, and homes priced from $750,000-$1,250,000 tend to sell quickly.
What that means for home sellers:
It’s a great time to sell if your home is worth less than $1,250,000, with relatively few single family homes for sale and a quick average sale timeframe in that price range. If your home falls into the higher end of the price range, it may or may not be a good time to sell, depending on your home and your goals. If you’re curious about your home, feel free to get in touch – 571-305-2405
What that means for home buyers:
Now is a good time to buy in North Arlington if you’re looking for a high-end home. It’s a moderate buyer’s market, which for the top areas of Northern Virginia is a rarity.
If you’re looking for something on the lower or middle end of the price range you need to be pre-approved, and willing to put an offer on a home very quickly. There will be competition for any quality property that hits the market in North Arlington, and a good Realtor® can mean the difference between getting the home you want, and losing out to another buyer.
The North Arlington VA Real Estate Market is popping off this year!
Want to know more about the current market? Feel free to get in touch with me anytime.
Lou Sagatov, Realtor®
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