While the Coronavirus pandemic upended life in 2020, it did not impact the Arlington, VA, real estate market as much as expected.
The Arlington County housing market remained strong with the number of homes sold in 2020 remaining steady while the average home sales price increased 10.5 percent compared to 2019.
One notable change was the shift to home buyers moving away from purchasing condominiums and instead to buying townhomes as people looked for more space to accommodate home schooling and home offices.
Now, let’s take a little deeper dive into the 2020 housing market numbers:
Arlington County Home Sales Overall Were Flat In 2020
There were 2,794 homes sold in Arlington in 2020. That’s down just 0.2 percent compared to the 2,799 sold in 2019.
As noted above, while total sales remained about the same, home buyers in Arlington sought more space in 2020 versus 2019 with condominium sales taking the biggest hit:
- Condo sales were down 8.2 percent.
- Townhome sales jumped up 21.7 percent.
- Single-family home sales inched up 0.8 percent.
Arlington, VA, Home Prices Were Up 10.5% In 2020
While home sales were about the same year over year, the average home sales price in Arlington in 2020 was up 10.5 percent to $777,740 versus 2019’s $703,860.
However, there was a wide range of changes compared to a year ago depending on the type of property:
- Townhome prices jumped 7.9% to $707,213 from $655,332.
- ingle-family home prices were up 9.9% to $1,188,411 from $1,081,597.
- Condo prices increased 6.9% to $468,674 from $438,612.
Homes In Arlington Sold 17% Faster In 2020
And homes continued their trend of selling faster year over year, taking an average of just 19 days to sell in 2020 compared to 23 days the previous year, a 17.4 percent decrease.
Arlington remains a strong seller’s market, just as it has for the last few years. And I continue to see homes that are updated, staged to look their best, and ready to move in are receiving multiple offers and price escalation clauses.
The walkability and accessibility throughout Arlington County help explain one reason why individuals and couples alike venture forward with home buying prospects in Arlington, despite the challenges of low inventory, potential bidding wars, and climbing home values.
Other reasons for the Arlington area being in such high demand include:
- The (pending) arrival of Amazon HQ2.
- Its proximity to our nation’s capital.
- Arlington County routinely being cited for its beauty and excellence.
If you’re looking to buy in the Arlington area see how I can help you buy a home, where you’ll my Home Buyer’s Guide to help orientate you on not just the overall process but also how we can collaborate together!
And, if you are looking to sell your Arlington home check out the five ways I can help you sell.