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ARLINGTON REAL ESTATE MARKET SAW SALES REBOUND AS PRICES REMAINED STEADY IN 2021

The Arlington, VA, real estate market remained steady in 2021 with the big news being that home sales increased 27 percent while the average home sales price was up 1.3 percent compared to 2020.

Here’s a look at the 2021 housing market numbers in Arlington:

Arlington Home Sales Were Up 27% In 2021

There were 3,546 homes sold in Arlington County in 2021, a 27.1 percent increase compared to the 2,793 sold in 2020.

The sales rebound in 2021 included the condominium market, which stalled during the height of the pandemic in 2020 as buyers sought more space.

  • Condo sales were up 31.8 percent.
  • Townhome sales jumped 22.1 percent.
  • Single-family home sales rose 25.6 percent.

Arlington Home Prices Were Up 1.3% In 2021

While the number of home sales was up strongly, the average home sales price in Arlington in 2021 was relatively flat, up just 1.3 percent overall, to $783,488 versus 2020’s $777,296.

However, price changes vary depending on the type of residence with single-family homes and townhomes showing strong gains and the condominium market slipping.

  • Condo prices decreased 1.0% to $463,894 from $468,408.
  • Townhome prices jumped 3.3% to $730,605 from $707,213.
  • Single-family home prices were up 2.2% to $1,214,250 from $1,188,730.

Arlington Condos And Townhomes Took Longer To Sell While Single-Family Homes Sold Faster In 2021

Homes took on average 6 days longer to sell in 2021, taking 26 days to sell compared to 20 days the previous year, a 30 percent increase.

As always, the time to sell can vary based on the type of property – condos took 80 percent longer to sell while single-family homes sold 13 percent faster – the neighborhood and the home’s condition.

  • Condos took 16 days longer to sell (36 days in 2021 vs 20 days in 2020).
  • Townhomes took 3 days longer to sell (16 days vs 13 days).
  • Single-family homes sold 3 days faster (20 days vs 23 days).

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 receiving multiple offers and price escalations.

Outlook For 2022

Looking at 2022, we are most likely to see strong home sales continue despite a rise in mortgage interest rates while prices should continue to increase at a slower pace than we’ve seen over the past four years.

Looking To Buy Or Sell A Home In Arlington, VA?

If you’re looking to buy in the Arlington area see how I can help you buy a home, where you’ll find 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.