While the Coronavirus pandemic continues to upend our lives, it has not impacted the strength of the Arlington, VA, real estate market.
The Arlington County housing market remains steady with the number of all homes sold during the first half of 2021 increasing while the average home sales price for all homes up 1.2 percent compared to 2020.
However, while prices for single-family homes and townhomes grew and the time it takes to sell them remained steady (townhomes) or went down slightly (single-family), condo values dropped and the time to sell them increased by 57 percent from 21 days to 33 days.
This reinforces the shift I am still seeing of home buyers moving away from purchasing condominiums and instead buying single-family homes, as people look for more space to accommodate home offices and home gyms.
Now, let’s look at the housing market numbers for the first half of this year:
Arlington County Home Sales Have Increased
There were 1,776 homes sold in Arlington from January 1 through June 30, 2021. That’s up 9 percent from the last 6 months of 2020. And I expect home sales for all of 2021 to increase by 20 percent over 2020.
Overall Home Prices Were Up 1.2% In Arlington, Led By Townhomes
While the average home sales price in Arlington during the first six months of 2021 was only up 1.2 percent to $787,067 versus 2020’s $777,414, there was a wide range of changes depending on the type of property:
- Townhome prices jumped 4.7% to $736,398 from $703,453.
- Single-family home prices were up 3.8% to $1,234,573 from $1,189,498.
- Condo prices were down 3.2% to $453,426 from $463,210.
Arlington remains a strong seller’s market (except for condos) and I continue to see homes that are updated, staged to look their best, and ready to move in receiving multiple offers and price escalation clauses.
If you’re looking to buy in the Arlington area see how I can help you buy a home, or download 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.