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Arlington Housing Market Stayed Strong In 2020 With Prices Up 10.5%

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:

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.

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What We Call “Home” Is Taking On A New Meaning … And Other Such Thoughts As We Near 2021

As we enter further into a time of year that many refer to as “the holiday season,” my mind swarms with so many thoughts about the state of home buying and selling affairs, not just in our immediate area of Arlington, Virginia, but nationally as well.

Now that the presidential election has ended, and the days of autumn inch closer towards the upcoming winter season, I can’t help but think about all that’s happened in 2020 as well as what awaits us all in the coming new year.

At random, here are some of my various thoughts that come to mind as I reflect on the whirlwind that’s been 2020 and what I hope and see for 2021:
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This Beautiful Arlington Home Went Under Contract In Just 5 Days!

Our local real estate market, despite tight inventories and challenges presented by COVID19, has continued to stay active and homes for sale in our area don’t last long; many fly off the market in a matter of a few short days!

This summer, I assisted a variety of clients and families in buying or selling their homes in our immediate area but the home featured in this post was a favorite:

5729 8TH ST N, ARLINGTON, VA, 22205

This beautiful 4BR/3.5BA home in Arlington went under contract in 5 days!

This Arlington Virginia home Located on a quiet cul-de-sac just a few steps from the W&OD bike trail

I am so happy for my clients, Julia and Mike 🥰, and wish them much success.

Do you have an Arlington, Virginia, home for sale?

Or are you looking to buy a home in the Clarendon, Cherrydale, Lyon Village, Maywood, Westover, or Yorktown neighborhoods?

In either case, whether you’re looking to buy a home or sell a home in Arlington, VA, I can help!

Please call me at (703) 447-0970 or send me an email at Meg@MegRoss.com with any questions you may have about buying or selling in our beautiful area.

Until next time,

~ Meg

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Arlington, VA, housing market remains healthy with prices up but less homes for sale

The question I am asked the most recently: How has the coronavirus pandemic impacted the local real estate market? The answer is that the Arlington, VA, housing market remains healthy with prices up but less homes for sale in April. While it has slowed, people are still continuing to buy and sell homes.

Number Of Homes For Sale Down 18%

Compared to April 2019 the number of homes coming on the market and going under contract in Arlington in April 2020 is down:
* Homes listed for sale fell 18% (279 vs 341).
* Homes under contract tumbled 35% (191 vs 294).

There were 38 homes that were pulled off the market by sellers in April. That’s more than three times the 11 homes withdrawn a year earlier. This is not surprising since April was the first full month of living under stay-at-home orders and many sellers were uncomfortable putting their homes up for sale.

Arlington Home Prices Up 5.7% In April

While there were less homes for sale, the average year-over-year home sales price in Arlington in April was up 5.7% to $762,322. However, there was a wide range of changes compared to a year ago depending on the type of property:

  • Townhome prices jumped 11% to $661,281.
  • Single-family home prices increased 6% to $1,099,989.
  • Condominium prices were up 1% to $505,395.

Strong Seller’s Market Continues

With the number of homes for sale declining, Arlington (and all of Northern Virginia and the DMV) remains a strong seller’s market, just as it has for the last year or two. I continue to see many homes for sale receiving multiple offers and price escalation clauses.

For example, my recent sale of this charming 3-bedroom, 2-bath home in Alexandria received 6 offers and went under contract in just 5 days for $18,000 over list price.

However, if the initial steps to re-open the economy do not cause a new surge in COVID-19 cases, we could see sellers who pulled out of the market feel more comfortable with listing their homes and an increase in the number homes for sale before Labor Day.

Selling And Buying Safely

I have changed and adapted my real estate practices in the face of the coronavirus crisis to make any home sale or purchase as safe as possible, including using:

  • Virtual meetings
  • Social distancing
  • Live video walkthroughs
  • 3D virtual tours
  • Remote or drive-through closings

See details about how the process has changed and how I can help you safely sell your home or safely buy a home you’ll love.

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Thoughts About Coronavirus, Home Buying and Home Selling in Arlington, Virginia

As I write this post, my thoughts are with everyone in Arlington County and throughout our country – as we all grapple with the uncertainty, stress, and worry that Coronavirus has brought into our worlds.

We don’t know how long this will go on.

But we do know that this is a moment that will change almost everything. So I am trying to figure out how to change with it as a way to continue to help my clients.

It is my sincere hope you and your loved ones are safe, healthy, and hunkering down as we all work together to get through this era of #QuarantineLife and social distancing.

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5 Tips For Buying A Home In Arlington, VA’s, Seller’s Market

If you are looking to buy a home in Arlington, you are competing in the hottest seller’s market in the country, according to Realtor.com and the Wall Street Journal (subscription required).

Why is the Arlington, VA, housing market so challenging for homebuyers? There were 18 percent fewer homes for sale in January versus a year ago. There are a number of reasons why there are more buyers than sellers, including:

  • The effect of the new Amazon headquarters (HQ2).
  • Continuing low interest rates on mortgages.
  • One of the lowest unemployment rates in the country.
  • Homeowners are staying in their homes longer.

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