Arlington County, Virginia, consistently ranks as one of the most desirable places to live in the United States.
With our proximity to Washington, D.C., and excellent schools, it’s no surprise the real estate market here is highly competitive.
But what’s in store for Arlington homebuyers in 2024, especially considering last year’s real estate market and fluctuating interest rates?
Let’s explore the answers together
This Arlington market snapshot helps set the stage:
- Demand remains strong
Despite 20 percent fewer homes selling in 2023 (vs 2022), Arlington’s housing market continues to see high demand, fueled by calming interest rates, a robust job market and limited inventory. - Inventory continues to be tight
The number of homes available for sale continues to remain low making for a continuing sellers’ market driving up prices on the most desirable listings. - Prices are rising
Annual average home sales prices in Arlington County continued up in 2023 for single-family homes ($1,378,000 — up 5% vs 2022) and townhomes ($763,000 — up 2%). I expect that prices for these properties will continue increasing in 2024, albeit at a slower pace, as falling interest rates bring more buyers to the market. Competition will remain fierce, especially for desirable properties in Arlington neighborhoods like Cherrydale and Westover Village.
Tips for Arlington County-Focused Homebuyers in 2024
- Get pre-approved for a mortgage
In this competitive market, having a pre-approval letter demonstrates your seriousness to sellers and strengthens your offer. With rising interest rates, locking in a rate early can save you money in the long run. - Be prepared to move quickly
Decision time is crucial. Be ready to act fast when you find a property that fits your needs and budget. Have your documentation in order and be prepared to submit an offer quickly. - Consider alternative options
With a tight market, be open to considering different neighborhoods or property types to expand your search.
More helpful considerations
- Work with a local real estate agent
An experienced agent can navigate the complexities of the Arlington market, advise you on competitive offers, and help you find hidden gems. - Stay informed
Keep up to date on market trends and interest rate changes. Understanding the market dynamics will empower you to make informed decisions. - Be patient
The search for your dream home might take longer than expected. Stay patient, adjust your expectations if needed, and enjoy the journey of finding your perfect place right here in Arlington.
The bottom line
I’ve been selling real estate in our area for more than 30 years (and living here as a resident all that time as well!) and can tell you, undoubtedly, that our real estate market is definitely competitive. That can make homebuying here challenging at times, but challenging does NOT mean impossible.
With the right preparation, knowledge, a dash of patience, and the right real estate agent, you CAN find your dream home even in some of the most coveted neighborhoods.
Remember: homebuying is a marathon, not a sprint.
This is especially so for homebuying here in Arlington.
So stay focused, be strategic, and don’t be afraid to ask for help.
~ Meg
Have questions? Looking to buy or sell in Arlington, Virginia? Call me today!
