Hello everyone, Blake Davenport here with The Davenport Group and RLAH Real Estate, bringing you the pulse of the Arlington County housing market.
Current Statistics:
Homes For Sale: 324
Homes Sold in the Last 30 Days: 163
Month Supply: 2 months, a 33% increase from last month's 1.5 months. This is the peak supply we've noted over the past quarter.
Market Insights:
The two-month supply marks the highest we've seen in the past four months. However, this rise isn’t particularly surprising. Traditionally, fall tends to be a slower season for the real estate market. The impending 8% interest rates have also contributed to a slight decrease in buyer demand.
Compared to the same time last year, listings have dipped by 39%. Last year, during this period, there were 363 homes up for sale, in stark contrast to the current 221. This significant drop in listings is driving the market dynamics, leading to escalating property prices.
Advice for Buyers:
If you're in the market to buy, the next few months might just be the golden period for you. With a higher number of homes available and less competition, this season offers a unique advantage. Additionally, for those keen on understanding the intricate details of home buying, we've organized a workshop on November 15. More details are provided below.
Advice for Sellers:
For sellers, patience is key in this market. Your pricing strategy and marketing approach are vital components. And if you're contemplating selling your home come spring, now is the time to start prepping. Whether it's decluttering, renovating, or strategizing, we can help chart the best course forward. Interested sellers can get in touch through the details mentioned below.
Spotlight Properties:
Most Affordable: A cozy studio in Roslyn's River Place priced at $127,000.
Premium Listing: A luxurious 5-bedroom, 8-bathroom contemporary home in Rock Springs, available for $4.445 million.
If you have any questions about today's market intel or need insights into buying or selling, feel free to reach out. I’m just an email away at Blake@thedavenportgroupre.com.
Thank you for joining us for this month's market breakdown. Look forward to our insights next month!