Are you curious about the current state of the Arlington County real estate market as we embark on a new year? Look no further! I'm Blake Davenport, a proud member of The Davenport Group at RLAH Real Estate, and I'm here to provide you with the most recent insights and trends in Arlington County's dynamic housing market.
Market Snapshot:
As we step into January 2024, Arlington County boasts 222 homes currently available for sale. Over the past month, 124 homes found new owners, leaving us with a current supply of 1.8 months. While this figure remains the same as last month, we anticipate a decrease as the spring market heats up and more properties go off-market.
Price Trends:
Reflecting on 2023, Arlington County saw an average sales price of approximately $851,000, marking a 5.7% increase from 2022, when the average price stood at $805,000. This upward trend can be attributed to the limited housing supply, with roughly 21% fewer homes available for sale compared to 2022. Additionally, the median days on market in 2023 came in at just nine days, down 10% from the 10 days recorded in 2022. Despite high-interest rates, 2023 proved to be a robust year for Arlington County's real estate market.
What Lies Ahead:
In January 2024, we've already observed a substantial increase in buyer demand, with more showings and offers on existing properties. This marks the beginning of the busy market season, which typically runs from January through May. Expect significant price increases, especially with interest rates currently around the low 6% range and projected to decrease further into the mid-fives or even lower. As rates decline, more buyers will enter the market, potentially alleviating some of the inventory challenges we currently face.
Implications for Buyers and Sellers:
If you're a current homeowner looking to make a move within the area, now presents a favorable opportunity. Whether you plan to sell and buy your next home or navigate the intricate process of buying and selling simultaneously, our team specializes in helping you achieve your goals.
For prospective buyers, the key recommendation is to act swiftly. Historically, this time of year witnesses price increases, and as interest rates continue to decrease, competition is likely to intensify. To secure your ideal property at the best possible price, making a move sooner rather than later is advised.
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📞 Connect with Us: For expert guidance and to discuss your real estate goals, contact us via our website or reach out to me directly at Blake@Davenportgroupre.com. Thank you for staying informed with this month's market update, and we look forward to assisting you in your real estate journey!