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?
Dual agency, when one real estate agent represents both the buyer and the seller in one transaction, can be fraught with perils and pitfalls.
Dual agency is a bad idea and I won’t do it – and neither should you.
The Arlington, VA, real estate market remained steady in 2021 with the big news being that home sales increased 27 percent while the average home sales price was up 1.3 percent compared to 2020.
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As with most things, my answer to this question largely depends on who you are and what your goals are, so I’ll break down my responses into homebuyer and home seller-related answers.
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
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.
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).
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