Overview of Arlington real estate market in 2023
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
4M ago
Dear friend, You might be wondering how was real estate market in Arlington, VA last year. I wanted to share some information that will show you some important trends. A lot fewer homes sold in Arlington last year – 20% fewer than 2022 (2,242 vs. 2823). The last time we had this few homes sold was in 1997 when we had 2,234 solds. That’s 26 years ago! (My data source started keeping track of these statistics in 1997 – so I can’t talk for the years prior) So yes – the market felt slow, but 2,242 families sold and 2,242 families bought – so the market was certainly not dead! Here is a chart to sh ..read more
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Arlington, VA real estate market update August, 2023
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
8M ago
So how is the Arlington, VA real estate market? The market is SLOW. What do I mean by that? There were only 192 total sales in Arlington, VA in August, 2023. In the last 10 years there hasn’t been an August with sales under 200. We had almost 20% (192 vs. 236) fewer closed sales in Arlington, VA August 2023, than in August 2023. One of the most important indicators of the market is “months of supply” and it’s still under 2 months – which indicates seller’s market. (What is months of supply? If no new homes come on the market it would take x number of months to sell existing inventory). Here i ..read more
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Arlington, VA real estate market July 2023
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
9M ago
How is Arlington, VA real estate market? The market has slowed down A LOT – as if everyone left on vacation! Of course that’s not the reason for slow down, but this market has certainly allowed me to travel without much guilt! Just to show you how much things have slowed down in comparison to 2022: Last July we had 461 active listings and this July we had 282 – that’s almost 40% less. Last July we had 245 sales and this July we had 189 – that’s 23% less. The demand is still high – 186 new pending listings vs. 214 last year – that’s only 13% fewer. When the supply drops 40% and the demand drops ..read more
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New construction at 2025 Clarendon Blvd. Arlington, VA
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
10M ago
New residential tower in Courthouse at 2025 Clarendon on the old Wendy’s site is in full swing! Finally! Wendy’s was torn down in 2016- so the lot has been vacant for the last 7 years. Originally it was approved as an office building, but in 2021 the builder filed an amendment to change the use to residential- which is a very smart move given the post-pandemic office market. This little lot of land- roughly 0.25 acres- will have 231 residential units, 70 parking spaces (only 0.3 per unit), tons of bike racks, some retail and community space. I really like the design- something more interesti ..read more
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Arlington real estate market update June, 2023
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
10M ago
How is the market in Arlington, VA for June, 2023? Their market is very tough for buyers. VERY TOUGH. Why? Low inventory. You’ve heard this before. It’s a nationwide problem. Nobody wants to sell, because home owners are sitting on 2.5% interest rates. Where to go once you sell? Pay the 7.26% rate (current national average loan rate)? I don’t think so! Only those that really have to move are selling. This is an active listing chart for the last 10 years in Arlington, VA for those interested – look how low we are right now. It was this bad before pandemic as well: If you took a loan for $1,000 ..read more
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Arlington real estate market is shifting – the proof is in the numbers
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
1y ago
So how is the market? The never ending question! The market is shifting down The market is shifting and in on the downward curve. It’s moving in the buyer’s favor, but don’t make any conclusions too fast. The inventory is still very low – so don’t expect any killer deals or an infinite amount of homes to choose from. So what’s happening with the numbers? The number of available home listings in Arlington, VA in July was the same as last year – (461 2022 vs. 480 2021), BUT the demand – the New Pending – was 25% down (214 vs. 285) So very slowly the inventory will start to build up and the marke ..read more
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Arlington, VA real estate market update June, 2022
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
1y ago
The question is always “How is the Arlington market?” Well, then how is it? 1. The inventory is rising. The actual number of homes for sale is lower than last year (422 vs. 426), but they are not being absorbed as fast (248 vs. 371 new pendings). Here are some charts for “months of inventory” – this is how we measure supply and demand for real estate. (if no new listings come on the market it would take this money months to sell the current inventory). At 2.5 months of inventory the pricing in Arlington is flat. This is a chart for single family homes for the last 5 years – the craziest part o ..read more
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Arlington, VA Real Estate Overview for 2021
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
1y ago
Arlington, VA Real Estate Overview for 2021 Real estate sales and values in Arlington, VA flourished in 2021, except for condos. Single family home market has continued to be absolutely mad and is continuing to be mad due to very low inventory levels. Loan interest rates remained at record lows and helped keep the prices high. Let’s look at Arlington, VA real estate statistics: 1. Single family home supply was low and prices increased. Condo market has stabilized. In real estate we measure supply/demand by calculating “Months of Supply” of homes on the market. How is that calculated? Answer: i ..read more
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The real estate market has slowed down in Arlington, VA
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
1y ago
Real estate market has slowed down in Arlington, VA So how was Arlington, VA real estate market in September, 2021? With a very surprising upswing of real estate during the pandemic everyone wants to know how the market is doing? That’s all I’m hearing from friends, neighbors, clients. HOW IS THE MARKET? Well, we went from 100 to about 80. Here are the main points: 1. The sales are lower than last September. About 11% fewer homes sold this September than 2021 (22 vs. 274). If we look at the actual dollar volume – we are seeing about a 22% dip. 2. Average days on the market wen from 21 to 30 ..read more
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Briggman Market Watch – Arlington, VA Real Estate May 2021
Renata Briggman | The Arlington Expert Blog
by Renata Briggman
1y ago
Arlington, VA Real Estate Market Update, May 2021 So how is the real estate market in Arlington, VA? Single family home market is still going crazy, while condo market is OK. Townhomes are somewhere in the middle. Arlington real estate, just like any real estate follows the law of supply and demand. We calculate the demand by the “months of inventory”. (If not more new listings come on the market how long it would take to sell the current inventory?) In Arlington it takes about 2.5 months if inventory for the market to be neutral. Take a look at this chart – BLUE is overall market, RED is sing ..read more
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