Arlington Real Estate Sees Modest Growth in Early 2024

The Arlington, VA real estate market displays mild volatility, with fluctuating average property values and sale volumes, but remains overall stable.

authorWritten by Manuel MartinezMay 28, 2024

Average property values in Arlington, VA, have fluctuated in recent months, peaking in February 2024 at $712,000 and dropping to $665,000 in March. Homes on sale have maintained a stable trajectory, with the highest number of sold homes in September of last year when 1,919 properties changed owner. Compare that to April this year were there were 1,501 properties sold.

The average sold price per square foot rose from $553 in May 2023 to $575 in April 2024.

Comparative Real Estate Trends in Nearby Cities

  • Falls Church, experienced an increase in average home values, which grew from $650,000 in May of last year to $672,000 by April this year – a 3% increase in less than a year. This type of rise is a clear indicator of the strength of Falls Church’s real estate market.
  • In Dunn Loring the average property value spiked to $1,544,000 in July 2023 before settling to a more moderate $747,000 in December.
  • In Annandale, the average value dropped $30k from $600,000 in May 2023 to $570,000 in April 2024. In the meantime, house prices in Mc Lean went from $1,586,000 in May 2023 only to reduce slightly to $1,485,000 in April 2024.

These neighboring cities indicate a generally healthy market with upward trends in property values, albeit with different growth rates and scales.

Current Real Estate Metrics in Arlington, VA

May 2023 April 2024 Change
Median Listing Price $704.5K $806K 14.41%
Median Sold Price $755.2K $806K 6.72%
Homes For Sale 317 300 -5.36%
Homes Sold 1,578 1,501 -4.88%

Arlington continues to demonstrate a high level of activity with a sale price averaging $806,000 and an average sold price per square foot at a healthy $575, surpassing the average value per square foot. This suggests that homes may be selling for more than their listed value, pointing to a competitive market where demand may exceed supply.

There were 1,501 sold homes last month, the lowest number for the specified period but not necessarily an alarming figure. Right now, buyers are more discerning or are leveraging market conditions to negotiate better terms.

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