As we wrap up 2024, let's take a closer look at the Arlington County real estate market and its trends. Despite high interest rates and the typical holiday slowdown, Arlington continued to demonstrate resilience, making it another strong year for the local housing market. Here’s a breakdown of the latest data and insights:
Current Market Snapshot
Active Listings: There are currently 228 homes for sale in Arlington County.
Homes Sold (Last 30 Days): A total of 140 homes were sold.
Month Supply: At 1.6 months, inventory remains tight, though slightly higher than last month’s 1.9 months. This uptick is expected during the quieter December period.
2024 Performance Overview
Despite interest rates hovering around 7%, the market remained robust.
Average Sales Price: $899,000 — up 5.9% from last year’s $848,000.
Median Days on Market: 9 days, an increase of just one day compared to last year. Most homes continue to sell quickly, typically within a week.
Looking Ahead to 2025
Historically, years following an election see strong market activity, and 2025 is shaping up to follow suit. Here’s what to expect:
Price Growth: Home prices are projected to increase further, potentially exceeding 2024’s growth.
Spring Market: January through May will be the busiest and most competitive period. Many homes may attract 5–15 offers, especially early in the year.
Advice for Buyers and Sellers
For Buyers:The earlier you enter the market, the better. January and February typically offer the lowest prices of the year, though competition will be fierce. Start preparing now to secure your dream home at a more favorable price point.
Consider joining our January Home Buying Workshop to learn more about navigating the process and positioning yourself for success.
For Sellers:The spring market is prime selling season, with high demand and competitive offers leading to optimal prices and terms. However, preparation is key to maximizing your home’s value. Reach out to learn more about staging, marketing, and other strategies to set your home apart.
Wrapping Up 2024
Arlington County’s market continues to thrive, even in the face of challenging conditions. If you’re thinking about buying or selling, there’s no better time to start planning.
Have questions or need personalized advice? Feel free to contact us or email us at blake@thedavenportgroup.com. We’re here to help you navigate the market and achieve your real estate goals.
Here’s to a prosperous 2025! Happy New Year! 🎉