Market Update October, Arlington ,VA

The real estate market in Arlington, VA is doing really well so far this year. Here is a snapshot from January to end of October: 

1. Average Sold Price for all properties:

• 2024: $894,268
• 2023: $840,261
• Percentage Increase: 6.43%

The average sold price increased by approximately 6.43% compared to last year.

The average sold price for detached homes in Arlington County, VA, from January to October 2024 was $1,438,954. This represents a 5.30% increase from the previous year's average price of $1,366,583

2. Units Sold:

• 2024: 1,889 units
• 2023: 1,938 units
• Percentage Decrease: -2.53%

There was a slight decrease in units sold, down by 2.53% from the previous year.

3. Days on Market (DOM):

• 2024: 23 days on average
• 2023: 25 days on average
• Percentage Change: -8.00%

The average days on the market reduced by 8%, indicating a faster turnaround time for sold properties.

4. Detached Homes:

• Average Price (2024): $1,438,954
• Average Price (2023): $1,366,583
• Percentage Increase: 5.30%
• Units Sold (2024): 659
• Units Sold (2023): 702
• Percentage Decrease in Units Sold: -6.13%

There is currently 1.3 months of inventory. One of the lowest in the last few year.  

Detached homes saw an increase in average price by 5.30%, though the number of detached units sold decreased by 6.13%.

This report provides an overview of key metrics, showing a general trend of increasing property values despite a slight reduction in the number of units sold and average days on market. Detached homes experienced a noticeable price increase compared to last year, albeit with a lower volume of sales. The market in Arlington is very strong and competitive compared to some other areas in the DMV.