Arlington Va Housing Market Stats July 2010 – Home Prices Up 9.2% vs. July 2009 in Courthouse, Clarendon, Virginia Square and Ballston areas
I saw the news in the papers (Washington Post: Sales of Existing Homes Plunge to 15-Year-Low), on the web and on television about the big drop in home sales and the dire state of the housing market nationally.
But that “news” doesn’t match up with what I’ve been seeing in the local housing market along the Orange Line in Arlington and on Capitol Hill in Washington, D.C.
I’ve been seeing a seller’s market – especially for properties that are in excellent condition and priced right. That’s because there aren’t a lot of houses for sale on the market right now to choose from – inventory is low.
Multiple Offers for Arlington Homes for Sale
Many of my buyers have been in situations over the last 6 months where there were multiple offers made on the house that they wanted to buy. Some clients didn’t get the first home they selected because – at least initially – they did not want to bid aggressively enough. Everyone hears how bad the housing market is nationally. But their local market in Arlington is a seller’s market.
So let’s take a look at July prices for homes in Arlington zip code 22201 where I do a majority of my work.
Median Home Price of $535,000 is Up 9.2% vs. July 2009 in Arlington 22201
While the total number of sales are down 30% (47 vs. 67) in July 2010 compared to July 2009, median sold home prices were up 9.2% (to $535,000 from $489,900) in zip code 22201 (Courthouse to Ballston).
The median home sales price for July 2010 ($535,000) in Courthouse, Clarendon, Virginia Square and Ballston is also up compared to July 2008 ($520,000) and July 2007 ($516,593).
Northern Virginia Area Prices Up Too
For all of Northern Virginia the median sold price was up 9.8% to $450,000. All areas saw a price increase compared to July 2009 except for Alexandria.
The News for Arlington Home Buyers and Sellers
It goes to prove the old saying that all real estate is local!
And the local news for Arlington home sellers is to make your home shine and price right. For Arlington home buyers, the news is to be prepared for bidding wars on right priced properties.
Help Understanding the Market
You can see local price and inventory trends for Alexandria, Arlington, Falls Church and Washington, D.C. at my website.
I can help you better understand prices for your specific needs whether it be a condo, townhouse or single-family home in Arlington or Capitol Hill. Feel free to contact me at Meg@MegRoss.com.
If you want to know more about the housing market, search homes for sale in Arlington or need help selling your home, feel free to e-mail me at Meg@MegRoss.com or give me a call at 703-447-0970.
Notes
- All sales price data is for July 1 – 31 and is from Metropolitan Regional Information Systems, Inc. (MRIS), the local multiple listing service.
- I look at median price instead of average price because I believe the median price (half of homes sell for more, half for less) gives a better look at the market since the average sales price can be distorted by a few large sales.
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