As we move into the fall season, the Arlington real estate market is shifting, offering both buyers and sellers new opportunities to make the most of the current trends. With interest rates near a 52-week low and a steady increase in housing inventory, September is shaping up to be a pivotal month for anyone considering a move in Arlington.
Market Snapshot:
The real estate market in Arlington is currently experiencing a notable uptick in activity. As of September 2024, there are 307 active listings on the market, a healthy supply of homes for potential buyers. In the past 30 days alone, 144 homes have sold, reflecting a steady pace of transactions.
What’s particularly interesting is the months of supply, which has climbed to 2.1, representing a 24% increase from last month. This is the highest level we’ve seen in the past year. With more homes available and a bit more breathing room for buyers, it’s a great time to explore the Arlington market.
Pricing Trends:
Home prices have remained strong throughout 2024. The average sales price in Arlington has risen to $904,238, a 7.5% increase compared to 2023. While home prices have steadily appreciated, the increased supply and current interest rates may give buyers an edge as we enter the cooler months.
Interest Rates Near 52-Week Low:
Perhaps the most exciting news for buyers is that interest rates are now in the mid-5% range, marking a near 52-week low. Lower rates mean more affordability for homebuyers, allowing them to secure better mortgage terms and potentially save thousands over the life of their loan. However, with rates expected to rise again, now may be one of the best times to lock in these favorable rates.
What Does This Mean for Sellers?
For homeowners thinking about selling, waiting until January might be the best strategy to maximize your sale. With higher supply in the market right now and demand softening, holding off until the new year could provide better pricing opportunities.
For Buyers:
If you’re looking to buy, this could be the most affordable window we’ll see for the next few years. With inventory levels high and interest rates at a low, the fall season is a prime time to start your home search in Arlington. Take advantage of the conditions before rates potentially climb again.
As always, our team is here to help guide you through the process, whether you’re buying, selling, or just curious about the market. Reach out today to get personalized insights on what these trends mean for you!