September was a month of real estate growth for the country according the NAR (National Association of Realtors). For Orange Line Living, the data reported is reflective of our area as well, in particular when looking at year to year data. Arlington is on pace with continued real estate growth. Figures reported that September was the highest month for sales across the nation with $5.17 million in sales. The median home price listed for the country was up 5.6% compared to a year ago.
The signing of contracts to purchase a home in September increased compared to a year ago; the first increase seen in the country on year to year comparisons in eleven months. The supply of existing houses also rose by 6%. This steady increase in supply will help keep the market at a good pace for both sellers and buyers. A small, but increasing supply helps sellers list their homes at an ideal prices based on current values as opposed to too many houses in competition. For buyers, they can see that there are more houses coming to the market at a steady pace which will help with confidence in finding what they want in a home. Add to this a trend in lower mortgage rates, which as reported by Freddie Mac, at this time are averaging 3.92% for a 30 year fixed mortgage; those searching for a new home are more readily able to buy.
Local figures reported for Arlington show an increase in home values of 3.9% compared to a year ago in September. The average price per square foot is reported between $427- $458, up to 4.1% higher than last year. The median sale price in all of Arlington County is being reported at $529,000-$62800 up to a 3.9% increase from a year ago. These figures indicate a strong seller’s market is on the rise. Whether you are selling or buying, the Orange Line is home to a strong real estate market. Myself, and the Orange Line Living team are here to provide you with our unique and specialized services so you can turn your home dreams into reality. To learn more about how we can help you, contact us directly at 571-969-7653 or at [email protected].