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January 21, 2016
The Arlington VA Real Estate Market Expected to Remain Flat in 2016
The Arlington real estate market has been in a sideways trend over the last year and is expected to remain stagnant. According to Zillow, current median property values in the area are $604,000, a decrease of 0.4% on the year, while 2016 is projected to bring a 0.2% increase in value.[i] In addition, the average rental rates in Arlington are $2039, a decrease of $23 or 1.1% from six months ago.[ii] The good news is that development is taking over center stage, as there are a number of real estate projects in motion. What does this mean to homeowners, those looking to buy real estate, and those looking to move into Arlington in 2016?
Single Family Home Prices In Arlington
The shinning beacon of light throughout the Arlington real estate market is single-family homes, as they are in high demand. 3 BR single-family homes have increased in value 4.8% on the year to $732,500, while selling in an average of 1.79 months.[iii] Those who are in a position to sell this type of housing should take action now, while there are plenty of buyers available. On the other hand, those looking to purchase real estate in Arlington might want to consider holding off on purchasing single-family homes due to their hefty price.
Condos in Arlington have dropped in value 9.7% since November 2014 to a median price of $375,000.[iv] Those looking to purchase a condo in Arlington should take advantage of the opportunity they have available right now. On the other hand, those looking to sell their condo may want to hold onto it for a while in hopes that their property value picks back up.
Rental Rates In Arlington
With rental rates at an average of $2039, real estate investors in the area are taking advantage of the market conditions. Those who are considering renting property in Arlington should be able to capitalize on relatively stable rental rates in 2016, as the overall market isn’t expected to move significantly.
Developments In Arlington
There are a number of real estate developments in Arlington that were recently completed, including the Maxwell Apartments, The Beacon, Columbia Place, Pike 3400, The Shell, Clarendon Apartments, Verde Point, and The Arcadia.[v] Since Arlington is bracing for a population boom, property values are likely to increase over the next 10 years.
Future Developments In Arlington
There are a large number of future development projects in Arlington that will likely support this real estate market over the long-term. Since most of these projects are focused on the residential rental market, expect people to move into the area and improve the region economically.
Arlington Real Estate Market
Real estate values are likely to remain stable throughout 2016 and increase over the next ten years. Overall the market is strong and is calling people into the area, allowing those who own or want to purchase real estate with an investment that carries very little risk.
[i] Zillow, Inc. “Zillow”. Zillow. N.p., 2015. Web. 31 Dec. 2015.
[ii] Rentjungle.com,. “Average Rent In Arlington, Arlington Rent Trends And Rental Comps”. N.p., 2015. Web. 31 Dec. 2015.
[iii] Getsmartcharts.com,. “Home | Smartcharts”. N.p., 2015. Web. 31 Dec. 2015.
[iv] Getsmartcharts.com,. “Home | Smartcharts”. N.p., 2015. Web. 31 Dec. 2015.
[v] Arlingtoneconomicdevelopment.com,. N.p., 2015. Web. 31 Dec. 2015.
January 8, 2016
Washington D.C. Real Estate Market Indicators Stay Strong Into 2016
The Washington D.C. real estate market has been on a steady climb since 2012, and 2016 appears to be more of the same. As 2015 came to a close, all real estate market parameters are inching up, suggesting that continued strength and price increases are on the horizon. Those who are considering purchasing real estate in Washington D.C. will face continued strong competition for property. Homeowners who are interested in selling real estate in the city should take advantage of the surge in sales activity and increase in property values as we head into the new year.
Increasing Sales Activity
According to market statistics, the numbers of closed sales in Washington D.C. in November 2015 were 8,603, up from the five-year November average of 7,937. In addition, the numbers of pending sales in November 2015 were 10,825, while the five-year average has been 9,548. This demonstrates that overall market is heating up throughout the metropolitan area, allowing sellers to connect with interested buyers.
Falling Real Estate Inventory Levels
Throughout Washington D.C., real estate inventory levels are dropping. As of November 2015, Washington D.C. had 4.1 months of supply, significantly less than the going five-year November average of 4.6 months. When a real estate market experiences falling inventory, there are either fewer sellers or more buyers taking properties off the market. In Washington D.C. buyer demand is heating up, while many homeowners are holding off on the sale, insisting on higher property values before listing their property on the market.
Increasing Median Sales Value
Since the amount of demand throughout Washington D.C. is greater than the supply, both the listing price and the median sales price are increasing throughout the city. Presently, Zillow has estimated that median property values are $500,300, a 7% increase over the year. According to Trulia, the median list price throughout Washington D.C. is $650,241, up 3.3% on the week and the median sales price is $510,000, up 5.2% from September. Over the course of 2016 alone, property values are expected to increase 3.1%, giving those who are interested in selling or buying real estate in Washington D.C plenty to consider.
Take Advantage Of The Washington D.C. Real Estate Market
Homeowners who are in a position to sell their house in Washington D.C. and are satisfied with their property values have every reason to take action now, as the market is favorable to them. Those who are looking to purchase real estate in Washington D.C. will face continued strong competition.