Arlington VA Real Estate Market Expected To Remain Flat in 2016
January 21, 2016
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.