The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.
According to Long & Foster’s monthly market snapshot, there were only 193 sales in Arlington County in September. That’s down 13% from the previous year, while the number of homes on the market, now at 268, is down 52% from last fall.
The median price paid by Arlington buyers in September was $590,000. That is $75,000, or 15% more than last year!
Prices were largely up throughout Northern Virginia except in Alexandria City where the median price of sale last month was down 4% at $499,000. However, the city also saw a 10% decline in sales(180) from last September with the active inventory being down 54%.
“The Amazon effect is still in full swing, with both Arlington and Alexandria seeing their inventory contract, causing a squeeze on the number of units being sold,” said Long and Foster President Larry Foster.
Meanwhile, Northen Virginia’s largest county, Fairfax County, got 1,179 sales in September, a 13% increase from last year. The median was also up 4% at 502,500.
Loudoun County’s sales were up 17% from last year with the median price of $ 495,000, while the number of sales in Prince William County rose 8% with a median price of $382,000, up 5% from a year ago.
The inventory contraction is more evident in Arlington and Alexandria, though the number of listings is down double digits in all jurisdictions across Northern Virginia.