Mid-Atlantic Real Estate Market Report with Focus on Arlington, Virginia
Data Source: Bright MLS Weekly Market Report, Week Ending November 10, 2024
Report Prepared by Square Feet Appraisals in Collaboration with Delaware Beaches Online
Mid-Atlantic Region Summary
Key Takeaways
- Inventory Trends: Listings in the Mid-Atlantic remain above 2023 levels, with 4,895 new listings added during the week. Although there’s a seasonal cooling trend, the number of new listings is up 6.6% year-over-year (YoY).
- Active Listings: Active listings increased by 13.6% YoY, enhancing the range of options for buyers across major metro areas.
- Median List Price: Despite cooling in some areas, the median list price across the region is up 6.8% YoY, holding steady at $395,000, which shows continued demand.
- Market Activity: Median time to contract has increased slightly to 25 days, indicating a still-competitive market but with a modestly slower pace than last year.
- Cancelled Listings: Cancellations are up 27.5% YoY, which may reflect some resistance to rising prices or seasonal adjustments by sellers.
Mid-Atlantic Weekly Snapshot
| Metric | Current Value | % Change YoY | Notes |
|---|---|---|---|
| New Listings | 4,895 | +6.6% | Higher than last year, despite seasonal cooling. |
| Active Listings | 37,071 | +13.6% | Broader supply across the Mid-Atlantic. |
| Median List Price | $395,000 | +6.8% | Price appreciation remains steady. |
| Median Time to Contract | 25 days | +1 day | Market pacing slightly slower. |
| Listings with Price Decrease | 8.3% | -0.8 pp | Minor decrease in price adjustments. |
| Cancelled Listings | 473 | +27.5% | Sellers making strategic adjustments. |
Focus Area: Arlington, Virginia
Key Insights for Arlington, VA
- Local Demand: Showings in the Washington D.C. metro, which includes Arlington, are up by 6.1% YoY, indicating strong buyer interest.
- New Purchase Contracts: New purchase contracts in Arlington and surrounding areas rose by 11.3% YoY, reflecting a competitive market with active buyer engagement.
- Median List Price: In Arlington and the broader Washington D.C. metro, the median list price stands at $550,000, which is stable compared to last year, although slightly lower than in recent weeks due to seasonal adjustments.
- Time to Contract: The median time to contract in Arlington has increased to 29 days, up by 1 day YoY, indicating that while the market remains competitive, buyers are slightly more cautious.
- Cancelled Listings: There is a significant 69.8% YoY increase in canceled listings in the D.C. metro area, suggesting sellers may be adjusting expectations or holding off in light of the strong price points and buyer selectivity.
Arlington Weekly Snapshot
| Metric | Current Value | % Change YoY | Notes |
|---|---|---|---|
| Showings | 17,305 | +6.1% | Steady demand in Arlington area. |
| New Purchase Contracts | 1,189 | +11.3% | Active buyer interest reflected in contracts. |
| Median List Price | $550,000 | +0.0% | Stable but high; reflects strong demand. |
| Median Time to Contract | 29 days | +1 day | Slightly longer but still competitive pace. |
| Listings with Price Decrease | 7.8% | -0.4 pp | Price reductions stable amid high demand. |
| Cancelled Listings | 146 | +69.8% | Higher cancellations suggest pricing adjustments. |
Observations & Trends for Arlington, VA
- Buyer Engagement: Despite the seasonal shift, buyer interest in Arlington remains high, as evidenced by increased showings and new contracts.
- Pricing Dynamics: The high median list price and stable year-over-year trend suggest that Arlington is retaining its market value, but rising cancellations could point to some pricing resistance.
- Market Outlook: With an increase in active listings and steady list prices, Arlington’s real estate market offers potential buyers a competitive environment with continued inventory availability.
For additional information on the Mid-Atlantic and Arlington real estate trends, please visit Bright MLS Market Updates.
This report provides a comprehensive overview of the Mid-Atlantic real estate market with a targeted focus on Arlington, VA, offering valuable insights for buyers, sellers, and real estate professionals tracking regional dynamics.
Stay informed on Arlington’s competitive real estate market. For expert appraisals tailored to your needs—whether for estate planning, financial planning, or date of death appraisal—reach out to Square Feet Appraisals. Visit sqftappraisals.com for top-notch appraisal services today!