Executive Summary
- The average sales price for single-family detached homes in Arlington rose 10.8% year-over-year to $1,446,964 in October.
- Total residential sales volume in Arlington increased by 30.7% to $183.5 million compared to the previous year.
- The broader D.C. region experienced a 3.6% quarterly price decline, significantly sharper than the 0.6% national dip.
- A survey of Virginia Realtors indicates expectations for a slower home sales market during the upcoming winter season.
The Arlington housing market demonstrated notable resilience in October, with key metrics showing year-over-year growth despite a federal government shutdown and wider economic concerns. The average sales price for single-family detached homes saw a significant increase, indicating sustained demand in the area.
Arlington Market Analysis
According to data from Bright MLS, the region’s multiple-listing service, the average sales price for the 79 detached homes sold in Arlington during October reached $1,446,964. This figure represents a 10.8% increase compared to October of the previous year. While down from an outlier of over $1.8 million in September, the price point remains substantially higher than the national average.
A total of 191 residential properties were sold in Arlington last month, a 9% increase from September. The overall average sales price for all property types was $958,153, up 19% year-over-year. This increase was partly driven by a higher proportion of single-family detached homes in the sales mix, which constituted 41.3% of all transactions compared to 29.1% a year prior. The total sales volume for October was $183.5 million, a 30.7% rise from $140.4 million a year ago.
Other market segments showed mixed results. The average price for attached homes rose 4.8% to $610,329, while condominiums saw a 3.9% decrease to $423,903. Properties that sold in October spent an average of 32 days on the market, up from 26 days a year ago, and sellers received 97.3% of their listing price on average, down from 99.3%.
Broader Regional and National Context
While Arlington’s market was robust, the wider D.C. area showed signs of strain. Lisa Sturtevant, chief economist for Bright MLS, noted that while the regional market has been resilient, “we are definitely seeing some cracks.” She added that prospective homebuyers remain cautious due to economic uncertainty, even with lower mortgage rates.
Data from the National Association of Realtors (NAR) highlighted a significant quarterly price decline in the D.C. region. The median single-family home price dropped 3.6% from the second to the third quarter, a dip six times larger than the 0.6% decline seen nationally. Despite this, the region’s median price of $657,200 was still up 2.3% year-over-year.
Looking ahead, a survey by Virginia Realtors suggests a potentially slow winter season. The survey, which polled over 1,000 real estate professionals, found expectations for both buyer and seller activity at their lowest points for the year. This sentiment aligns with typical seasonal slowdowns but also reflects current economic conditions.
