The frenzy created in the Arlington housing market when Amazon announced that it would open its second headquarters resulted in rising prices, skyrocketing sales and a dearth of homes for sale.
Now, there is so little for buyers to choose from that home sales have dropped precipitously.
In June, closed home sales in Arlington fell 27 percent. This drop was likely caused by two metrics. First, the supply of homes for sale plummeted by 55 percent year-over-year, resulting in paltry inventory in June. Second, home prices continued to rise, increasing by 8 percent year-over-year to $565,310.
Lastly, buyers may be getting fatigued with the competition, which remains high based on the monthly contract ratio. For every active listing in June, 1.23 contracts were submitted, the second highest contract ratio ever for the county.
This article originally published at https://dc.urbanturf.com/articles/blog/as-inventory-plummets-in-arlington-home-sales-follow-suit/15656.
Most Popular... This Week • Last 30 Days • Ever
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
Can $400 million revive downtown; can IKEA save the mall; and does it make sense to ... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro