Although home inventories are low, KW Metro Center of Arlington tops the market share in total homes sold in August 2019!
• Arlington County has 50% fewer active listings compared to August of 2018. However, this continued decrease in inventory is resulting in homes being sold 75% faster (most on the market for less than 2 weeks), and with an increase in median sales price (+12.4%). Any type of home on the market is driving competition and being snatched up quickly. Single family homes with 3 bedrooms are seeing the biggest increase in sales price (+10%) since last year, followed by 2 bedroom townhomes/condos (+4%).
• Washington DC sees a slower, but still significant increase, in median sales price (+5%) since August of last year. Due to a slight decrease in inventory (20% drop in active listings), homes are selling 30% faster and on the market for an average of 38 days. Single family homes with 3 bedrooms are selling for the largest increase since last year (+7.5%), followed by 2 bedroom townhomes (+6.4%) – mirroring Arlington County.
Want to find out what the market impact is on buying or selling your home or investing in a rental property? Contact me at [email protected] or 703-798-1803.
The following analysis is based on August 2019 Bright MLS housing data.
