The Arlington Virginia Real Estate Market 2022
What to Expect in 2022
Arlington VA is one of the most popular places to live in the United States. In this blog post, we will take a look at the Arlington VA real estate market right now and what to expect in 2022.
The Arlington VA Real Estate Market: What to Expect in 2022
The average price for a home in Arlington VA is expected to reach $675,000 by 2023. This is due to several factors such as job growth, low-interest rates, and an influx of new residents.
Zillow is predicting that the Arlington VA real estate market will be a "hot" market in 2022. This means that there will be more buyers than sellers and homes will sell quickly.
If you are thinking of buying or selling a home in Arlington VA, it is important to consult with a real estate agent to get the most up-to-date information. Arlington VA is a competitive real estate market, and you want to make sure you are prepared.
Arlington's current home sales for May 2022 are down -17.0% from last year while the Arlington median home value is up +11.0%. Comparing Arlington's current home sales to other areas in Northern Virginia, it is still doing better than most with a decrease of only -17.0%.
Some experts are attributing Arlington's drop in home sales to the fact that many Arlington buyers are now looking for homes in Loudoun and Prince William counties where they can get more space for their money.
Factors affecting supply and demand
These key factors are affecting the demand and supply of homes currently in Arlington. Mortgages rates have increased, rising home prices, record-high inflation, and increasing population.
Mortgages rates have increased again: With inflation still posing a threat to the economy, mortgage rates have risen once again this week. The average rate on 30-year mortgages climbed to 5.36 percent, up from 5.27 percent last week.
Rising home prices: Home prices in Arlington have increased by 11 percent since last year and are predicted to rise even more in the future. Experts expect home prices to continue rising in 2022 but at a slower rate than in the past 18 months. The prices for homes will increase at a slower pace due to higher mortgage interest rates.
Record-high inflation: Inflation rates are at a record high, which is discouraging some Arlington buyers. The current inflation rate for the United States is 8.6% for the 12 months ended May 2022, the largest annual increase since December 1981 and after rising 8.3% previously, according to U.S. Labor Department data published June 10. Many homebuyers not just in Arlington are finding it challenging to afford a home.
Increasing population: Arlington's population is growing rapidly, and this is one of the key factors that is driving up demand for homes. The U.S. Census Bureau estimates Arlington's population will reach 241,000 by 2030, an increase of 31 percent from 2010. This growth is due to Arlington's proximity to Washington, D.C., and the many job opportunities in the area.
Are you looking to buy or sell a home in the Arlington, VA area? Contact Winkelmann Properties today! (703) 850-5223.