by Brandon M. Scott
If you’re looking to dive into the real estate market in Arlington, Northern Virginia, you’re in the right place. I have gathered the most recent data on homes sold and their median prices in September 2023 and the year, making it easier for you to navigate this dynamic market. In this article, I will cover the notable trends, present you with a list of the five least expensive and five most expensive locations based on median sale prices, and identify two communities experiencing the best retention in value and demand, so far. Let’s get started.
Arlington, Northern Virginia Overall Stats
The overall community of Arlington, VA saw 172 properties sold in September 2023 and this year 1,788 homes have sold. There is a 17.3% decrease in homes sold in September 2023 compared to the same time last year, September 2022. The median sale price remains competitive with the region, for September, at $695,000. For the year, the median home price is $675,000, which suggest an increase in buyer demand in September across Arlington, Virginia communities – seeing a 3.1% increase in the median sale price overall.
Let’s look at several communities in Arlington, Northern Virginia.
The Communities of Ashton Heights/Clarendon, VA (22201)
The Ashton Heights/Clarendon community saw 20 homes sold in September 2023 and 280 for the year, or an average of 31 homes per month. Although there was less demand on average last month, the median sale price last month (September 2023) was $67,750 more than the current median sale price of $616,250. In September 2023, there was a 37.8% increase in the median sales price compared to September 2022. Consumer demand along with industry continue to increase buyer demand and further insulate homeowners’ equity.
The Communities of Aurora Hills/Crystal City, VA (22202)
Crystal City and Aurora Hills is a community rich in transient culture and a cool worldly vibration. Surrounded by shops, trails, and minutes from DC proper and the Pentagon it is an area that attracts and retains. In September, 10 properties were sold and 148 have sold in 2023 (through the end of September). The median sale price was $797,500 in September 2023 and $647,000 for the year (2023), a clear indication of competition-based demand. The median sale price underscores that demand for a location will drive value creating competition-based demand. Despite selling 50% fewer homes than Ashton Heights/Clarendon, Crystal City, Aurora Hills demanded a higher median, which has seen a 16.9% increase in the median sale price year-over-year.
The Community of Ballston, VA (22203)
Ballston is home to Ballston Quarter, a thriving tech hub, and a lively community. There were 24 homes sold September 2023 and 209 for all of 2023. The September 2023 median sale price was $468,600 and, for the year, $520,000. This Virginia community offer more accessibility and will feature condo style properties. The area has seen a 20% increase in the median sale price for September 2023 compared to September 2022.
South Arlington, VA (22204)
A diverse community with accessible parks and recreation options, as well as the median price point. For September 2023, 37 properties were sold and 310 have sold for the year. For 2023, the median sale price is $495,250 and for the month of September 2023 the median sale price rose to $595,000. South Arlington saw an 18.4% increase in the median sale price, while the number of homes decreased 7.5% from September 2023 and September 2022.
Five Least Expensive Locations (by September 2023 median sale price)
- Ballston, VA (22203) – $468,600
- South Arlington, VA (22204) – $595,000
- Shirlington, VA (22206) – $575,777
- Ashton Heights/Clarendon, VA (22201) – $684,000
- Rosslyn/Arlington, VA (22209) – $782,900
Five Most Expensive Locations (by September 2023 median sale price)
- North Virginia (22207) – $1,400,000
- Westover, VA (22205) – $845,000
- West Arlington, VA (22213) – $837,450
- Aurora Hills/Crystal City (22202) – $797,500
- Rosslyn/Arlington, VA (22209) – $782,900
Communities with the Best Retention in Value and Demand
When looking for communities that are retaining their value and demand, it may be hard to decide. There are many NOVA communities that are close to the standard. There are two communities that rise to the top, North Virginia and Rosslyn/Arlington, VA, based on this analysis.
In September 2023, North Virginia saw seen a 29.6% increase in median sale prices compared to September last year. The area continues to show strong demand with an 11.5% increase in homes sold.
For Rosslyn/Arlington, VA there was an exceptional 143.1% increase in median sale prices in September 2023 compared to September 2022, although the number of homes sold decreased by 25%. Despite the decrease in sales, this area remains a hot spot for those seeking high-value investments.
The Arlington, Northern Virginia housing market is a diverse landscape with various neighborhoods offering unique opportunities. While some locations are experiencing a decrease in homes sold, others are thriving with significant appreciation in median sale prices. My prediction is that once rates adjust, we can expect the market to be flooded with inventory and buyers. It’s crucial to keep a close eye on these trends, especially if you’re planning to invest in this dynamic market. Whether you’re looking for affordability or are ready to make a premium investment, there’s something for everyone in Arlington, North Virginia’s real estate scene.
Brandon Scott is a licensed real estate agent in Washington, DC, Maryland and Virginia. His license hangs with Keller Williams Capital Properties in DC. He’s been involved in the mortgage finance industry for the last 22 years in various fields. You can reach him by email at [email protected]. Subscribe to his YouTube Channel at RealTeaDMV