Question: How do prices in the Arlington housing market compare to prices in neighboring communities?
Answer: I hope everybody had a great Memorial Day Weekend! You may have read ARLnow’s post last week that the median price of a home in Arlington is up by $100,000 or 17% this year and if you’re in the market to buy a home, this is alarming news. Arlington and Alexandria have quickly gotten too expensive for many buyers since Amazon announced plans to move its second headquarters to National Landing, so I thought I’d share how prices in other nearby communities compare to Arlington’s prices. The following data is based on sales going back to January 2018.
Annandale: I think Annandale is one of the best investments in Northern VA over the next 5-10 years and I encourage buyers who don’t need easy Metro access and who are looking for value, proximity to DC, and appreciation potential to strongly consider it.
Arlington: I don’t think we’ll see double-digit appreciation in Arlington after this year, but I do expect steady growth over the next 8-10 years, with the exception of any years slowed down by a market downturn.
Burke: Burke is popular for its combination of highly rated schools, VRE access, quiet residential neighborhoods, and much home lower prices. Despite its distance from Arlington, the Amazon-effect is being felt here too; I’ve run into multiple offers and escalating prices over the last couple of months on properties that normally would have sat on the market for weeks or months.
Mclean: Host to many of Northern Virginia’s most expensive homes as well as its top-rated public schools, the average price of a townhouse or single-family home in Mclean is higher than Arlington, but with a lower $/sqft your dollar usually goes further. Lot sizes also increase significantly over the average Arlington lot.
Vienna: Vienna is more Metro accessible than Mclean, Burke, and Annandale, most of the schools have above-average ratings, and there’s a great downtown area along Maple Ave. The downside for many commuters is the traffic along 66. Like Arlington, Vienna has a diverse housing inventory so there’s a good chance you’ll find what you’re looking for at a significant discount from Arlington and Mclean.
If you’re in the market for a home and struggling with the recent double-digit increase in prices in Arlington and Alexandria, I’d be happy to help you find other communities in Northern VA, DC, or MD that will fit your budget. Send me an email to Eli@EliResidential.com to schedule time to meet.