Question: How much more can I expect to pay for a 5BR house compared to a 4BR house?
Answer: The primary criteria for most buyers is the number of bedrooms, so this week we will break down the cost of detached and condo housing in Arlington by bedroom count. The dataset includes all closed sales since Jan 1 2020 except a $45M sale, River Place Coop, and age-restricted housing. Below are some highlights from the data:
- For detached homes, the biggest price jump is from four bedrooms to five, with an average price increase of 33.1%
- The best value for a detached home, with the lowest cost per bedroom, is a four-bedroom house
- Larger homes are much harder to find in South Arlington, with just 58 homes with five or six bedrooms sold since 2020 compared to 353 sold in North Arlington
- Nobody builds smaller homes anymore. Of the sold homes built within the last 20 years, zero had two bedrooms, three had three bedrooms, and 33 had four bedrooms compared to 141 and 64 with five and six bedrooms, respectively.
- Smaller, more affordable homes sell faster with ~70% of two-and-three-bedroom detached homes selling after just 1-10 days on market compared to ~40-45% of five-and-six-bedroom detached homes
- For condos, going from a two-bedroom to a three-bedroom adds 78.1% and is even more expensive in North Arlington, nearly doubling the cost
- The number of three-bedroom condos sold is <10% of the number of one-bedroom and two-bedroom units sold
- If you are looking for a three-bedroom condo on a budget, focus on South Arlington, where the average comes in under $550,000 compared to over $1.7M in North Arlington
- Expect to pay about 20% more for a property (detached or condo) built in the last 20 years
Hopefully this helps those of you currently searching for a home in Arlington or planning a housing search soon!
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at Eli@EliResidential.com.