By Nena Perry Brown posted August 19th, 2019 on dc.urbanturf.com
Redfin’s most recent ranking of the nation’s most competitive housing markets places both Arlington and Alexandria at the top of the list, tied with Grand Rapids, Michigan. The report uses data on waived contingencies, number of offers, days on market and premium above listing price to identify which cities have the greatest competition for would-be homebuyers.
In July, listings sold in a median of 11 and 14 days in Arlington and Alexandria, a week less than the previous July for both jurisdictions. The gradual pacing of Amazon HQ2’s arrival seems to be exacerbating constrained supply and competition in Arlington and Alexandria. There were half as many listings on the market last month as there were in July 2018.
The constrained supply is leading to a sense of urgency among buyers, and has translated to 46 percent of listings in Arlington and 36 percent of listings in Alexandria selling at or above asking price in July. The low number of actual sales, however, has flattened median prices year-over-year in both places.