Before we step ahead into 2015 and see what is in store for Arlington real estate, let's first consider the housing trends that defined Arlington for the past few years:
- 2012 was location, location, location. Arlington's location helped it weather the housing storm of previous years.
- 2013 was movement. Like a snowball picking up speed, the Arlington housing market was taking off.
- 2014 was transition. A similar market with continued limited inventory and rising values.
2014 was an absolutely astounding year for real estate sales in Arlington. In this brief snapshot of 2014, you'll see that prices increased dramatically over 2013 as buyer demand held steady at a very high rate.
- Single-family homes increased in value by 11% over 2013, and 17% above 2012.
- Condominiums increased in value by 14% compared to 2013 and 16% since 2012.
- Multi-family homes sales also increased 8% from 2013 and a total of 12% since 2012.
Data source: Multiple Listing Service (MLS) 1.2.15
**Average sales price for properties sold in Arlington through MLS.
The numbers don't tell the entire story. Easy commute to Cambridge and Boston, rich and diverse culture, wide array of fabulous restaurants and shops and close community and strong school system - these are the X factors that earn Arlington its reputation as one of the best towns to live in the Greater Boston area.
So what is our prediction for Arlington real estate this year? 2015 will be the year of opportunity.
Rarely do such favorable market conditions come around for home sellers. Low inventory means less competition, a large pool of buyers means high demand and home values are some of the strongest on record.
While no one can predict exactly what will occur in the coming months, history provides us a pretty good guideline. The economy is constantly fluctuating and real estate values can change at any time. In the past we have seen values rise, fall and rise again. We have been riding a real estate trend of low inventory and rising home values for quite some time now. The opportunity for home sellers is there, but it may not last long.
If you're considering selling or would like to understand the current value of your home, call the #1 real estate agent and team in Arlington for a free and confidential market analysis. Steve McKenna has been Arlington's #1 real estate agent for more than 25 years and has more knowledge and experience than any other agent in town.