The median price for Arlington homes increased 7% year-over-year to $247,500 for the third quarter of 2020. Arlington home sales were also up, increasing 10.2% over the same yearlong time frame.
In addition to the higher prices and increased sales, Arlington’s monthly housing inventory was down to 1.2 months. That compared to 2 months in 2019 Q3. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
“My advice for home buyers is don’t blink,” said Taylor Oldroyd, President/CEO of the Arlington Board of REALTORS. Today’s housing market is up and interest rates are down, coupled with inventory woes and increasing demand, means be prepared for a quick process. But with your trusted REALTOR by your side, you will be in great shape to navigate the ups and downs of buying and selling.”
Nearly 53% of all Arlington homes sold in third quarter were priced between $200,000 and $299,999. Homes spent an average of 29 days on the market, two days more than 2019 Q3. In addition, active listings decreased 41.7 percent to only 430 listings in 2020 Q3.
Third Quarter 2020 Arlington Statistics At-A-Glance (vs. 2019 Q3)
- 1,365 – Homes sold, 10.2% increase
- $247,500 – Median price, 7% increase
- 1.2 – Monthly housing inventory, down from 2 months
- 29 – Average number of days on market, two days more
- 35 – Average number of days to close
Locally, median prices were up for the Dallas-Fort Worth-Arlington MSA (9.1%/$300,000), Tarrant County (10.4%/$265,00), Johnson County (11.9%/$245,000) and Mansfield (12.6%/$337,590). The statewide median housing price climbed 8.6% to $266,000.
“The Texas housing market experienced a strong push-through of demand from the second quarter into the third quarter,” said Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “Active listings saw a sharp drop with many sellers hesitating to list their property in the middle of a pandemic. However, as the economy and employment numbers continue to recover, we anticipate end-of-year sales figures will be higher than 2019.”