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The real estate market in Arlington, Massachusetts, was a mixed picture in 2023, with single-family home prices flat and condominium prices jumping double digits, according to the Massachusetts Association of Realtors (MAR).
Over the last five years, single-family home and condo prices in Arlington have increased more than 50 percent.
Arlington Single-family Homes Sales Drop in 2023
The median price of a single-family home slipped by $3,000 in 2023 to $1,150,000, with 205 houses sold (a 29 percent decline), compared to a median price of $1,153,000 in 2022. There were 288 homes sold in 2022.
Statewide, single-family home prices rose 5 percent in 2023 to a much more modest $600,000, with sales declining more than 10,000 or 21 percent to 38,115.
In December, the median house price in Arlington jumped 15 percent to $1,100,000 from $957,000 in December 2022. There were only 13 houses sold, a 41 percent drop from 22 sales in December 2022.
In Massachusetts, single-family home prices rose 7 percent in December to $567,500 from $530,982 in December 2022, with a 21 percent drop in sales.
Arlington Condos Prices Jump in 2023
The median condo price in 2023 was $830,000, a 13 percent spike compared to $732,500 in 2022. MAR reported sales fell 10 percent to 207 from 230 units sold in 2022.
The December year-over-year increase was even more significant, with the median price of a condominium surging 26 percent to $792,500 compared to $627,500 in December 2022. There were 10 units sold in December, a 44 percent drop from 18 in December 2022.
Condominium prices rose 6 percent throughout Massachusetts to $530,000 in 2023 and 15 percent in December.
Statewide, condominium sales decreased about 17 percent in December to 1,172 and 17 percent throughout 2023 to 17,075.
Arlington Real Estate Inventory a Mix Bag in December
The number of houses on the market at the end of December was flat, with 13 single-family homes available, the same number as December 2022. Thirteen homes equaled about three weeks of inventory. Arlington has an extremely tight real estate market, given that five or six months of inventory is considered a balanced market for home buyers and sellers.
The number of condominiums available to home buyers plummeted 61 percent in December to nine from 23 in December 2022. The supply of condo inventory, already tight at about five weeks in December 2022, fell to just two weeks last month.
Home Buyers Paid Over List Price in Arlington in 2023
In December, home buyers paid 103 percent of the original listing price for single-family homes and about 98 percent for condominiums.
Throughout 2023, home buyers paid nearly 105 percent of the original listing price for houses and 102 percent for condos.
Will Arlington Real Estate Market Remain Competitive in 2024?
The Arlington real estate market’s performance in 2023, particularly the soaring condo prices and the over-list-price payments, underscores a broader narrative of a competitive and tight housing market. Despite the challenges posed by high prices and limited inventory, the willingness of home buyers to pay more than the listing price indicates a robust and persistent demand.
It will be crucial in 2024 for potential buyers to have a knowledgeable advocate looking out for their best interests. It’s not likely inventory will increase significantly in the coming months. Still, prospective home buyers must carefully monitor a real estate landscape that could change in either direction.
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