Are you ready for the summer Arlington real estate market?

As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season.

Here is the latest stats on what's happening in the Arlington Real Estate Market last month:

• 254 homes in Arlington came on the market
• 222 went under contract
• 189 closed sales

In Arlington, there were 254 new listings on the market this May compared to the 383 listing during the May 2019. There was also a slight decrease in new listings compared to the 463 Arlington homes listed last month.

Interested in what is happening specifically in your neighborhood in Arlington? Get our custom tailored monthly market update to see if home values are going up or down in your neighborhood.

As Northern Virginia begins a phased approach to reopening, virtual best practices and health and safety guidelines for the buying and selling homes are in place to increase the comfort level of buyers and sellers. As a result, we are seeing more sellers come back to the market to list their homes.

Buyer demand in Arlington continues to outpace seller inventory, resulting in multiple offer situations, low days on market, and increasing home prices. The median days on market for May 2020 in Arlington was only 7 days with sellers getting 100% of their list price. In addition, if buyers continue to return to the market faster than sellers, we could see an even more extreme seller’s market. What was supposed to be a busy spring market is now turning into an even busier summer market.

Check out the latest homes for sale in Arlington:

We will keep you up to date with the latest Arlington real estate information and statistics here on Patch. If you have any questions about your specific situation, please reach out to Peggy directly at 703-420-3499 or email her at Peggy@PeggyYee.com.

This post is supported by our National Real Estate Partner at 72SOLD, where we will sell your home in 72 Hours for thousands of dollars more than a traditional real estate agent. Just go to our website at 72SoldNow.com to get a price for your home.