Are There Still Condo Buyers in Arlington?

This post was contributed by a community member. The views expressed here are the author’s own.

Condos offer a lower price alternative to home ownership and are quite popular in the DMV area, representing about 20% of all home sales, but can be as high as 50% in condo rich urban communities, such as Arlington, VA. Some of the key benefits of condo ownership include not having a yard to mow, onsite fitness center, gym, and pool, and a sense of community. Undoubtedly COVID-19 has impacted some of these benefits to condo ownership and, in the short-term, has change the desirability and attractiveness of condos.

Since the start of the summer, the inventory of homes have remained low, helping to keep home prices high, but not all homes are the same and we have observed a trend developing. Townhomes have the lowest inventory and are selling for above list price. Detached homes have low inventory and are selling for their list price. Condos have low inventory, however, the inventory is increasing and they are selling for less than list price. We believe the home buyers that would have been in the market for a larger condo are instead opting to purchase a similarly priced townhome, but not necessarily in the same area, resulting in less demand for condos and more demand for townhomes. So does the condo data support this? Let’s find out!

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In this article, we analyzed the most popular condos in Arlington and analyzed the data for 1-bedroom and 2-bedroom units. We compared the average sold price for condos in 2019 vs 2020, to observe if prices are rising or falling. We also compared the average annual number of sales for the past 3-years (2017-2019) against the current active homes for sale, to observe if the inventory is high or low for a specific condo community.

Comparison of Average Sold Price of 1-Bedroom Condos in Arlington in 2019 vs 2020 YTD:

Community Sold Price 2019 Sold Price 2020 Annual Sales Active Assessment
1510 CONDO $399,000 $395,000 2 0
1800 WILSON $472,343 $459,333 8 2 Price Dropping
ALTA VISTA $405,592 $420,300 5 2
ARBORS OF ARLINGTON $236,600 $246,200 4 0
ARLINGTON OAKS $226,750 $247,500 17 4
ASTORIA $357,243 $367,500 7 1
ATRIUM $420,408 $436,143 13 2
BALLSTON PARK $430,045 $451,510 3 0
BELLA VISTA $397,500 $430,306 4 0
BELVEDERE $466,140 $442,500 7 2 Price Dropping
CAMBRIDGE COURTS $289,429 $293,600 7 1
CARDINAL HOUSE $285,000 $286,200 9 0
CARLYLE HOUSE $230,823 $250,000 3 0
CARLYN PLACE $228,400 $243,857 6 0
CHARLESTON $458,965 $463,475 7 2
CIRCLE $207,500 $265,000 2 0
CLARENDON 1021 $504,451 $533,150 18 8
CLEVELAND HOUSE $275,071 $274,950 3 0
COLONIAL VILLAGE $286,573 $316,545 24 9
COLUMBIA KNOLLS $159,418 $181,125 7 2
COMMONS OF ARLINGTON $284,100 $295,000 3 0
CONTINENTAL $460,071 $469,768 11 4
COURTBRIDGE $299,300 $283,000 5 0 Price Dropping
COURTHOUSE HILL $427,000 $457,750 2 1
CRYSTAL PARK $366,833 $393,997 3 0
DOMINION HEIGHTS $435,000 $435,000 2 0
EASTVIEW AT BALLSTON $383,239 $421,625 22 5
ECLIPSE ON CENTER PARK $411,000 $451,960 20 4
FAIRLINGTON ARBOR $415,625 $391,000 3 0 Price Dropping
FAIRLINGTON COMMONS $310,000 $457,300 1 2
FAIRLINGTON GLEN $422,667 $443,780 3 0
FAIRLINGTON MEADOWS $361,500 $429,750 4 0
FAIRLINGTON MEWS $425,000 $480,000 4 0
FAIRLINGTON VILLAGES $361,691 $447,103 23 5
GASLIGHT SQUARE $832,000 $897,500 3 0
GEORGETOWN VISTA $305,000 $328,500 1 0
GROVE AT ARLINGTON $302,500 $336,667 5 0
HORIZON HOUSE $284,154 $311,887 14 7 Inventory Rising
HYDE PARK $365,723 $389,100 11 3
LANCASTER $200,000 $226,333 1 1
LEXINGTON SQUARE $449,400 $453,877 8 3
LIBERTY CENTER $488,429 $558,389 9 1
LORCOM HOUSE $238,750 $229,950 2 0 Price Dropping
ODYSSEY $457,267 $491,071 10 2
PALISADE GARDENS $284,333 $306,000 3 1
PARK GLEN $209,500 $232,750 4 1
PHOENIX $462,756 $484,400 6 3
PROSPECT HOUSE $552,500 $572,000 4 0
RIDGE HOUSE $302,250 $317,000 3 1
RIVER PLACE $179,711 $184,809 41 23 Inventory Rising
ROSSLYN HEIGHTS $246,000 $315,000 1 1
SHIRLINGTON VILLAGE $411,250 $449,167 5 0
STATION SQUARE $487,800 $570,833 5 1
STONERIDGE KNOLL $242,833 $220,250 4 2 Price Dropping
STRATTON HOUSE $215,500 $227,000 2 2
SUMMERWALK $398,300 $439,980 7 0
TAFT TOWERS $335,000 $338,000 2 1
THE BRITTANY $272,758 $287,333 12 1
THE CARLTON $174,750 $196,333 12 2
THE CAVENDISH $278,333 $269,689 7 3 Price Dropping
THE CHATHAM $234,050 $237,194 7 0
THE REPRESENTATIVE $355,000 $447,259 2 0
TOWER VILLAS $411,000 $512,000 1 1
TURNBERRY TOWER $870,571 $975,400 7 4 Inventory Rising
VALLEY HEIGHTS $125,000 $167,667 1 1
WATERVIEW $556,750 $624,500 4 3
WELDON $300,000 $315,000 4 1
WENTWORTH PLACE $328,000 $353,000 1 1
WEST VILLAGE OF SHIRLINGTON $330,188 $349,636 19 4
WESTLEE $420,542 $428,167 7 1
WESTMORELAND TERRACE $284,363 $292,063 8 0
WESTVIEW AT BALLSTON $390,702 $405,053 15 6
WILLIAMSBURG $517,500 $459,000 6 2 Price Dropping
WINDGATE $284,542 $303,500 6 1
WINDSOR PLAZA $402,929 $426,500 7 0
WOODBURY HEIGHTS $616,000 $381,429 6 1 Price Dropping
WOOSTER AND MERCER LOFTS $793,000 $1,047,500 2 0
YORKTOWN $232,125 $224,000 2 0 Price Dropping

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Comparison of Average Sold Price of 2-Bedroom Condos in Arlington in 2019 vs 2020 YTD:

Community Close Price 2019 Close Price 2020 Annual Sales Active Assessment
1800 WILSON $670,967 $748,700 3 2
38 PLACE $639,000 $570,633 1 1 Price Dropping
ALTA VISTA $552,350 $542,500 5 2
ARC 3409 $699,975 $669,214 8 6 Price Dropping
ARLINGTON HEIGHTS $207,250 $223,950 4 0
ARLINGTON OAKS $268,960 $291,083 7 0
ASTORIA $490,686 $454,140 10 4 Price Dropping
BALLSTON 880 $464,080 $552,450 7 2
BALLSTON PARK $633,825 $635,000 3 0
BALMORAL $385,000 $400,100 1 0
BELLA VISTA $701,333 $681,167 3 2 Price Dropping
BELVEDERE $629,818 $661,747 13 3
BERKELEY $759,500 $655,000 2 0 Price Dropping
CARDINAL HOUSE $362,500 $387,000 4 1
CARLYLE HOUSE $305,400 $330,000 4 0
CARLYN PLACE $251,450 $315,000 4 1
CHARLESTON $560,000 $617,400 4 0
CIRCLE $303,500 $304,000 3 1
CLARENDON 1021 $667,667 $772,333 7 3
CLARENDON 3131 $800,000 $795,000 1 0
CLEVELAND HOUSE $363,000 $360,833 3 1
COLONIAL VILLAGE $397,668 $412,111 13 2
COLUMBIA $252,000 $237,000 1 0 Price Dropping
COLUMBIA KNOLLS $182,500 $203,333 3 1
COLUMBIA PLACE $650,000 $645,000 1 0
COMMONS OF ARLINGTON $317,656 $325,000 6 0
CONTINENTAL $680,889 $731,000 8 4 Inventory Rising
COURTBRIDGE $375,188 $425,333 8 2
COURTHOUSE HILL $599,000 $599,667 5 1
CRYSTAL GATEWAY $620,000 $694,000 4 4 Inventory Rising
CRYSTAL PARK $605,000 $647,000 3 1
DOMINION HEIGHTS $515,000 $538,833 3 2
DOMINION TERRACE $247,000 $270,000 1 0
EASTVIEW AT BALLSTON $517,250 $542,667 2 0
ECLIPSE ON CENTER PARK $635,500 $676,408 12 2
FAIRLINGTON ARBOR $460,000 $502,005 2 0
FAIRLINGTON GLEN $415,000 $427,475 3 0
FAIRLINGTON MEADOWS $487,000 $456,000 1 0 Price Dropping
FAIRLINGTON MEWS $439,000 $470,000 1 1
FAIRLINGTON VILLAGES $404,744 $439,818 21 2
FALLS STATION $499,983 $511,350 7 0
FORT MYER HEIGHTS $543,000 $630,000 2 0
FOUNTAIN COURT $438,600 $387,500 3 0 Price Dropping
FREDERICK COURTS $190,000 $219,000 4 2
GASLIGHT SQUARE $1,314,417 $1,411,333 8 3
GATEHOUSE $391,750 $399,000 1 0
GEORGE MASON VILLAGE $225,000 $232,167 3 1
GROVE AT ARLINGTON $432,756 $474,580 9 0
HAWTHORN $610,300 $670,680 7 4 Inventory Rising
HEATHERLEA $381,744 $396,889 24 3
HORIZON HOUSE $624,950 $420,000 4 1 Price Dropping
LEXINGTON SQUARE $537,203 $615,000 6 0
LIBERTY CENTER $717,083 $759,750 9 1
LORCOM HOUSE $314,167 $275,000 2 0 Price Dropping
MEMORIAL PARK $1,599,900 $1,206,000 1 0 Price Dropping
MONROE $890,429 $723,750 6 2 Price Dropping
ODYSSEY $799,186 $921,500 8 0
PALISADE GARDENS $357,470 $380,000 5 2
PARK AT COURTHOUSE $675,091 $630,000 8 0 Price Dropping
PARK GLEN $230,100 $254,133 5 2
PARK SPRING $279,500 $310,000 4 0
PENTAGON RIDGE $488,000 $530,667 3 3
PHOENIX $711,143 $675,000 7 1 Price Dropping
PROSPECT HOUSE $705,000 $762,500 3 2
RHODES HILL SQUARE $884,750 $887,000 7 5 Inventory Rising
RIVER PLACE $371,167 $310,000 5 2 Price Dropping
ROSSLYN HEIGHTS $437,850 $515,667 6 1
SHIRLINGTON VILLAGE $600,000 $589,843 7 0
SIERRA $377,400 $392,090 6 1
SPOUT RUN TERRACE $387,500 $367,000 2 0 Price Dropping
STATION SQUARE $698,397 $718,833 18 8
STONERIDGE KNOLL $295,000 $360,000 1 1
STRATTON HOUSE $230,364 $254,125 4 1
SUMMERWALK $549,167 $600,000 4 0
TERRACE LOFTS $662,575 $622,000 1 0 Price Dropping
THE ARLINGTON $359,752 $405,939 14 2
THE BARKLEY $495,000 $475,000 2 0 Price Dropping
THE BRITTANY $348,155 $364,870 26 1
THE CARLTON $226,400 $237,938 8 2
THE CAVENDISH $325,000 $335,350 2 0
THE CHATHAM $272,600 $298,129 6 1
THE HARTFORD $675,000 $627,500 4 0 Price Dropping
THE REPRESENTATIVE $661,375 $671,080 9 3
THE WESLIE $1,225,000 $1,183,750 2 1 Price Dropping
TOWER VILLAS $676,633 $684,375 6 0
TRAFALGAR FLATS $486,546 $580,000 1 0
TURNBERRY TOWER $1,335,000 $1,540,000 8 7 Inventory Rising
VIRGINIA SQUARE $605,250 $629,500 4 2
WATERFORD HOUSE $674,500 $812,500 1 1
WATERVIEW $973,250 $669,125 4 2 Price Dropping
WELDON $297,400 $360,000 2 0
WEST VILLAGE OF SHIRLINGTON $424,608 $448,738 25 0
WESTLEE $587,250 $604,000 6 1
WESTMORELAND TERRACE $345,000 $375,000 3 1
WESTVIEW AT BALLSTON $515,714 $520,082 7 1
WILLIAMSBURG $722,250 $754,967 5 2
WINDGATE $410,333 $445,167 5 1
WINDSOR PLAZA $555,786 $573,750 7 0
WOODBURY HEIGHTS $577,250 $645,500 5 4 Inventory Rising
WOOSTER AND MERCER LOFTS $1,093,750 $911,500 5 1 Price Dropping

In October, a total of 136 condo properties sold in Arlington for a median price of $434,000, with an average sold price to original list price of 98.3%. While condo sales continue to be relatively robust, overall inventory is rising and condo owners are selling for less than their original asking price, indicating that demand is softening. If you would like to keep track of your condo value, sign up for our custom monthly market update or reach out to me directly at 703-420-3499.

About Peggy Yee

Peggy Yee is a supervising broker at Frankly Realtors and is a local Top Producer. She has sold over $200 million in sales and was one of Northern Virginia Magazine’s Top Realtors since 2015. She has been quoted in the Around Reston Magazine, Washington Post, Money Magazine, Consumer Reports, Zillow, Trulia and Realtor.com. Peggy is 100% committed to making your move the best experience possible! Don’t just take our word…Click here to see what Peggy’s past clients have to say about the experience working with her from Buyer and Seller Video Testimonials and you’ll understand why she is one of the top real estate agents in Arlington with dozens of 5 Star Zillow reviews. Click here for Zillow Reviews.

* Data Source: BrightMLS and SmartCharts. Information deemed reliable but not guaranteed.

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