Arlington, TX (PRWEB) October 07, 2013
Prudential Texas Properties reports that the Arlington home market continues to operate outside national trends, with home values in the North Texas metro seeing slight increases in the past month and nearing the market’s peak highs even while home prices in similar-sized U.S. metros have cooled down following the first half of 2013.
It’s important to point out that Arlington home values are stabilizing near their 2013 peaks because if one were to look at other major mid-sized metros throughout the nation, that simply wouldn’t be the case. The fact that the median list price for Arlington homes topped out at about $178,000 in early August was a nice signal for Arlington home sellers. After all, with mortgage rates rising and inventory becoming more plentiful across the United States after the real estate boom of the first six months of 2013, many other metros were seeing sizeable drop-offs from their yearly market highs. But according to a report from California-based real estate tracker Altos Research, the median list price on Arlington homes was at $174,700 for the week of September 23rd—a figure less than 2 percent off that all-time market high achieved in August. What’s more, Arlington home prices have been back on the rise, with the current median list price at its highest since the all-time high.
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So where does this rank Arlington in terms of market strength and staying power? With over 375,000 residents, the U.S. Census Bureau defined Arlington as the 50th largest U.S. city in its most recent report. Taking this into account, a look at where other similar-sized metros are in terms of their current home value versus their 2013-peak can help illustrate just how strong and stable the Arlington market is performing in comparison with rest of the nation. In a similar price bracket, Minneapolis (47th largest) is currently down about $10,000, or 5 percent, on its seven-day median list price from its 2013 peak. Miami (44th largest) is down about $55,000, or 15 percent from its yearly peak. And Oakland (45th largest) is down about $130,000, or 27 percent from its peak. A common theme in all these markets? Drastically rising inventory in recent weeks and months.
As for the Arlington home market, inventory has been relatively stable all year. The 890 properties listed in the September Altos report is up from market lows of around 750 at a few points throughout the year, but is also almost identical to where inventory rates were when 2013 began. Further aiding the case that Arlington is one of the more stable mid-sized metros in the country is that the 88 days on market average here is not that far off the 2013 low, and is less than double what Arlington homes were experiencing at the beginning of 2013.
“As North Texas continues to outperform the majority of the nation in terms of market-value staying power, the Arlington market stands as a living example of just how well real estate in this area is thriving in the second half of 2013,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “It’s with an eager eye toward the future that Arlington homeowners embrace a market that is showing very little signs of letting up.”
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