The 2023 market trends show home sale prices, home inventory, and market timing for Condo, Single, and Multi-Family homes sold in Arlington MA.
The market statistics below reflect changes that have occurred from 2022 to 2023 with notable historical data to provide a broader perspective. The predominant residential property types in Arlington, Massachusetts are Condominium, Single Family, and Multi-Family homes.
Arlington MA Market 2023
Average Sale Prices
Comparison of the average home sale prices for residential Condominium, Single, and Multi-Family homes sold in the Arlington MA market in 2022 and 2023:
| Arlington MA | Average Sale Price 2022 | Average Sale Price 2023 | 1 Year Change |
| Condo | $790,510 | $848,252 | 7 % Increase |
| Single | $1,236,482 | $1,224,820 | 1 % Decrease |
| Multi-Family | $1,217,459 | $1,200,934 | 1 % Decrease |
Home Sale Price Trends
- With an increase of 7% in the average sale price for Condominiums sold in the Arlington MA market in 2023 the increase since 2019 is now 31%.
- For Single Family homes sold in 2023 the average sale price decreased 1% yet the increase over 5 years is 34%.
- The average home sale price decreased 1% for Multi-Family homes in 2023 but increased 20% over the past 5 years.
Arlington MA Market 2023: Home Inventory
Comparison of home inventory for residential Condominium, Single, and Multi-Family homes listed for sale in the Arlington MA market in 2022 and 2023:
| Arlington MA | # Homes Listed 2022 | # Homes Listed 2023 | 1 Year Change |
| Condo | 292 | 226 | 23 % Decrease |
| Single | 335 | 241 | 28 % Decrease |
| Multi-Family | 55 | 48 | 13 % Decrease |
Home Inventory Trends
- The number of Condominiums listed decreased 23% in 2023 to 226 listings; a level of inventory this low has not occurred in the Arlington MA market since 2001.
- 28% fewer Single Family homes were listed in the Arlington MA market in 2023. The highest number of listings occurred in 2006 with 461 listings.
- In 2023 Multi-Family homes listed for sale in Arlington MA decreased 13%; by comparison the highest number of listings was in 2006 with 100.
Arlington MA Market 2023: Days to Offer
Comparison of Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in the Arlington MA market in 2022 and 2023:
| Arlington MA | # Days to Offer 2022 | # Days to Offer 2023 | 1 Year Change |
| Condo | 15 Days | 21 Days | 6 Days Longer |
| Single | 13 Days | 17 Days | 4 Days Longer |
| Multi-Family | 16 Days | 17 Days | 1 Day Longer |
Market Timing Trends
- For Condominiums listed in the Arlington MA market 2023 the average days to offer rose from 15 to 21 days. The shortest average was 12 days and the longest occurred in 2008 with 65 days.
- Single Family homes received offers in 17 days which is an increase of almost a week. The shortest average was 11 days (2021) and longest average was 48 days to offer in 2007.
- The average days to offer for Multi-Family homes in Arlington MA market 2023 increased one day. The shortest average days to offer occurred in 2015 with 8 days. The longest time frame occurred in 2007 with an average of 67 days to offer.
Market Timing Terminology
The term “Days to Offer” refers to the number of days from the original listing date until the date upon which a seller accepts a buyer’s offer to purchase. This represents the most accurate measurement of market speed because it shows the buyer’s true sense of urgency.
“Days on Market” is a term used to measure the number of days from original listing date to the date a property status is changed in MLS to “under agreement”. This status code is highly subjective and used inconsistently; therefore, “days to offer” is the most reliable measurement for market speed.
Market Perspective: Arlington MA
There is no doubt the spike to mortgage interest rates in 2023 impacted our local real estate markets. Most notably, a decrease of listing inventory also resulted in the rise of home sale prices in some cases. When you are ready to sell your home or buy a new home in the Arlington MA market; keep in mind these market statistics are purely a basic overview and starting point to show recent home sales activity.
I have been tracking these and other pertinent market statistics showing the trends since 1999. By doing so, I can provide the long term perspective to help Clients make educated decisions with confidence and peace of mind. Before selling or buying a home, learn about external forces which can and will impact home sale prices.
Every market is unique; not all markets experience the same impact on home sale prices at the same degree or rate of speed. My Clients receive in-depth market statistics which correlate directly to your specific property type, size, location, and characteristics.
To learn more about my Listing Agent and Buyer Agent services; contact me to schedule a Home Seller Consultation or Home Buyer Consultation.
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Real estate market statistics I watch closely include average home prices in Cambridge, Arlington, Belmont, Medford, and Somerville, MA. To learn more about my services contact me today!
About Tamela Roche, Realtor® – RE/MAX Destiny
