Arlington, TX, has been rapidly emerging as a top destination for families seeking unique and unforgettable experiences. As a result, the city has seen a significant surge in its real estate market. It is the home to two modern sports stadiums, the AT&T Stadium and Globe Life Park. You can find the iconic Six Flags Over Texas amusement park here too. Arlington has become a bustling hub of activity. Its strategic location between Fort Worth to the west, and Dallas to the east, makes it an ideal choice for business professionals. With the city's continued growth and development, there has never been a better time for real estate agents and investors to keep a close eye on the latest housing updates in Arlington, TX.
Quick Facts:
- The current population of Arlington, Texas is 397,269.
- Homes in Arlington cost $320,000 on average.
- Homes are sold after 35 days on the market.
- Median household income: $65,481.
Arlington, TX, in a Nutshell
Arlington, situated in Tarrant County, Texas, stands as the seventh-largest city in the state with the 50th position on the list of largest cities in the United States. It received its name after Arlington, Virginia, the residence of General Robert E. Lee. This city earned recognition for its cotton industry and agricultural products. However, over time, it evolved into an industrial and commercial hub with a thriving automotive and aerospace industry. As a result, the population experienced a surge that attracted business opportunities and human resources. Moreover, it is home to the University of Texas at Arlington, established in 1895, and the Arlington Baptist College, founded in 1939.
Economy
Arlington, TX is currently experiencing an unemployment rate of 4.20%, which is a slight increase compared to the 3.80% rate from last month. This is still lower than the 4.30% rate from last year. However, this rate is significantly lower than the long-term average of 4.91%. Currently, 202k individuals are employed in Arlington's economy, which is made up of various thriving industries. The largest industries in Arlington are Retail Trade, which employs 23,952 people, Health Care & Social Assistance, which employs 23,842 individuals, and Manufacturing, which employs 20,806 people. Despite these various industries, some industries tend to pay employees higher salaries. Mining, Quarrying, & Oil & Gas Extraction provides an average income of $80,887. Utilities pay $75,000, and Public Administration offers $55,670 in average annual salary. Overall, Arlington's thriving economy offers various job opportunities for its residents.
Arlington, TX, Real Estate Market
In March of 2023, the housing market in Arlington showed a decline, with homes selling for a median price of $320K. This is 1.8% lower than the previous year. Moreover, the average time a home spends on the market has increased to 35 days compared to last year's 15 days. This resulted in 305 homes sold this March. This is significantly lower than the 341 homes sold during the same time last year.
Additionally, it's worth noting that properties in Arlington tend to sell for about 1% below their listed price and typically go under contract for around 31 days, whereas properties that are priced appropriately sell for about 1% above the list price and are usually under contract in only 14 days. These indicate a challenging market for sellers in Arlington as they may have to settle for selling their homes at a lower price or wait longer for a sale. Overall, it's apparent that the Arlington housing market is currently experiencing a downturn, which is likely due to market forces such as the overall economic climate and changes in interest rates.
Final Thoughts
All in all, the city of Arlington, Texas is an ideal place to buy or sell real estate. With its diverse economy and thriving job market, there are plenty of opportunities for both buyers and sellers. The housing market has been experiencing a downturn, with homes selling for lower prices and taking longer to be put under contract. Nevertheless, there are still many attractive properties available in this vibrant city that could be perfect for either residential or commercial purposes. As such, those looking to invest in real estate should definitely keep Arlington on their radar!
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