History doesn’t hit you in the face in Arlington like it does in other communities. No one would confuse Arlington with, say, Old Town Alexandria or Georgetown, where grand Georgian and Federal-style homes stand alongside Colonial-era wood frame row houses. Even next door, in Falls Church City, you can drive through neighborhoods like Broadmont and marvel at the gorgeous Victorian homes.
Not so much in Arlington. If you get the chance to visit a historic home here, you should feel lucky. (I do.) And I applaud those who purchase and restore homes with history, given that it’s often more cost-effective (and potentially lucrative, if the home is on a large and subdividable lot) to tear down and start over. Exhibit A: The 150+-year-old Febrey-Lothrop Estate at the corner of Wilson Boulevard and North McKinley Street. The house was torn down in 2021 and the land is being redeveloped. To learn about the fascinating history of this home, visit ArlingtonMagazine.com and search “Febrey-Lothrop House”.
In this issue, we feature three historic homes that have been lovingly and painstakingly restored. Two of them—a Queen Anne Victorian and a Civil War-era farmhouse—are wonderful examples of classic 19th-century architecture. The third is a Sears kit home in historic Maywood. Sears may not scream “historic” to you, but these prefab homes built between 1908 and 1942 had an influential impact on early 20th-century architecture and continue to have a loyal following today.
Shifting to the broader real estate market, we heard from a lot of agents in 2023 that the market was challenging and their sales volume was down. Among other factors, mortgage rates were the highest we’ve seen since 2000-2001. Homeowners didn’t want to trade their 3% rate for a 7% rate, so they weren’t moving. Inventory dropped as a result.
The data in our real estate guide on page 138 corroborates what we’ve been hearing. Looking at a five-year period (2019-2023), the number of homes sold in the 16 ZIP codes we serve (Arlington, McLean, Falls Church) peaked in 2021 at 6,465. By the end of 2023, that number had declined by 37% to 4,093 homes sold. Some areas were a real bloodbath. Our smallest ZIP code (22213) saw a 55% decline, followed by 22201 (home to Lyon Village, Lyon Park and Maywood) with a 50% decline. Our annual list of Top Real Estate Producers had 20% fewer agents and teams qualifying for inclusion, compared with last year. The list starts on page 118.
That’s the bad news. The good news? As of press time in late January, inflation was falling and some sources showed it is now close to the Fed’s target rate of 2%. Unemployment was around 4% (under 5% is considered good). The Dow and S&P recently broke records. Interest rates are still high (based on what we’ve grown accustomed to), but many experts believe they will drop to the low 6% range by the end of 2024 and hit 5.5% in 2025. Plus, people will have to start moving again. They can’t delay their plans forever. I just heard from an agent who told me she couldn’t believe how busy the market was for a January. Fingers crossed for a strong spring market and a solid 2024.
I hope you find our March/April issue interesting and informative. As always, contact me anytime at greg.hamilton@arlingtonmagazine.com. You can reach our editor at jenny.sullivan@arlingtonmagazine.com. By the way, this is issue 75, so number 100 is in our sights! Have a great spring.
Greg Hamilton, Publisher