What Sells Better in Arlington: 1 Bedroom Condo or a 2 Bedroom Condo?
You know that old saying: “75% of all statistics are made up”? Well, this is going to fall into that category, expect i’m using numbers provided by MRIS, our local Multiple Listing Service. I was asked “what sells better? A 1 bedroom or 2 bedroom condo?” If you’re strictly looking at resale potential, you’ll want to look at these numbers. But remember, what you choose to buy should be dependent on a few things:
1. Your budget
2. Your lifestyle and plan (how much space do you actually need?)
3. Your deal breakers (washer/dryer, garage parking v. street, amenities, etc.)
I broke up the condo building based on age, because it’s not fair to compare a building from 1920 to a 2005 building. Below I will list the age of the building/complex, average days on the market before a unit went under contract, median days on the market before a unit went under contract, and the average amount it sold for compared to the ORIGINAL list price (OLP):
Some notes: no foreclosures or short sales were included in these numbers, only regular sales. Date points consist of all Arlington sales since 1/1/2011. The only 2 bedroom units built before 1949 were in Fairlington, which is known for holding value, selling quickly, etc.
Conclusions: for any unit built after 1950, 1 Bedroom units sold faster and for more than 2 bedroom units. It is more beneficial to run an accurate picture for a specific property based on age, square footage, location, and interior condition if you’re wondering how this will affect your sale/purchase. Please use this a high-level overview of the Arlington market, rather than a specific data point for your property.