In Alexandria, VA, you'll find a special blend of old-time charm and new-age living. This blend makes the area a great spot for buying property. Right now, the market is tough with home prices and sales going down. But Alexandria still attracts investors and people wanting to buy homes. In May 2024, the middle price for a home was $630,000. This was a drop of 3.3% from the year before1.
Homes were up for sale for about 26 days on average, a bit longer than before1. The number of homes sold fell slightly from 294 to 280 when comparing year to year1. This shows the market might be getting tighter. To really understand what's happening in Alexandria's housing market, it's best to talk to real estate experts. Using current resources like Redfin is also a good idea.
Key Takeaways
- Median home prices in Alexandria decreased by 3.3% year-over-year as of May 20241.
- Homes stayed on the market for an average of 26 days in May 20241.
- The sales volume dipped to 280 homes sold, down from 294 the previous year1.
- A detailed market analysis is crucial for understanding Alexandria's real estate trends and property investment opportunities.
- For personalized advice, engaging with licensed real estate professionals is highly recommended.
The latest stats give us a clear picture of Alexandria's real estate scene. This information is key for making smart investment choices confidently.
Current Housing Market in Alexandria, VA
The housing market in Alexandria, VA, is changing in important ways. It's essential for buyers and sellers to keep up. We've examined recent data and seen major patterns. These include changes in median home prices over time and sales figures.
Median Home Prices
In May 2024, the median home price in Alexandria was $630,000. This is quite high when compared to the rest of the country2. By June 2024, this price jumped to $749,498. That's a 6% rise from the previous year2. Other reports set the June median at $682,5003.
Change in Home Prices
Prices have been moving in interesting ways. In May, the median house price dropped by 3.3% from the previous year2. Yet, in June, it rose by 8% compared to last year. This shows Alexandria's real estate values are mostly climbing3.
Sales Volume
In June 2024, 184 homes were sold in the city. This is 27% less than the year before2. Another report says 200 homes sold that month, a 22% drop from the previous year3. Despite this slowdown, there were still 208 homes on the market. This is slightly less, by 9%, than last year2. The inventory decrease by 6% tells us more about the market trends3.
Is Alexandria, VA a Buyer's or Seller's Market?
Alexandria's real estate scene is a Seller's Market. This means there's high demand but not enough homes for sale. The median home price has gone up to $675,000, showing a 3.9% increase in 2024. This price jump proves it's a good time for selling4.
The average sold price also rose to $743,714, a 7.2% increase. This highlights how sellers are in a favorable position4.
Seller's Market Trends
In Alexandria, the signs of a Seller's Market are clear. Homes are selling fast, staying on the market for just 6 days. Buyers need to make quick decisions4. Some areas like Old Town/Clover have seen a huge 14.3% jump in home values. This shows how strong the market is in Alexandria4.
Impact on Buyers
For buyers, Alexandria offers chances but also hurdles. Even though interest rates are low, rising home values make it hard to buy5. Homes that are ready to move into are most wanted. This tells sellers to make their homes appealing5.
The Fed keeping interest rates the same mainly helps sellers. That's because families still want to buy in great areas5.
Historical Housing Data in Alexandria, VA
Understanding Alexandria, VA's real estate history helps investors see market trends clearly. The city's past housing data shows how real estate prices have changed over time.
In June 2024, Alexandria saw 200 homes sold3. At the same time, there were 218 homes up for grabs3. This shows the high demand for homes in the area. The month also had 222 new homes listed3, meaning lots of options for buyers.
The median home price was $682,500 in Alexandria that June3. Prices went up by 8% compared to the year before3. Homes often sold for more than the asking price, at a 101.1% sale-to-list price ratio3.
In Alexandria, most homes are large apartments or high-rises, making up 60.51% of the market6. Row houses and attached homes are next at 21.14%, with detached single-family homes at 14.15%6. This info helps buyers find what they're looking for.
About 36.52% of Alexandria’s homes were built between 1940 and 19696. Another 35.46% were built from 1970 to 1999, and 19.72% after 20006. This mix shows Alexandria has both historical and modern homes.
The median home value in Alexandria is $773,6526. Over the last ten years, home values have gone up by 48.00%6. The city sees a steady growth rate of 4.00% annually6.
The city's detailed real estate analysis, along with historical data, helps people make smart decisions. For more insights and a detailed forecast, check out the complete housing market report for Alexandria here3.
Factors Influencing Alexandria's Real Estate Market
Alexandria's real estate market is shaped by several crucial factors. These include the economy, job rates, and new developments. Together, they define the housing scene in the city.
Economic Indicators
Economic indicators deeply impact Alexandria's housing market. The city is close to Washington, D.C., offering job stability. This stability helps keep the market steady7. Growth in the local economy and people's confidence matter too. They affect how many can buy homes and for how much8. A forecasted drop in interest rates by 2024 might lead more to sell, growing the number of available homes9.
Local Employment Rates
Job rates in Alexandria link tightly to real estate. More jobs mean more people wanting houses. Big projects like Amazon HQ2 and Virginia Tech's new campus boost the economy and job prospects. This, in turn, lifts the real estate market9. Changes in who's living in the area and their wants also influence the demand for homes7.
Infrastructure Developments
Building projects play a key role in Alexandria's real estate success. The upcoming Capitals and Wizards arena in Potomac Yard draws both cheers and jeers. It shows how big undertakings can swing property values and attract attention9. Other projects like a new metro stop and more homes being built push the city forward. This makes Alexandria more appealing to those looking to buy9. Real estate agents study the market to set attractive prices, helping sellers find buyers7.
Median Home Prices by Bedroom Count in Alexandria
In Alexandria, VA, as of June 2024, house prices change a lot based on how many bedrooms they have. This is due to what buyers want and how many houses are available. This shows why it's important to understand how home size affects its price in Alexandria.
One-Bedroom Homes
One-bedroom houses in Alexandria are getting more expensive. The price is now $295,000. That's an increase of 9.3% from last year. It shows that more people want smaller, less expensive homes10.
Two-Bedroom Homes
Two-bedroom houses are also becoming more popular. Their price is now $450,000. This is a 7.9% increase. It shows these homes are good for small families or couples who want something affordable but still spacious10.
Three-Bedroom Homes
Three-bedroom houses have gone up a little in price, by 2.4%. They are now $691,100. These homes are great for families needing more room but who have a budget to keep in mind10.
Four-Bedroom Homes
Four-bedroom homes in Alexandria cost $837,500 now. This is 5.4% more than last year. Larger families who want more space prefer these homes10.
Homes with Five or More Bedrooms
The biggest homes, with five or more bedrooms, are still very expensive. Their price is around $1 million now, up by 3.7%. This shows that big, luxury homes are still in demand10.
The wide range of prices for homes with different numbers of bedrooms in Alexandria shows how the market and home sizes affect prices. If you're looking to rent, the average cost in Alexandria is $1,988 a month. But, prices vary a lot by neighborhood. For more on rent prices in Alexandria, check out this link10.
Comparison with Nearby Cities
Alexandria's real estate market is bustling, with a strong population of 155,525. It boasts a large number of homes and apartments totaling 74,818. This shows a lively housing market6. Homes in Alexandria have a median cost of $773,652. This makes Alexandria more expensive than some of its neighbors11.
When comparing Alexandria to nearby cities like Lee and Mount Vernon, its housing prices are quite different. Alexandria's median sold price recently went up by 6.2%. However, this increase is slightly less than Mason's, which saw prices rise by 7.9%6. Such comparisons show Alexandria's strengths and areas where it can grow.
Alexandria is known for its many large apartments and high rises. They make up 60.51% of its housing6. This high percentage gives Alexandria an advantage over nearby towns, offering a unique living situation. Additionally, options like single-family homes and row houses attract various buyers11.
Infrastructure improvements and strong job rates boost Alexandria's housing market11. The city enjoyed a 48.00% increase in real estate value over the last decade. Its annual increase rate is 4.00%. These numbers suggest a strong market6. For a more in-depth comparison, a look at Alexandria versus Arlington can shed more light. Check out this detailed comparison for extra insights11.
Housing Supply in Alexandria, VA
The housing scene in Alexandria, VA, is really picking up. There's a noticeable change happening in the market. In June 2024, the number of homes on sale went up by 4.1% since May, hitting 1,177 units12. This uptick shows the market is buzzing, appealing to buyers and sellers alike.
Number of Homes for Sale
By June 2024, Alexandria had 218 active listings, marking a 6% drop from the year before3. Despite this dip over the year, the rise from May to June signals a growing interest in homes. It speaks to a market that’s getting stronger and more diverse.
New Listings
June 2024 was also a busy month for new listings, with 286 properties hitting the market12. This increase shows more sellers are jumping in, offering new choices for those looking to buy. Yet, compared to the previous year, there was a decrease of 14% in new listings3. It suggests some ups and downs in seller activity.
Breakdown by Bedroom Count
Looking closer at Alexandria's listings, trends emerge based on the number of bedrooms. Two-bedroom homes were 14.2% more plentiful in June 202412. This hints that buyers might be leaning towards homes that are just the right size. On the other hand, one-bedroom and five-bedroom homes saw less interest, pointing to specific needs among buyers.
Days on Market for Homes in Alexandria, VA
If you're looking at the time it takes to sell homes in Alexandria, it's essential to know the current trends. As of June 2024, homes in Alexandria, VA are taking longer to sell. The average time on the market has gone up by 20% from the previous year, now at 12 days3. This shows a market that's a bit slower, but still moving fast.
Average Days on Market
Even with this increase, homes are selling fairly quickly. This adds to the fluid nature of the market. Alexandria's homes sell faster on average than those in nearby areas. This makes it a good place for those looking to sell quickly1.
Sales Under 30 Days
Many homes in Alexandria are sold within 30 days. This fast sale rate proves the market's strength and encourages buyers to make quick decisions3.
Sales Between 30-90 Days
Homes on the market for 30-90 days usually have more room for price talks. They might be priced a bit high or meet specific needs. This gives both buyers and sellers more negotiation flexibility3.
Sales Over 90 Days
Homes listed for more than 90 days may be priced too high or not fit current market needs. Sellers should consider adjusting their approach to align with what buyers want. For more in-depth market info, check out this detailed market report3.
Trends in Asking Price vs. Sold Price in Alexandria
The link between asking prices and sold prices shows how competitive Alexandria's property market is. Studying these trends sheds light on the local pricing strategies. It also helps us understand the dynamics of real estate bidding.
Homes Sold Under Asking
A few homes in Alexandria sell for less than their asking price. This situation offers chances for buyers who are good at negotiating and understanding value. Such homes give insights into the bargaining power buyers might have in this market.
Homes Sold At Asking
Some homes sell at the price they were offered for, showing where buyers and sellers agree on price. This trend shows a part of the market where price expectations meet reality. It brings stability in a highly competitive setting.
Homes Sold Over Asking
Over half of Alexandria's homes, about 52.1%, sell above the asking price, showing intense buyer competition and seller advantage13. This pattern highlights the high demand and buyers' willingness to pay more. It reflects Alexandria's practical pricing and intense bidding culture.
On average, homes sell in about 20 days, and the median sale price is $705K, showing a lively and fast-moving market13. A recent report highlights the buyer behavior and market expectations in Alexandria, emphasizing the market's pace13.
Future Market Projections for Alexandria, VA
Alexandria, VA, is stepping into 2024 with a promising real estate outlook. Trends suggest growth with competitive prices and changing inventory levels. The market overview shows changes in property types, echoing bigger economic and demographic shifts.
1-Year Market Forecast
For 2024, Alexandria's forecast shows single-family homes in Prince William County could go up by 5.9%. However, sales might drop by 14% due to less inventory14. Townhomes could increase in value by 7.9%, following similar trends in other areas14.
Expected Changes in Inventory
Inventory changes will majorly affect Alexandria's real estate market. Single-family homes' inventory could fall by 32%, making units scarce for buyers15. Townhomes and condos might also see less inventory by 28% and 17%, making the market more competitive for buyers14.
Projected Price Trends
Prices in Alexandria's housing market are expected to rise across all property types. By December 2024, single-family homes might hit a median price of $719,73414. Townhomes could reach a median of $505,893, and condos are expected to hit $439,30514. These trends suggest high demand and tight inventory in Alexandria.
FAQ
What are the current median home prices in Alexandria, VA?
As of May 2024, the middle price for a home in Alexandria, VA, is $630,000. This shows a decrease of 3.3% from the year before. The information comes from Redfin and other public sources.
How have home prices in Alexandria changed over the past year?
Over the past year, Alexandria has seen a 3.3% drop in home prices. The median home price now is $630,000. This suggests the market is slightly cooling off.
What is the current sales volume in Alexandria?
There were 280 homes sold in Alexandria in May 2024. This is a decrease from 294 homes sold the year before. It shows a small decline in sales volume, hinting at a tighter market.
Is Alexandria, VA a buyer's or seller's market?
Alexandria is still a seller's market. High home prices and competitive sales conditions mean demand is outstripping supply.
How do current market conditions affect buyers?
Buyers in Alexandria are facing tough conditions. The high home prices and quick sales mean they need to make decisions fast. They might even have to offer more money than other buyers.
What does the historical housing data in Alexandria reveal?
The history of Alexandria's housing market shows it's often been strong, despite some ups and downs. Looking at this history alongside current data helps with planning future investments or purchases.
What economic factors influence Alexandria's real estate market?
Alexandria's real estate market benefits from a strong job market and investment in infrastructure. These factors make the market more stable and encourage growth.
How do median home prices differ by bedroom count in Alexandria?
In June 2024, home prices in Alexandria change based on the number of bedrooms. One-bedroom homes are $295K. Two-bedroom homes are $450K. Three-bedroom ones are $691.1K.
Four-bedroom homes go for $837.5K, while five-bedroom homes are about $1.0M.
How does Alexandria's real estate market compare to nearby cities?
Alexandria's market is doing well with a 6.2% increase in median sold prices. It's doing better than Lee and Mount Vernon. However, it's slightly trailing behind Mason, which saw a 7.9% increase. This shows Alexandria's market is competitive and has room for growth.
What is the current housing supply in Alexandria, VA?
In June 2024, Alexandria had a 4.1% increase in home supply, with 1,177 homes for sale. The variety of homes by bedroom count matches people's different needs.
What are the average days on the market for homes in Alexandria, VA?
Homes in Alexandria are staying on the market for about 14 days as of June 2024. This is a small increase from 12 days the previous year. It shows homes are taking a bit longer to sell.
How do asking prices compare to sold prices in Alexandria?
Recently, about 52.1% of homes in Alexandria sold for more than their listed price. This shows there's a lot of competition among buyers. A smaller portion sold for the asking price or less.
What are the future market projections for Alexandria, VA?
The outlook for Alexandria's market includes a steady number of new listings and a strong median sale to list ratio of 1.009. With 58.1% of homes selling above list price, the market is expected to keep doing well and remain competitive.
Source Links
- Alexandria Real Estate Market Statistics - https://www.yourathometeam.com/market-statistics/
- ALEXANDRIA CITY HOUSING MARKET DATA - https://marketminute.longandfoster.com/Market-Minute/VA/Alexandria-City.htm
- ALEXANDRIA HOUSING MARKET DATA - https://marketminute.longandfoster.com/Market-Minute/VA/Alexandria.htm
- Up, Up, and Away: Alexandria Home Values Hit New Highs! - https://www.foxessellfaster.com/blog/up-up-and-away-alexandria-home-values-hit-new-highs/
- Alexandria VA Home Selling Trends | MilitaryByOwner - https://www.militarybyowner.com/alexandria-va-home-selling-trends/
- Highest Appreciating Alexandria Neighborhoods (last 5 years) - https://www.neighborhoodscout.com/va/alexandria/real-estate
- Buying and Selling Homes in Alexandria: A Complete Guide - https://www.listwithelizabeth.com/buying-and-selling-homes-in-alexandria/
- Buy Sell Home in Alexandria Guide 2024 - AVA HOMES DMV Blogs - https://avahomesdmv.com/blog/buy-sell-home-in-alexandria-guide-2024/
- Alexandria VA 2024 Real Estate Trends | MilitaryByOwner - https://www.militarybyowner.com/alexandria-va-2024-real-estate-trends/
- Data Center - https://www.redfin.com/news/data-center/
- Alexandria, VA Real Estate & Homes for Sale | realtor.com® - https://www.realtor.com/realestateandhomes-search/Alexandria_VA
- Northern Virginia Housing Market: Prices, Trends, Forecast 2024 - https://www.noradarealestate.com/blog/northern-virginia-housing-market/
- Virginia Housing Market | Bankrate - https://www.bankrate.com/real-estate/housing-market/virginia/
- NVAR/GMU 2024 Residential Real Estate Market Forecast - https://www.nvar.com/realtors/news/market-statistics/nvar-gmu-2024-residential-real-estate-market-forecast
- Getting to Know Northern Virginia's Real Estate Market | MyProMovers - https://www.mypromoversdc.com/blog/northern-virginia-real-estate-market-analysis-2024
.png)
.png)
