This week’s Q&A column is written by David Howell, Executive Vice President and Chief Information Officer of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant market news, contact David at 703-738-9513 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: How did the Alexandria city real estate market finish in 2020?
Answer: Each quarter we take an in-depth look at contract activity in the City of Alexandria compared to the same quarter of the previous year. Not surprisingly, the impact of COVID-19 in the spring months resulted in a decrease in contract activity compared to 2019. The first half of the year saw overall contracts decrease 7.4%, but the third and fourth quarters tell a completely different story, and the year ended with an overall increase of 12.2%!
The charts below break down fourth quarter contract activity for 2019 and 2020 by price and by property type. Alexandria has seen increases across all categories, including the condo market, which has not been as strong in some other metro areas compared to townhomes and detached homes.
- Overall contract activity in the City of Alexandria increased 40.9% in the fourth quarter of 2020 compared to the fourth quarter of 2019.
- Contract activity in the condo market increased 43.0% and attached homes activity increased 44.1%.
- The number of detached homes, the smallest part of the Alexandria City market, going under contract in the fourth quarter of 2020 increased 28.4% compared to 2019.
For more analysis of the real estate market throughout our area, please visit McEnearney.com/market-in-a-minute.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria