Ask McEnearney: How did the real estate market in City of Alexandria finish the year in 2021?

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 real estate market in the City of Alexandria finish the year in 2021?

Answer: In September we wrote about contract activity from January through August of 2021 for the City of Alexandria compared to the same months of 2020 and 2019. It was not a surprise to see increases in contract activity compared to 2020 which was impacted by shutdowns and isolation due to COVID, but the increases were also significant when compared to the more “normal” market of 2019.

This week we are looking at contract activity through the end of the year which still finished strong. The overall percentage increase for 2021 compared to 2020 was 12.5%, and it was 26.7% compared to 2019!

For the past three years, overall contract activity for each year breaks down as follows:

• 2019 had 2,516 contracts
• 2020 had 2,835 contracts
• 2021 had 3,189 contracts

The first chart below shows that contract activity for 2021 increased for each price category over both 2020 and 2019. The second chart shows overall contracts by property type (condo, attached and detached homes). Detached homes, which is the smallest of those categories in the City, did have a slight decrease in the number of contracts. The third chart looks at contracts by quarter and demonstrates that this year mirrors 2019 with activity increasing from the first to the second quarter and becoming quieter in the last two quarters. In 2020 COVID was a major disrupter to that typical cycle with a quieter spring and more robust fall instead. (Source: BrightMLS. Data deemed reliable, but not guaranteed.)

In the coming weeks we will publish our Semi-annual Market Report looking at the second half of 2021 throughout the D.C. Metro area which will include a look ahead. Until then, you might be interested in our mid-year Market Report from this past summer.

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