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Ask McEnearney: How was the first quarter of the 2022 real estate market?

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 was the first quarter 2022 real estate market in the City of Alexandria?

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. To put contract activity into context for the first quarter of 2022, we need to take a look at inventory. The lack of inventory is both consistent and persistent, and it is the reality that dominates that market.

For example, there were 30.2% fewer homes on the market in the City of Alexandria at the end of this March compared to last March. The paltry inventory is driving buyers (and their agents!) nuts.

The charts below break down 1st quarter contract activity for 2021 and 2022 by price and by property type. Alexandria has seen decreases across all property types, and the only price category with an increase was for homes priced more than $1.5 million.

  • Overall contract activity in the City of Alexandria decreased 8.9% in the 1st quarter of 2022 compared to the 1st quarter of 2021.
  • The number of detached homes, the smallest part of the City of Alexandria market, going under contract in the 1st quarter of 2022 decreased 24.8% compared to 2021.
  • Contract activity in the condo market decreased 5.5% and attached homes activity decreased 4.4%.

As we head into the spring market there is less than a half month’s supply of homes on the market in the City of Alexandria, and that bodes well for sellers. Opportunities for buyers will be out there, but success will require patience, preparation and persistence.

Note: Data derived from BrightMLS and is deemed reliable, but not guaranteed.

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. Equal Housing Opportunity. #WeAreAlexandria

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