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 703-855-5089 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: With the rise in interest rates, has the inventory of homes for sale in Alexandria increased this fall?
Answer: As interest rates have risen, it’s not surprising that there has been a reduction in demand for homes compared to the overheated markets of 2020 and 2021. Even when we look back to 2019, which was considered a modest sellers’ market, the number of contracts is lower now.
We might expect inventory to have increased significantly as a result, but that has not happened due to significant decreases in the number of homes coming on the market. And why aren’t we seeing a jump in new listings? Homeowners who have a sub-3% mortgage are thinking twice about giving that up to buy their next home with a much higher-rate mortgage and we see little reason to believe that will change.
The charts below look at the data for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria) during July, August, September, and October of 2019-2022. We have included the number of new listings, the month-end inventory, and the number of new contracts.
City of Alexandria
South Alexandria — Fairfax County Portions of Alexandria
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. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria
A 31-year-old Maryland man is being held without bond for allegedly robbing a 28-year-old woman in the Landmark area on Saturday night (Nov. 26). Police said that the incident was…
Alexandria’s revenue tax is growing, but too sluggishly to keep pace with the expenditures — leading to a $17 million shortfall as the city heads into budget season. That estimate,…
With the holiday season approaching, a prerequisite for some family gatherings could be a negative Covid test. With Curative shutting down its testing kiosks throughout the region that might get…
Discover the festive events taking place during the month of December across various neighborhoods in Alexandria.
If you’re looking for a mental health professional in Virginia, Washington D.C., or Maryland, we can help.
We provide a confidential and convenient way to get the help you need from the comfort of your own home.
We offer a free 15-minute consultation to see if our services fit your needs.
The services we offer are:
High School Senior Anxious about College Life? Our amazing graduate interns, Meghan Damminger and Kelly Charwat are starting an affordable College Readiness group in early 2023. Working out day and time. Please email [email protected] to set up a free consultation after the Thanksgiving holiday. And yes, Meghan and Kelly have a few openings for individual clients as well. Their rate is $45 per session. [www.sarahmoorelpc.com](http://www.sarahmoorelpc.com/?fbclid=IwAR3ZlfQnSLVRCc78HbTZutDYZErTctC_5pl- zt4eo_wjQo1gF6uHS–k32g).
Don’t miss this toe tapping celebration!
The Symphony Orchestra of Northern Virginia (SONOVA) presents “Brassy Jazzy Christmas,” a strong lineup of Christmas and holiday favorites. Inspired by Stan Keton’s album “A Merry Christmas!,” SONOVA has created a jazz band–substituting french
Join in Alexandria’s favorite Thanksgiving tradition- the 47th Turkey Trot 5 Mile Race. Alexandria’s favorite Thanksgiving morning tradition, the Alexandria Turkey Trot, returns to the streets of Del Ray on Thursday, November 24 at 9 a.m. In the spirit of