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
It was another busy week in Alexandria. The fallout of Wilson’s announcement that he would not run for reelection continues, with two City Council members — Vice Mayor Amy Jackson…
A small but dedicated team of volunteers spent last Saturday clearing trash from Holmes Run near the Charles Beatley Library. The City of Alexandria celebrated twelve volunteers who helped in…
With the advent of virtual learning in public schools during the Covid pandemic, it seemed like snow days would become a thing of the past. In late 2021, Alexandria said…
A 4 BD/4.5 BA brick townhome with four finished levels, multiple fireplaces and a brick patio is included in Just Listed.
About Latinas Leading Tomorrow (LLT): Latinas Leading Tomorrow is a dynamic 501(c)(3) nonprofit organization dedicated to empowering young Latina women through education, mentorship, and leadership development. We are committed to fostering a community of future leaders who will make a significant impact to the community.
Job Description: We are seeking a passionate and dedicated Part-time Executive Director to lead our organization into its next phase of growth and impact. The ideal candidate will be a visionary leader who can oversee day-to-day operations, drive fundraising efforts, and cultivate relationships with stakeholders. This is a 1099 position; Remote position with ability to attend DMV events; 8-10 hours a week; $35-40/per hour.
Get ready to Shake, Rattle and Roll with this one-of-a-kind, high-octane rockabilly concert experience! Rockabilly Rumble is the all-new, musical experience celebrating the southern rock music that exploded on the scene in the 1950s. Organized by Alexandria City High School Alum and pro-musician Sam C. Jones, this band of world-class performers will have you dancing in your Blue Suede Shoes all night long with songs made famous by Bo Ridley, Carl Perkins, Roy Orbison, Buddy Holly, Johnny Cash, Elvis Presley and more. Relive their most popular hits, along with some forgotten gems. “Rockabilly Rumble” is a dance-worthy, foot stomping evening you’ll never forget!
This show is 21+ only.
YOU MUST HAVE A VALID PHYSICAL ID. A PICTURE OF YOUR ID IS NOT ACCEPTABLE.