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: How did the Alexandria market finish 2022?
Answer: Last week in our Ask McEnearney column, McEnearney Associate Rebecca McCullough presented a compelling look at what to expect from the Northern Virginia Real Estate market in 2023. She included some statistics comparing the end of 2022 with the end of 2021 for context, but didn’t do a deep dive into specific markets.
This week we are taking a closer look at contract data for the 4th quarter of 2022 compared with the same time in 2021 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below look at number contract activity by price range and by property type (condos, attached homes, and detached homes) and the average days on market.
City of Alexandria
New Contract Activity
- Contract activity in the City of Alexandria decreased 44.1% in the 4th quarter of 2022 compared to the 4th quarter of 2021.
- Contract activity was down for all price categories.
Number of Condo, Attached Home, and Detached Home Contracts
- The number of detached homes, the smallest part of the City of Alexandria market, going under contract in the 4th quarter of 2022 decreased 48.9% compared to 2021.
- Contract activity in the condo market decreased 44.4% and attached homes activity decreased 41.5%.
Average Number of Days on the Market — New Contracts
- Overall time on the market remained basically the same at 40.8 days for the 4th quarter of 2021.
- The average number of days a home was on the market before receiving a contract decreased for two price categories.
South Alexandria — Fairfax County Portions of Alexandria
New Contract Activity
- “South Alexandria” refers to those portions of Fairfax County with an Alexandria mailing address.
- Contract activity decreased 43.3% in the 4th quarter of 2022 compared to the 4th quarter of 2021.
- Contract activity was down for all price categories.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity decreased 23.5% in the 4th quarter of 2022 compared to the 4th quarter of 2021.
- Attached home activity decreased 49.8%, and detached home activity decreased 48.6%.
Average Number of Days on the Market — New Contracts
- The average number of days a home was on the market before receiving a ratified contract increased for five price categories.
- Overall time on the market increased 32.7% to 39.8 days for the 4th quarter of 2022.
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
