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Ask McEnearney: How did the Alexandria real estate market for 2023 compare to 2022?

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 real estate market for 2023 compare to 2022?

Answer: This week we look at contract activity for all of 2023 compared with 2022 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below show contract activity by month, price range, and by property type (condos, attached homes, and detached homes). We have often discussed the continuing pressures of low inventory on our local market. As interest rates are gradually coming down, there will be an increase in buyer activity. And the same will be true for sellers who will be more willing to give up their current low-rate mortgage. 2024 will see more activity than we had in 2023.

If you are interested in more information, every month on our website we profile the most important market indicators for Northern Virginia — contract activity, interest rates, inventory, affordability, and the direction of the market — in an easy to read and digest summary followed by supporting charts and data.

City Of Alexandria

New Contract Activity by Month

  • The seasonal nature of the real estate market is evident as activity increases through the spring and decreases through the fall months in both 2022 and 2023.
  • Activity in 2023 did not vary as much from spring to fall. And even improved in the last few months of the year compared to 2022.

New Contract Activity by Price Range

  • Contract activity in the City of Alexandria decreased 17.3% for 2023 compared to 2022.
  • Contract activity was slightly higher for the highest price category, but significantly lower for the lowest price categories.

Number of Condo, Attached Home, and Detached Home Contracts

  • The number of detached homes, the smallest part of the Alexandria City market, going under contract in 2023 decreased 7.5% compared to 2022. This is the smallest decrease by property type.
  • Contract activity in the condo market decreased 18.1% and attached homes activity decreased 20.3%.

South Alexandria — Fairfax County Portions of Alexandria 

New Contract Activity by Month

  • As with City of Alexandria, the seasonal nature of the real estate market is evident as activity increases through the spring and decreases through the fall months in both 2022 and 2023.
  • Activity in 2023 did not vary as much from spring to fall. And even improved in the last few months of the year compared to 2022.

New Contract Activity by Price Range

  • “South Alexandria” refers to those portions of Fairfax County with an Alexandria mailing address.
  • Overall contract activity decreased 16.6% compared to the same months of 2022.

As with City of Alexandria, there was a slight increase for the highest price category

Number of Condo, Attached Home, and Detached Home Contracts

  • Condo contract activity decreased 19.3% for 2023 compared to 2022, attached home activity decreased 14.5%, and detached home activity decreased 16.5%.
  • These percentages were consistent with the wider area market.

Note: Data derived from BrightMLS and is deemed reliable, but not guaranteed. “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax.

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

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