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 was the first quarter of the real estate market in Alexandria?
Answer: This week we look at market activity for the first quarter of 2024 compared with first quarter of 2023 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below show average available monthly inventory, new listing activity by price range, contract activity by price range, contract activity by property type (condos, attached homes, and detached homes), and the average days on the market. We have often discussed the continuing pressures of low inventory on our local market, and the data so far this year shows us how strong those pressures continue to be.
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
Fully Available Listings by Price Range
- Inventory is the number of available listings on the market at the end of the month.
- The average month-end inventory for City of Alexandria decreased 24.0% for the first quarter of 2024 compared to the first quarter of 2023.
- Homes priced $500,000-$999,999 saw significant decreases.
New Listings by Price Range
- Year-to-date, the number of homes coming on the market decreased 2.4% — which was 14 fewer homes — compared to 2023.
- Half of the price categories we track had increases in the number of listings.
New Contract Activity by Price Range
- Overall contract activity in the City of Alexandria decreased 7.3% for the first quarter of 2024 compared to 2023.
- Contract activity was higher for homes priced more than $750,000.
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 first quarter of 2024 decreased 20.0% compared to 2023.
- Attached homes contract activity increased 1.4%.
- Contract activity in the condo market decreased 7.7%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts for the first quarter of 2024 was down for five out of six price categories.
- Overall, the average number of days on the market for homes receiving contracts year-to-date was 23 days, down 30.7% from 33 days in the first quarter of 2023.
South Alexandria — Fairfax County Portions Of Alexandria
“South Alexandria” refers to those portions of Fairfax County with an Alexandria mailing address.
Fully Available Listings by Price Range
- As mentioned above, inventory is the number of available listings on the market at the end of the month.
- The average month-end inventory for South Alexandria decreased 27.2% for the first quarter of 2024 compared to the same months of 2023.
New Listings by Price Range
- Year-to-date, the number of homes coming on the market decreased 4.6% — which was 27 fewer homes — compared to 2023.
- Half of the price categories we track had increases in the number of listings.
New Contract Activity by Price Range
- Overall contract activity for the first quarter of 2024 decreased 8.6% compared to the same months of 2023.
- The only category to see an increase was for homes priced $750,000-$999,999.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity increased 2.4% for the first quarter of 2024 compared to 2023.
- Attached home activity increased 1.2%.
- Detached home activity decreased 17.4%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts year-to-date was down significantly for homes priced $500,000-$1,499,999.
- Overall, the average number of days on the market for homes receiving contracts in the first quarter of 2024 was 20 days, down 37.5% from 32 days in the first quarter of 2023.
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
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