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. You may submit your questions to McEnearney Associates via email for response in future columns.
Question: How was the real estate market in Alexandria for the first half of 2024?
Answer: This week we look at market activity for the first half of 2024 compared with first half 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. Higher interest rates and low inventory continue to be primary factors influencing our local market.
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 the City of Alexandria decreased 3.0% for the first half of 2024 compared to the first half 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 increased 1.1% — which was 15 more homes — compared to 2023.
- Two 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 6.3% for the first half of 2024 compared to 2023.
- Contract activity was higher for homes priced more than $1,000,000.
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 half of 2024 decreased 6.3% compared to 2023.
- Attached homes contract activity increased 2.9%.
- Contract activity in the condo market decreased 10.2%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts for the first half of 2024 was down for all six price categories.
- Overall, the average number of days on the market for homes receiving contracts year-to-date was 20 days, down 20.1% from 25 days in the first half 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 2.5% for the first half 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 increased 3.0% — which was 41 more homes — compared to 2023.
- Four 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 half of 2024 decreased 3.8% compared to the same months of 2023.
- There were increases for homes priced more than $1,000,000.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity decreased 2.3% for the first half of 2024 compared to 2023.
- Attached home activity decreased just 0.3%.
- Detached home activity decreased 5.3%.
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 more than $750,000.
- Overall, the average number of days on the market for homes receiving contracts in the first half of 2024 was 17 days, down 24.0% from 23 days in the first half of 2023.
Note: Data derived from BrightMLS and is deemed reliable, but not guaranteed.
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].
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
