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 also submit your questions to McEnearney Associates via email for response in future columns.
Question: How was the real estate market in Alexandria for August 2024?
Answer: Typically, the end of the summer is quiet for the real estate market. This week, we look at market activity for August 2024 compared with August 2023 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below show available month-end 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.
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 month-end inventory for the City of Alexandria increased 18.5% for August 2024 compared to August 2023.
- Homes priced less than $500,000 saw significant increases in inventory. In the city, condos make up the majority of homes in that price range.
New Listings by Price Range
- In August, the number of homes coming on the market increased 4.5% — which was 8 more homes — compared to 2023.
- There were increases in the lowest and two highest price categories.
New Contract Activity by Price Range
- Overall contract activity in the City of Alexandria decreased 9.8% for August 2024 compared to 2023.
- Contract activity was lower for homes priced $300,000 – $999,999.
Number of Condo, Attached Home, and Detached Home Contracts
- The number of detached homes, the smallest part of the City or Alexandria market, going under contract August 2024, increased 22.2% compared to 2023.
- Attached homes contract activity decreased by 9.1%.
- Contract activity in the condo market decreased by 15.8.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts for August 2024 was up for all four out of six price categories.
- Overall, the average number of days on the market for homes receiving contracts in August 2024 was 33 days, up 24.3% from 27 days in August 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 month-end inventory for South Alexandria increased 27.1% for August 2024 compared to 2023.
New Listings by Price Range
- For August, the number of homes coming on the market decreased 2.9% — which was 6 fewer homes — compared to 2023.
- The lowest price category we track had a significant decrease in the number of listings.
New Contract Activity by Price Range
- Overall contract activity for August 2024 decreased 7.4% compared to August 2023.
- There were decreases in the three price categories.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity increased 8.7% for August 2024 compared to 2023.
- Attached home activity decreased by 20.4%.
- Detached home activity decreased by 8.0%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts in August was down significantly for homes priced more than $1.5 million.
- Overall, the average number of days on the market for homes receiving contracts in August 2024 was 20 days, the same as in August 2023.
Note: Data derived from BrightMLS and is deemed reliable, but not guaranteed.
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
