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: With the rise in interest rates, has the inventory of homes for sale in Alexandria increased this fall?
Answer: As interest rates have risen, it’s not surprising that there has been a reduction in demand for homes compared to the overheated markets of 2020 and 2021. Even when we look back to 2019, which was considered a modest sellers’ market, the number of contracts is lower now.
We might expect inventory to have increased significantly as a result, but that has not happened due to significant decreases in the number of homes coming on the market. And why aren’t we seeing a jump in new listings? Homeowners who have a sub-3% mortgage are thinking twice about giving that up to buy their next home with a much higher-rate mortgage and we see little reason to believe that will change.
The charts below look at the data for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria) during July, August, September, and October of 2019-2022. We have included the number of new listings, the month-end inventory, and the number of new contracts.
City of Alexandria
South Alexandria — Fairfax County Portions of Alexandria
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:Â [email protected]Â 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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