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: What’s been happening with the local real estate market?
Answer: This week we look at contract activity for September and October of 2023 compared with the same time in 2022 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below show contract activity by price range and by property type (condos, attached homes, and detached homes) as well as 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
New Contract Activity
- Contract activity in the City of Alexandria increased 3.7% for September and October 2023 compared to September and October of 2022.
- Contract activity was higher for the lowest and two highest 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 September and October of 2023 increased 28.9% compared to 2022.
- Contract activity in the condo market decreased 1.7% but attached homes activity increased 3.4%.
Average Number of Days on the Market — New Contracts
- Overall time on the market decreased 28.0% to 22.4 days for September and October 2023.
- The average number of days a home was on the market before receiving a contract decreased for all but the highest price category.
South Alexandria — Fairfax County Portions of Alexandria
New Contract Activity
- “South Alexandria” refers to those portions of Fairfax County with an Alexandria mailing address.
- Overall contract activity increased 0.6% (reflecting two additional contracts) for September and October of 2023 compared to the same months of 2022.
- Contract activity increased significantly for homes priced less than $300,000.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity remained the same for September and October 2023 compared to September and October 2022.
- Attached home activity increased 24.1%, but detached home activity decreased 11.3%.
Average Number of Days on the Market — New Contracts
- The average number of days a home was on the market before receiving a ratified contract decreased for all price categories.
- Overall time on the market decreased 39.0% to 19.2 days for September and October 2023.
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.
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McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria