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 did the Alexandria real estate market start the new year?
Answer: This week we look at market activity for January 2024 compared with January 2023 for the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The charts below show available inventory at the end of the month, 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 January 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
- The month-end inventory for the City of Alexandria decreased 41.4% for January 2024 compared to January 2023. The number of homes coming on the market decreased 6.0% — which was 10 fewer homes coming on the market.
- Inventory reflects contract activity and new listings from previous months as well as the current month.
New Contract Activity by Price Range
- Overall contract activity in the City of Alexandria decreased 12.8% for January 2024 compared to January 2023.
- Contract activity was higher for homes priced $750,000-$999,999.
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 2024 decreased 7.3% compared to 2023. Attached homes contract activity decreased 38.1%.
- In contrast, contract activity in the condo market increased 7.3%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts in January was down for four out of six price categories.
- Overall, the average number of days on the market for homes receiving contracts in January 2024 was 37 days, down 18.3% from 45 days in January 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
- The month-end inventory for South Alexandria decreased 31.4% for January 2024 compared to January 2023. The number of homes coming on the market decreased 2.1% – just 3 fewer homes.
- Inventory reflects contract activity and new listings from previous months as well as the current month.
New Contract Activity by Price Range
- Overall contract activity for January 2024 decreased 16.0% compared to January 2023.
- As with the City of Alexandria, there was an increase for homes priced $750,000-$999,999.
Number of Condo, Attached Home, and Detached Home Contracts
- Condo contract activity remained the same for January 2024 compared to January 2023.
- Attached home activity increased 8.5%, and detached home activity decreased 37.3%.
Average Days on Market for New Contracts
- The average number of days on the market for homes receiving contracts in January was down significantly for homes priced $500,000-$999,999.
- Overall, the average number of days on the market for homes receiving contracts in January 2024 was 31 days, down 24.8% from 42 days in January 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