Dylan, the best-selling luxury condominiums in the Metro Washington area is now delivering, with three beautiful new models to tour. You’re invited to a Grand Opening Event at Dylan on Sunday, September 24 from 11 a.m. to 2 p.m., located at 737 Swann Avenue, Alexandria, VA 22301.
Now is the time to buy at Dylan — with record sales over the past few months, remaining inventory is in high demand, and you can move in immediately!
Dylan is conveniently located in the heart of Potomac Yard’s stunning transformation next door to National Landing, home of Amazon’s HQ2 and Virginia Tech’s new billion-dollar Innovation Campus. Enjoy a quick walk from Dylan to the newly opened Potomac Yard metro, which is just one stop to Reagan National Airport.
Dylan still has plenty of affordable, luxury new construction available for sale. Spacious, one-bedroom and den floor plans priced from under $650K feature chef-inspired kitchens, a separate powder room (so guests are not using your owner’s bath), a den where you can work from home, and a private outdoor space.
An exceptional experience begins with Dylan’s luxurious lobbies and continues with the innovative fitness center and indulgent rooftop lounges and outdoor terraces featuring stunning views of the Potomac River, Washington Monument and Capitol.
Residents will enjoy modern conveniences such as pet washing stations, underground reserved parking spaces included in the list price, bike storage, Amazon hub lockers, and a convenient Work-at-Home business center.
Around the corner from Dylan is Potomac Yard Park, a 25-acre long, linear park dotted with playgrounds, basketball and tennis courts.
Schedule your tour today and see what is waiting for you at Dylan. The Sales Gallery is open daily from 11 a.m.-5 p.m. Contemporary condominiums priced from the $600s to $1.2M.
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 real estate market finish the summer?
Answer: 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. In October, we will breakout data in more detail for the third quarter for the City of Alexandria and South Alexandria. In the meantime, we are presenting our latest Market-in-a-Minute summary for Northern Virginia. Read the full StatPak report here.
Contracts
Throughout Northern Virginia, contract activity in August 2023 was down 17.3% from August 2022 and was down for five price categories. Through the first eight months of the year, contract activity is down 22.6%. The average number of days on the market for homes receiving contracts was 21 days in August 2022, down significantly from 35 days last August.
Urgency Index
The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in August compared to last August. During the past 19 years, the Index has been as high as 94.4% (April 2004) and as low as 22.9% (November 2006). In August 2023, the Urgency Index was 80.8%, up from 66.5% in August 2022.
Inventory
The number of homes on the market at the end of August (1,271) was down 40.4% compared to the end of August 2022 and was down for five out of six price categories. The number of new listings coming on the market decreased 11.5% compared to August 2022. The decrease in contract activity was offset by a bigger decrease in inventory, lowering overall supply to 1.0 month from 1.4 months the end of August 2022. To provide some context, during the “Great Recession” in August 2007, supply was 7 months, the average days on market was 84, and there were 9,000 homes on the market.
Interest Rates
30-year fixed mortgage interest rates at the end of August stood at 7.18% up from 6.9 months sat the end of July. The good news is that rates have come down a bit over the last couple of weeks, but the tough news is that they are still near a 22-year high.
Affordability
The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 99% higher than it was a decade ago in August 2013, and the median price is up 49%. The payment is also 30% higher than last August because of higher interest rates and higher prices. The mortgage payment for a median priced home ($4,742) was much higher in August than the median rented price ($3,000).
Direction Of The Market
Despite a significant contraction in buyer activity, it is still a seller’s market in Northern Virginia. Most of the key indicators remain positive for sellers — absorption rates, the average home price, and the urgency index are higher than this time last year, and perhaps most importantly, the supply of homes is lower. For all the reasons it’s a good time to be a seller, it’s tough on buyers who are dealing with a one-two-three punch of higher prices, higher mortgage interest rates, and very few choices of homes on the market.
Yet we sound a cautionary note for sellers. Buyers are still seeking value among the scarce inventory, and we have seen sellers fall into two broad categories: the “haves” and the “have nots.” The “haves” are those sellers who have priced their homes correctly, and they are reaping the rewards. 70% of the homes that settled in August sold at or above their original list price (almost 4% above) and sold quickly. And there are two distinct categories of “have not” sellers. The first are those who came on the market at a price that was too high, but nonetheless persevered and ultimately sold. They paid a big price in time and money. They typically took four times as long to sell, and at an average of more than 6% under list price.
The other category of “have not” sellers is those whose homes are still on the market unsold. There are over 1,300 homes on the market in Northern Virginia, and they have been on for an average of 60 days. Price matters a lot.
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 and Fairfax.
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
Explore Alexandria living in this bi-weekly column sponsored and written by Sandy McMaster of McEnearney Associates. Got a question or comment? Contact Sandy at [email protected].
It’s September in Alexandria, which means pumpkin spice lattes, cooler temps, and football at Joe Theismann’s restaurant!
General Manager Matt Pigott joins us this week to discuss this long-time Alexandria staple. With multiple football games on at all times, visitors will surely find another table rooting for their favorite team — maybe even a full section! The lively atmosphere includes an array of draft beers. Their newest addition, “Bye Dan,” seems to be their most popular pour these days!
With the renewed energy around football in Washington, put this upscale neighborhood pub on your shortlist for fun, and be sure to get there early on game days!
To get to know more about me and how I help people build lives they want in homes they love, follow me @SandyMcMaster on IG or visit www.
Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
Welcome to this historic, circa 1820, 3 bed/2 bath row home that features loads of charm and character while offering functional, modern living spaces. Conveniently located in the heart of Old Town, Alexandria and also zoned for CL, this home offers great natural light, a versatile floor plan, tons of storage, and a private outdoor space.
Enter into an inviting foyer where you’ll be greeted by a sunny and bright living room adorned by french doors. Vintage lighting and original floors add to the character of this historic space. Continue through the hallway to a versatile room, make it a dining room or combo living room, that continues to a functional, galley kitchen with hand-painted floors by a local artist! A mudroom and full bathroom are conveniently located on this level just before you walk outside to the private and quiet brick patio. Enjoy gardening, an afternoon of reading outdoors, or an evening with friends here!
The second level of the home features 3 comfortable bedrooms and a full bathroom. Laundry can be found in the lower level in addition to plenty of storage space! Ideally located, this home is so convenient to all Old Town has to offer!
With a Walk Score of 97, enjoy living 3 blocks to the vibrant King Street, 6 blocks to the majestic Potomac River, steps to many award-winning restaurants, plentiful shopping and more. Zoned for Lyles-Crouch Elementary School — 1.5 blocks away.
Welcome Home!
409 S Washington Street – Listed by Jen Walker Team
Open House: Saturday, September 16 from 2-4 p.m. and Sunday, September 17 from 1-3 p.m.
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 820A S Washington Street #327, Alexandria 22314 — $209,900
- 1504 Russell Road, Alexandria 22301 (Coming Soon) — $1,299,000
- 910 Powhatan Street #104S, Alexandria 22314 (New Price) — $719,900
- 317 E Howell, Alexandria 22301 (New Price) — $2,199,000
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #WeAreAlexandria
This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703-244-6115 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
There’s a saying I’ve heard said to travelers “go everywhere, talk to everyone, eat everything”. While this might not be as intuitive for your home town, in my opinion, it’s not always good advice.
Eat where the locals eat!
Worst case, you’ll get some good food. Even if the food isn’t great, there’s got to be a reason that the locals love it! Maybe the staff is the friendliest in town. Maybe there’s always a good conversation at the bar. Maybe it’s just the perfect spot to get cozy and read a book. Regardless, be sure to go in with an open mind and see what the locals see. There’s bound to be something you’ll enjoy at the local watering hole.
My younger sister has a local spot that she goes to once a week, and gets the salmon and an iced tea. She rarely drinks, but has established a nice little community at our local watering hole — and if she ever looked up from her book, she’d find some nice conversations as well!
Join the local Buy Nothing group!
It’s not quite as widely known as NextDoor, but have you heard of Buy Nothing?! If not, you’re truly missing out. This is a super localized group that takes the spirit of asking a neighbor for a cup of sugar, and scales it up. Each group is theoretically small enough for you to walk to any spot in your group. The guidelines are simple — give freely, receive freely, and share freely. To quote the BN website “all gifts have the same value in Buy Nothing: Priceless”. (Check it out at www.BuyNothingProject.org)
I love that I can give up a favorite pair of heels, and know for certain that they will be worn to a fabulous gala and live the life that they deserve but I could never give them. I’ve discovered a kindred spirit just down the block, by gifting an obscure Halloween costume accessory. And it’s really cool to discover a Buy Nothing friend out in “the wild”.
Not only is it a great source of “stuff”, it’s also a fun, SUPER local message board to find out neighborhood info. Alexandria even has a “Spin-Off Spin-Off” (aka “the Wild West”) with looser guidelines than the typical BN group. Join it all!
There are definitely some people in my neighborhood who I’ve never met, but we are very familiar with each other on Buy Nothing! (And for a laugh, be sure to follow “The Best of Buy Nothing” on Instagram!)
Volunteer at Local Events
Of course, a lot of us have non-profits that we support and regular volunteers are crucially needed all year round!
However, a lot of neighborhoods have local, annual events that support various causes. For example, Del Ray has a Turkey Trot, as well as a number of Bar Crawls throughout the year. Volunteering for just a few hours at these events will not only give you perks (like a free bar crawl ticket!) but also introduce you to other locals who love to help the community. I know from personal experience, it can be tons of fun to give the gift of your time!
Whatever your personal interests and hobbies, there are tons of ways to meet people and grow a community in your new neighborhood. And as your local real estate expert, living and working in Alexandria all of my life, I know most of the local hot spots and fun upcoming events. If you ever want advice, I’m happy to point you in the right direction!
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
Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
Welcome to this historic, circa 1820, 3 bed/2 bath row home that features loads of charm and character while offering functional, modern living spaces. Conveniently located in the heart of Old Town, Alexandria and also zoned for CL, this home offers great natural light, a versatile floor plan, tons of storage, and a private outdoor space.
Enter into an inviting foyer where you’ll be greeted by a sunny and bright living room adorned by french doors. Vintage lighting and original floors add to the character of this historic space. Continue through the hallway to a versatile room, make it a dining room or combo living room, that continues to a functional, galley kitchen with hand-painted floors by a local artist! A mudroom and full bathroom are conveniently located on this level just before you walk outside to the private and quiet brick patio. Enjoy gardening, an afternoon of reading outdoors, or an evening with friends here! The second level of the home features 3 comfortable bedrooms and a full bathroom. Laundry can be found in the lower level in addition to plenty of storage space!
Ideally located, this home is so convenient to all Old Town has to offer! With a Walk Score of 97, enjoy living 3 blocks to the vibrant King Street, 6 blocks to the majestic Potomac River, steps to many award-winning restaurants, plentiful shopping and more. Zoned for Lyles-Crouch Elementary School — 1.5 blocks away. Welcome Home!
409 S Washington Street — Listed by Jen Walker Team
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 68 Wolfe Street, Alexandria 22314 — $1,095,000
- 700 Lyles Lane, Alexandria 22314 — $1,350,000
- 607 S Saint Asaph Street, Alexandria 22314 — $1,399,000
- 910 Powhatan Street #104S, Alexandria 22314 — $739,900
- 317 E Howell, Alexandria 22301 — $2,275,000
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #WeAreAlexandria
End the summer strong with our Fitness Series at Carlyle Crossing on Saturday, September 9.
Get your blood pumping with a bootcamp-style BASH Boxing workout or wind down with an invigorating yoga sesh by YogaSix. Your instructor-led class is complete with snacks + drinks to keep your energy up + muscles hydrated.
Space is limited, so sign up before it’s too late!
Explore Alexandria living in this bi-weekly column sponsored and written by Sandy McMaster of McEnearney Associates. Got a question or comment? Contact Sandy at [email protected].
Warm hospitality, urban beach food, and the ONLY place you can order the freak’n Catalina wine mixer!
We were lucky enough to be joined by Corporate Chef Terri Cutrino, who supervises all three of Hank’s Washington, D.C., and Virginia spots. However, the Alexandria venue is the only location with a fantastic three-season rooftop bar. Enjoy the hustle and bustle of North Alexandria while dining on delicious and creative options. And if you want a burger? They’ve got you covered!
Nobody gets left out of this menu!
If you’re craving a little “sea-in-the-city,” drop into Hank’s Oyster Bar located at the corner of Montgomery and N. St. Asaph Street.
To get to know more about me and how I help people build lives they want in homes they love, follow me @SandyMcMaster on IG or visit www.
Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
Gorgeous light-filled 2 bedroom, 2 bath row house located in the SE quadrant of Old Town, Alexandria. Built in 1941, this lovely Yates Gardens home features original hardwood floors in pristine condition.
The formal living room includes a wood-burning fireplace and large south-facing window with plantation shutters. The separate dining area and adjoining sunroom overlook the private brick-walled backyard. An updated galley kitchen offers stainless steel appliances, a gas range and charming bay window perfect for herbs and houseplants. On the upper level you will find 2 bedrooms with spacious closets, a full bath with a linen closet, and access to a floored attic offering plenty of additional storage space.
The finished lower level consists of a recreation room, the second full bath, laundry and additional storage. This home includes its own dedicated parking space, a rare and invaluable find in Old Town! Nestled on a quiet portion of Jefferson Street, you are just steps from the Mt. Vernon Trail, Jones Point Park, shops and restaurants on King Street and have easy access to National Airport, Metro, HQ2 and major commuter routes.
403 Jefferson Street, Alexandria 22314 — Listed by Lauren Bishop, McEnearney Associates
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 1023 N Royal Street #305, Alexandria 22314 — $750,000
- 910 Powhatan Street #104S, Alexandria 22314 -0 $739,900
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #WeAreAlexandria
This week’s Q&A column, sponsored and written by McEnearney Associates Realtors®, the leading real estate firm in Alexandria, is a bit of a departure from our usual format. To learn more about this article and relevant Alexandria market news, contact us at 703-549-9292. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: A reader recently asked us a question about the resale value for homes with solar panels. Did it help, hurt or have no impact at all?
Answer: We know solar panels are increasingly being added to properties to cut down on energy costs and reduce emissions from other heating sources, but does that translate into value for homeowners?
It wasn’t as easy a question to answer as we thought.
When we last addressed the topic of solar panels on our blog in 2020, it was a topic garnering a lot of discussion but not a lot of clarity about what impact it had in the housing market. And while there has been plenty of homeowner education about other popular green tech in properties — such as energy-efficient appliances, sustainable construction material, improved insulation — the insight on solar panels remains clouded as to what that means in actual dollars for home value.
Each year the National Association of Realtors® (NAR) releases a report on sustainability issues facing the real estate industry. The 2023 REALTORS® and Sustainability Report – Residential was released in May and showed that a majority (63%) of agents and brokers said promoting green technology in listings is “very” or “somewhat” important.
When it comes specifically to solar’s value to a home, 34% (a 2-point drop from 2022) said properties with solar panels increased the perceived property value, compared to 17% who said it decreased value and 29% that said they had no effect (19% said they didn’t know the impact on value).
Also, 38% of agents and brokers said that days on market were neither longer nor shorter for properties with solar panels and 37% believed the difference in time on the market due to the solar panels was unclear.
The green home features that Realtors® believed were most important to clients include windows, doors and siding (39%); proximity to frequently visited places (37%); a comfortable living space (37%); and a home’s utility bills and operating costs (25%). Solar panels don’t make the cut of top features cited.
However, of the top five (out of 12) sustainability issues facing their markets, four were questions about solar panels with most agents and brokers citing the need to understand how solar panels impact a transaction (35%), understanding lending options for energy upgrades or solar installations (33%) valuation of solar panels on homes (32%) and the lack of MLS data about home performance and/or solar installations (25%).
In short, there are still a lot of questions about how solar panels are impacting home values and for a feature that can cost anywhere from $16,000-$23,000 to install. So, we asked some of our McEnearney Associates to tell us about their experience with solar panels in the Virginia, Maryland and DC markets.
Christine Robinson works in Virginia and said consumer education will go a long way to having homeowners experiment with solar technology. When her clients finally found a home that fit their needs, it came with solar panels and also with a lien against the property for the solar panels. The buyers didn’t want to assume the loan for the panels so the sellers had to pay it off before closing. And the listing agent wasn’t knowledgeable about how the solar panels worked so it was up to the buyers to educate themselves about the pros & cons.
Several years ago, even Robinson’s client who is a LEED professional with a background in green technology found it difficult to get clarity on how to get solar installed with new construction, and even harder to get information about solar installations in existing homes.
“I feel strongly that consumers want this type of product but it’s more involved than just dropping panels onto the home,” Robinson adds, running through a list of considerations to keep in mind.
“What upgrades may I have to consider for my home installation? What are the rules in my state? How will it affect my insurance? What safety precautions regarding energy storage, battery back-up, fire suppression, and local utilities do I have to consider?”
Sometimes there are issues with solar panels that have nothing to do with energy supply. Jillian Keck Hogan works in all three jurisdictions and said most owners are indifferent as to whether the panels added value to their home, they installed them for personal reasons. However, the results aren’t always positive.
“We just listed a house for sale/rent in D.C. that had solar panels and during the listing process we discovered that the installation had caused damage to the roof and led to water damage during rain storms,” Hogan shared. “The company was good at coming out for repairs but it still doesn’t feel like it was contributing to the home in a positive way besides the advantage of a low electric bill and a potential positive environmental impact.”
And for some buyers, it’s simply a no-go. Bob Shaffer, an agent who works in D.C. and Maryland, has had buyer clients who were definitely “turned off” by solar panels (no pun intended!) “My clients do not take a liking to solar panels and avoid homes with them, even if there were other elements in a home that they liked,” he said.
Some other tips from agents:
- Pay for the upgrades on solar panel roof installation. Just like any home improvement project, there are upsells that will add extra costs but are worth it in the long run. For example, spring for the barriers that will prevent animals from nesting under or damaging solar connections.
- Be sure to check for tax incentives regarding solar or green technology, including those in your local jurisdiction
- Check out this recent segment on WAMU’s 1A radio program that discussed the Inflation Reduction Act and solar energy incentives.
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
