Real estate inventory – the number of homes available for buyers – is quite low, but most Alexandria properties have increased in value a significant amount in the past year.
Real estate property assessments increased 4.25 percent from Jan. 1, 2019 to Jan. 1 this year, according to just-released City of Alexandria tax data.
Fairfax County has not yet released real estate assessment data.
In the City of Alexandria, the value of the average condominium increased 5.84 percent to $348,234.
The value of the average single-family home is now more than $800,000 — notching a 4.13 percent increase in value to $800,025.
City of Alexandria
Alexandria’s real estate property values increased substantially from 1995 through 2006, decreased through 2010, and then started increasing again — and they haven’t stopped. With limited inventory, the real estate market is moving faster, too: “In 2019, the average days on the market was 27, compared to 2018 when the average days on the market was 47,” the City of Alexandria reported.
In the City of Alexandria, the residential tax base increased 5.32 percent, or $1.24 billion, a larger increase than city officials have seen in several years.
The commercial tax base increased by only 2.8 percent, or by nearly $476 million. There remains a “flat” market in conventional office space, according to City of Alexandria documents, as a “general lack of demand” continues, especially in areas without a Metro station.
“Based on [the Office of Real Estate Assessment] OREA’s edit of the most recent published CoStar data (subtracting conversions), the direct vacancy rate currently stands at 23.1 percent. The market is responding by reclassifying office properties to other uses," according to the report.
"Recent examples of office buildings in process of converting or converted to another use are 200 Stovall Street, 4401 Ford Avenue, 3101 Park Center Drive, 2000 N Beauregard Street, 601 Prince Street, and Trans Potomac Plaza (1033, 1055, and 1111 N Fairfax Street).” (These properties were converted to vacant residential for purposes of the tax assessment for 2020.)
(Related: Conversion of Hotel to Residential Begins in Alexandria and Old Town North Offices Could Become Residential.)
Combined, more than three-quarters of the City of Alexandria’s tax base is based on where people live — 40.7 percent single family, 16.43 percent residential condos, and 19.11 percent ‘commercial’ multi-family buildings.
City of Alexandria
If you disagree with your assessment, the deadline to request a review with the Office of Real Estate Assessments is March 16. The deadline to file an appeal with the Board of Equalization is June 1. For more information, go to www.alexandriava.gov/RealEstate.
