It’s still a seller’s market for real estate in the Alexandria area.
There are fewer homes on the market than there were at this time last year, and the ones available are selling quickly, according to new data from the Northern Virginia Association of Realtors (NVAR).
Across Northern Virginia, “Homes stayed on the market an average of 31 days before going under contract this September – a significant drop from September of 2018, when the average was 55 days. The average sold price in our region is up almost 5% from a year ago, so it continues to be a market that favors home sellers,” said Christine Richardson, president of NVAR and an agent with Weichert, Realtors® in Great Falls.
There are fewer properties on the market than there were a year ago, according to NVAR data. In September of 2018, 4,134 properties were on the market in the NVAR region, compared to 2,616 properties in September of 2019, which is a drop of almost 37% in inventory. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
In Alexandria in September 2019, the average home sale price was $565,039, which is down just slightly from September 2018 (a decrease of 2.2 percent). For comparison, five years ago in September 2014 the average home sale price in Alexandria was about $491,000.
Across all of Fairfax County, the average sale price in September 2019 was $589,874, up about 5% from the year prior. Back in September 2014, the average sales price in Fairfax County was close to $520,000.
In Alexandria and Arlington, near the new Amazon headquarters, the number of homes for sale is down over 50% from September of 2018.
However, NVAR noted in its report this month that declining inventory is a continuing trend that started in 2015, long before the Amazon HQ2 announcement.
“There are lots of reasons for tight inventory, including that people are staying in their homes longer,” Richardson explained. “According to the National Association of Realtors®, people are living in their homes for an average of nine to 10 years now, while it used to be more like five to six years.”
Alexandria’s Most Expensive Properties
In terms of public listings, the most expensive home for sale in the City of Alexandria is 601 & 607 Oronoco St. Located across from the historic Lee-Fendall House, the property was the childhood home of Robert E. Lee. The 6-bedroom home was built in 1795 and sits on a half-acre lot. The asking price is $5,600,000. The home has been on the market for several months, but expensive and unique properties do tend to take longer to sell. See the listing here.
In southeastern Fairfax County, the most expensive listing is 4601 Neptune Dr., a waterfront property along Dogue Creek just east of the Mt. Vernon Yacht Club. Set on more than 2 acres, it has 4 bedrooms and features a dive pool, a pier with a boat lift, multiple patios and a billiards room. The asking price is $3,999,000. See the listing here.
