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s the calendar flips to 2025, Old Town Alexandria's real estate landscape is a testament to its enduring allure. Despite a slight dip in sales volume, the market has demonstrated remarkable resilience and growth.
Key statistics reveal a story of increasing demand and rising values. The total sales volume dipped by 1.85% to $650 million, yet home prices skyrocketed by 11.05%, with an average sold price reaching $1,000,400. This upward trend was mirrored in the median sold price, which surged by 11.6% to $870,500.
Buyers faced a more competitive environment, as the total number of units sold fell by 11.32% to 650. However, homes flew off the market at an unprecedented pace, with the average days on market decreasing by 8.33% to just 22 days. This frenetic activity is a clear indication that properties remain highly sought-after.
Detached homes continue to command premium prices, with an average sale price of $1,574,762 – a 20.92% increase from the previous year. In contrast, attached properties saw a more modest price growth of 9.66%, with an average sale price of $959,713. This disparity highlights the enduring appeal of detached homes, albeit in smaller numbers.
The most active price points reveal a strong demand for mid-to-upper-tier homes. The $800,000 to $999,999 range proved particularly popular for attached homes, while detached properties saw the highest activity in the $1 million to $2.5 million bracket.
Financing trends show conventional financing dominating the market, accounting for 347 transactions. VA loans played a significant role in 77 sales, underscoring the community's strong support for military families.
As we look ahead to 2025, Old Town Alexandria remains a dynamic market with robust price growth and decreasing market times. This competitive landscape is likely to persist, making it an exciting time for buyers, sellers, and investors alike.
Whether you're navigating the complexities of real estate or simply curious about your home's value, The Seward Group is here to guide you through the process. With hyperlocal expertise in VA, DC, and MD, our team is dedicated to helping you achieve your real estate goals – from first-time buyers to seasoned investors.
