T
he Alexandria City housing market forecast is expected to see modest growth, according to a recent report from the Northern Virginia Association of Realtors. Key points include:
* Average month-over-year sales prices are projected to increase 2-3% by 2025.
* Single-family detached home and townhome sales are expected to rise 3.1% and 5.6%, respectively, while condo sales may decline 9.6%.
* Inventory for single-family detached homes is forecast to grow 38.4%, townhomes by 81.8%, and condos by 73.5%.
Despite federal job cuts and spending reductions, the region's housing market remains solid, with construction jobs driving economic growth. Mortgage interest rates are expected to ease slightly, but remain in the mid-6% range.
The forecast for the Greater NVAR region calls for:
* Modest sales price increases (2-2.5%) through year-end
* Stable or increasing unit sales, particularly for detached single-family properties
* Rising inventories across most regional markets and home types
As inventory increases, prices will continue to rise due to pent-up demand. This may be a good opportunity for some households to purchase a home since before the pandemic.
Statistics specific to Alexandria include:
* Detached homes: average sales price $1,083,756 (up 2.9% from 2024), unit sales 305 (up 3.1%), inventory 41 units (up 38.4%)
* Townhomes: average sales price $842,499 (up 2.0%), unit sales 619 (up 5.6%), inventory 77 units (up 81.8%)
* Condos: average sales price $371,647 (up 2.8%), unit sales 908 (down 9.6%), inventory 189 units (up 73.5%)
