T
he real estate market in Alexandria for August 2024 was quite active, with a notable increase in inventory for both the City of Alexandria and South Alexandria (Fairfax County portions of Alexandria). The City of Alexandria saw a significant boost in inventory for homes priced less than $500,000, while South Alexandria experienced a more modest increase in inventory across all price ranges.
In terms of new listings, August 2024 saw an increase of 4.5% compared to August 2023 for the City of Alexandria, with increases in the lowest and highest price categories. South Alexandria, on the other hand, saw a decrease in new listings of 2.9% compared to August 2023.
Contract activity was lower in August 2024 for both the City of Alexandria and South Alexandria compared to August 2023. The City of Alexandria saw a decrease of 9.8% in overall contract activity, while South Alexandria experienced a decrease of 7.4%.
In terms of property type, the City of Alexandria saw an increase in detached home contract activity of 22.2% in August 2024 compared to August 2023, while South Alexandria saw a decrease of 8.0%. Condo contract activity increased by 8.7% in South Alexandria for August 2024 compared to August 2023.
The average days on the market for homes receiving contracts in August 2024 increased for all four price categories in both the City of Alexandria and South Alexandria. The overall average days on the market for homes receiving contracts in August 2024 was up 24.3% compared to August 2023 for the City of Alexandria, while South Alexandria saw a decrease in the average days on the market for homes receiving contracts in August 2024 compared to August 2023.
To learn more about this article and relevant market news, please contact David at 703-855-5089 or email [email protected]. 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
