Buy Alexandria Real Estate: Where the Homes Are: Current Inventory of Homes in Alexandria

Alexandria Virginia Real Estate Blog

Where the Homes Are: Current Inventory of Homes in Alexandria

Last week I wrote that home sales are holding steady in Alexandria, Virginia.  The market has not slowed in Alexandria City as much as some other places in the Northern Virginia.  

 Today, I had the opportunity to attend a presentation by Christine Todd, CEO of the Northern Virginia Association of Realtors, on the state of the local economy and the housing market.  She reminded us that while the press may have you believing that the sky is falling by reporting on those problem areas (such as Herndon or areas of Prince William County) within the region, it is important to examine each locality separately.

When you take a closer look, especially in close-in areas like Arlington and Alexandria City, the picture is not so bleak.  Homes that are priced right for the market are still selling in relatively short time periods.  Inventory has steadied out, and with this week's Fed rate cut, some buyers who have been sitting on the fence may look again at purchasing.

 

 

 

 

 

 

The main thing that has hurt the Northern Virginia housing market has been the affordability of homes.  The fundamentals of our market are still present -- we have 2.3% unemployment (the lowest in the nation of any region), phenomenal job growth, and high-paying jobs.  These are all indications that the housing market should be prospering.  However the enormous appreciation of the last 4 to 5 years has caused an affordability problem because wage increases have not kept up with house price increase.  

 

 

But while, "people used to keep driving out further from D.C. until they could qualify and afford a home," according to Todd, "now they are starting to drive back closer because the infrastructures of the outlying areas has not kept pace with the population growth and the commutes are wearing on people."  Thus, the still prospering market in Alexandria.

 

Where are the homes in Alexandria?

 

There are currently 393 single family homes and townhouses on the market in Alexandria City.  99 homes sold in the  last 30 days.  This means that there is slightly under 4 months supply of Alexandria homes available.  (For comparison, look at Herndon, Virginia with 551 homes on the market and 62 sales last month for an almost 9 month supply).

Here is some information on pricing in these neighborhoods:

Neighborhood

Price Range

Average

Beverley Hills

$339K -- $1.95M

$927,483

Cameron Station

$549K -- $1.10M

$638,954

Del Ray

$399K -- $1.18M

$621,040

Old Town Alexandria

$450K -- $5.60M

$1,070,551

Potomac Greens

$575K -- $2.25M

$958,852

Stonegate

$525K -- $739K

$649,019

 

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Comment balloon 6 commentsBrian Block • September 20 2007 11:44PM

Comments

Brian - This is a terrific Localism post.  I need to re-read your earlier post about creating graphs so that I can start using some on my own stuff.  This should be very appealing to consumers.
Posted by Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC) over 10 years ago
What? Does Jason just hang out waiting for his buds to submit a post?  Just kidding Jason. Great consumer post that gives all ther pertinent information along with graphics and graphs. Great presentation.
Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Century 21 Liberty Homes) over 10 years ago

Brian, this is one of the easiest to read market reports that I have seen, and I know it must have taken a lengthy amount of time to write.

Kudos to you, and I hope the consumers who read this know the effort you put into it for their sake.

Posted by Kris Wales, Real Estate Blog & Homes for Sale search site, Macomb County MI (Keller Williams Realty - Lakeside Market Center) over 10 years ago

You forgot to include 3-dimensional graphs in your tutorial, Brian.  No fair!  (Kinda like the cook who shares her recipe without the secret ingredient that makes it so special) LOL

This is EXCELLENT, as always. 

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) over 10 years ago
Brian - Terrific market report for Northern Virginia. It is no surprise coming from you. Our markets are similar in the sense that if a home is priced well it will sell although at a greater market time. It is certainly not all doom and gloom. Attitude is everything.
Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Brian, I'm not at all surprised. Thanks for sharing!

 

Posted by Tchaka Owen (Galleria International Realty) over 10 years ago

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