Hello everyone, I’m Blake Davenport with The Davenport Group and RLAH Real Estate, and I’m thrilled to present the latest real estate trends for Alexandria City.
By the Numbers:
- Active homes for sale: 213
- Homes sold in the last 30 days: 153
- Current months of supply: 1.4 months
- Increase from last month: 40% (up from 1 month)
- New listings in the last 30 days: 182
- Listings from the same period last year: 285
- Decrease from the previous year: 36%
These statistics highlight that the 1.4 months supply is one of the highest we’ve witnessed in the past year. However, this was anticipated due to the seasonal downturn typical of this time. Additionally, with interest rates nearing 8%, buyer enthusiasm seems to be waning. Yet, it’s essential to understand we are still grappling with inventory shortages. The notable 36% drop from last year’s listings is a significant contributor to the market’s dynamics and the continuing rise in property prices.
What Does This Data Imply?
For Buyers: If you’re mulling over purchasing in the coming 12 months, the closing months of the year could be your ideal window. With reduced competition expected compared to next spring, it’s an opportune moment. Eager to understand more about purchasing a home? Join our upcoming homebuyer workshop on November 15. Click here for details:
For Sellers: Gone are the days of instantaneous sales and multiple offers. Presently, homes might take a week or two, or even longer, to find the right buyer. With increasing inventory and diminished demand, your marketing strategy, presentation, and pricing become pivotal. If you’re contemplating selling within the next half-year, especially in the spring, now’s the moment we usually sit with clients, strategizing the next steps. Renovations? Decluttering? We’ll chalk out the perfect game plan together.
Property Highlights:
- Most affordable listing: A cozy one-bedroom in an off-dorm priced at $200,000.
- Most luxurious listing: An exquisite 4-bedroom, 4.5-bath residence in Old Town, priced at an impressive $8 million.
Thank you for joining this month’s market update! Keen on diving deeper into the real estate journey? Reach out through the link below or drop me a mail at Blake@thedavenportgroupre.com. Until next month, take care!