As we close out 2024, Alexandria City’s real estate market continues to demonstrate strength and resilience, even amidst high interest rates and seasonal slowdowns. Here’s a detailed look at the latest trends, insights, and what they mean for buyers and sellers as we move into 2025.
Current Market Snapshot
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Active Listings: 166 homes are currently for sale in Alexandria City.
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Homes Sold (Last 30 Days): 133 homes were sold, maintaining a steady pace.
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Month Supply: 1.3 months, unchanged from the previous month. This low inventory reflects the tight supply typical of December, one of the slowest months of the year.
2024 Performance Overview
Despite interest rates hovering around 7% throughout the year, Alexandria’s housing market delivered robust results:
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Average Sales Price: $782,000 — up 7.9% compared to $724,000 in 2023.
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Median Days on Market: 8 days, a slight increase from last year’s 7 days. Most homes are still selling quickly, typically within a week.
This consistent demand highlights Alexandria’s enduring appeal and its strong performance despite external challenges.
Looking Ahead to 2025
As we approach 2025, the outlook remains optimistic:
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Price Growth: Home prices are expected to rise steadily, continuing the upward trend seen in 2024.
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Spring Market: January through May will be the busiest and most competitive time of the year, with many homes receiving 5–15 offers.
Advice for Buyers and Sellers
For Buyers:
Timing is key! The earlier you enter the market in 2025, the better. January and February often offer the lowest prices of the year, though competition will be fierce. Preparing now can help you navigate the spring market with confidence and secure a home before prices climb.
Consider attending our January Home Buying Workshop to gain valuable insights and strategies for success in the competitive Alexandria market.
For Sellers:
The upcoming spring market is the best time to list your home. High demand and multiple-offer scenarios often lead to optimal prices and favorable terms. However, preparation is essential to maximize your home’s value. Reach out for expert guidance on staging, pricing, and marketing to ensure your home stands out.
Wrapping Up 2024
Alexandria City closed out 2024 as a strong, vibrant market despite challenges like high interest rates. Whether you’re looking to buy or sell, the key to success is preparation and timing.
If you have questions or need personalized advice, don’t hesitate to contact us or email Blake at blake@thedavenportgroup.com. Let’s make 2025 your best real estate year yet.
Here’s to a successful and exciting year ahead! Happy New Year! 🎉