As the year winds down, Alexandria’s real estate market is showing signs of its seasonal slowdown, offering unique opportunities for buyers and strategic advice for sellers. Here’s a detailed look at the November 2024 market trends and how you can make the most of them.
Market Snapshot: November 2024
-
Active Listings: 216 homes currently on the market
-
Closed Sales (Last 30 Days): 165 homes sold
-
Months of Supply: 1.3, a 32% decrease from last month
This reduction in inventory reflects the typical seasonal tapering as both supply and demand slow down during the holiday months. There are also 6% fewer homes on the market compared to October, indicating fewer options for buyers but less competition for sellers.
Recent Market Trends
For homes that closed in the past month:
-
Median Days on Market: 13 days — homes are taking slightly longer to sell compared to earlier in the year.
-
Average Offers per Property: 0.8 — properties are seeing fewer offers, with only 43% receiving multiple offers.
These stats reveal a market shifting in favor of buyers, as sellers face less competition and urgency from purchasers during this quieter period.
Advice for Buyers
If you’re looking to purchase a home, now is an excellent time to act. The reduced competition gives buyers more negotiating power and increases the chances of finding a great deal.
To help you prepare for a successful home-buying experience, our team is hosting a December Home Buying Workshop. This event is designed to provide you with valuable insights and strategies to navigate the market confidently.
Advice for Sellers
For homeowners considering selling, timing is everything. While November and December tend to be slower months, the market will pick up steam early in the new year.
-
Best Time to List: The second week of January offers a prime opportunity to get ahead of the spring rush.
-
Peak Selling Season: March through April is the ideal window to maximize competition and secure the best price and terms for your home.
Our team can guide you through the preparation process to ensure your property stands out and attracts strong offers.
What’s Next?
November’s market trends highlight a unique period of opportunity. Buyers can capitalize on decreased competition, while sellers can plan strategically for the upcoming peak season.
If you’re ready to take the next step or want to learn more, reach out to our team today. We’re here to help you achieve your real estate goals.
📩 Email us at blake@thedavenportgroup.com or click the link below to contact us.