Are you curious about the state of the Alexandria real estate market in January 2024? Look no further! I’m Blake Davenport from The Davenport Group, in partnership with RLAH Real Estate, and I’m here to provide you with the most recent insights and trends in Alexandria’s dynamic housing market.
Market Snapshot:
As we kick off the new year, Alexandria boasts 99 homes currently available for sale. Over the past month, a total of 107 homes have found their new owners. This leaves us with a current supply of just 0.9 months, marking a 25% decrease from the 1.2 months supply we typically see at this time of year.
Price Trends:
Reflecting on 2023, the average sales price for homes in Alexandria city reached $723,000, marking a 5% increase from 2022, when the average price stood at $689,000. This price growth comes despite the rise in interest rates, which reached around 8%. The driving force behind this increase is the limited availability of homes on the market, with 2023 seeing approximately 20% fewer homes for sale compared to the previous year. Additionally, the median days on market for 2023 was just seven days, a 13% decrease from eight days in 2022.
What Lies Ahead:
Entering January 2024, we’ve already noticed a significant surge in the number of buyers, showings, and offers. The spring market, which spans from January through May, has arrived, and this is traditionally the most competitive time in real estate. During this period, we typically witness significant price increases. Furthermore, with interest rates anticipated to drop further, currently resting in the low 6s and expected to reach the mid-fives or lower, we anticipate an even higher demand, leading to substantial price hikes.
What This Means for You:
If you’re a homeowner contemplating a move, whether it’s due to a need for more space or a desire for an upgraded home, the upcoming year presents a prime opportunity. With interest rates continuing to decrease, you may be sitting on a low-interest rate mortgage, making it an ideal time to transition into your next dream home. At The Davenport Group, we specialize in assisting clients with complex real estate transactions. We’re here to sit down with you and explore your options, ensuring you make the most of the current market conditions.
For those in the market to buy a home, the key advice is to act promptly. With interest rates on a downward trajectory and the spring market already underway, this perfect storm is likely to drive prices higher as we progress through 2024. Acting quickly will enable you to secure a home at a more affordable rate.
Don’t Miss Our Upcoming Homebuyer Workshop:
To learn more about the buying or selling process and to discuss how you can make the most of the current market conditions, don’t hesitate to contact us. Thank you for staying updated with this month’s market insights, and stay tuned for more updates in the future!