As we transition into fall, the Alexandria real estate market continues to show promising signs for both buyers and sellers. September 2024 brings important updates on housing trends, inventory, and pricing, offering valuable insights for those looking to make a move. With interest rates near a 52-week low, now might be the ideal time for homebuyers to take action before rates potentially rise.
Market Snapshot:
This month, Alexandria’s housing market remains active with 212 homes currently listed. Over the past 30 days, 145 homes have sold, showing that demand is still high even as we move into the fall. The months of supply has increased to 1.5, marking a 15% rise from last month. This slight increase gives buyers a bit more selection, though it’s still a relatively competitive market.
Pricing Trends:
The average sales price in Alexandria continues to climb in 2024. As of this month, the average price sits at $785,150, an 8.3% increase compared to 2023. The upward trend in pricing reflects the ongoing demand for homes in Alexandria, particularly as the area remains a desirable location for many buyers. With prices on the rise, it’s important for potential buyers to act sooner rather than later to secure the best deal.
Interest Rates Near 52-Week Low:
For buyers, the most exciting news this September is the current state of interest rates, which are hovering in the mid-5% range. This is near a 52-week low, making it a great opportunity to lock in favorable mortgage rates before they potentially rise later in the year. Lower interest rates mean increased affordability, allowing buyers to purchase a home with better financing terms.
Outlook for the Rest of 2024:
As we look ahead, it’s important to keep an eye on the housing market and interest rates. While rates are currently favorable, changes may be on the horizon. Buyers who are on the fence should consider making a move now to take advantage of the current market conditions. For sellers, while prices are still trending upward, staying informed on market shifts will be key to maximizing your return in the coming months.
Whether you’re thinking about buying or selling in Alexandria, our team is here to guide you through the process. With the market in a favorable position for buyers, now could be the perfect time to start your home search or make strategic plans for a sale.
Ready to explore the Alexandria market?
Reach out to our team today to learn more and take advantage of the best opportunities in the market this fall!