2017 Market Report for the City of Alexandria
The 2017 numbers are in. By all accounts, 2017 was a strong year for real estate in the City of Alexandria. Here are the highlights:
Volume – UP! Total volume of sales was up in both dollars and units sold. Dollar volume rose nearly 8% in the City as a whole and a whopping 13.8% in 22314. The number of units sold also rose in both areas, but at a slightly lower rate.
Sold Prices – UP! In both the City and 22314, average sold price was up (3% and nearly 5%, respectively). The average sales price in the City crossed the half million dollar mark.
Days on Market – DOWN! Homes sold on average in 41 days in the City, down a tremendous 18% vs. 2016. Days on market also decreased in 22314, but not as much (down about 4% to 47 days).
Sold To List Price Ratio – UP! Both jurisdictions saw slight increases in this key ratio, which is 97% for both. 22314 saw a greater increase in this ratio (up 1.2% to 97.1%).
The Bottom Line
What does this mean for homeowners in the City of Alexandria? It means that if you are thinking of selling, now is a good time. With buyers concerned about interest rate increases this year, inventory may be slim.
If you’re in the market to buy in Alexandria, you will need to be on the hunt in a serious manner. Homes in 22301 and 22314 are moving quickly as buyers prefer to be close to Metro in urban, walkable locations.
As always, if you’d like to chat about the current market, the value of your home, or discuss your real estate goals for the new year, please reach out. We are always happy to chat, even if you’re not looking to make a move right now.
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