The real estate market in Alexandria City saw little change between 2015 and 2016. Here are the highlights:
The sold volume of $1.327 billion in real estate was down less than 1 percent from 2015 sold volume of $1.336 billion.
The average sold price decreased slightly – $7,000 – from $539,918 in 2015 to $532,187 in 2016.
Average days on market went down three days from 52 days to 49 days.
Slightly more detached homes sold in 2016 than in 2015. 443 this year vs. 435 last year. The same was true of attached homes: 2,052 sold in 2016 vs. 2,040 in 2015.
All in all, we didn’t see a big change in terms of the market year over year in Alexandria City for single family homes.
The Condo Market
The condo market in Alexandria was slightly more robust in 2016 than in 2015.
Overall, 1,238 condo units sold in 2016 at an average sale price of $330,061, ahead of the 1,169 units which sold in 2015 at an average price of $327,694. Of these 2016 sales, only 15 units sold over a million. Over half of these sales were in the $200,000-$400,000 price range.
Believe it or not, it is still possible to buy a condo for less that $100,000 – three units sold in that price range.
Luxury condos (selling above $1 million) were all located in Old Town. The highest priced unit was a unit in The Oronoco, which sold at $3,100,000 million and the second highest, at $2,785,000 million, was in Harborside. Porto Vecchio saw the highest number of luxury condo sales (four) , followed by Harborside (three), and then The Oronoco and Alexandria House (two each). All of these buildings have water views, which can significantly increase values.
The Bottom Line
If you are curious what your home may be worth or wondering how your neighborhood is faring, let us know! We are always happy to discuss the current market and what makes sense for you.
For more real estate insight, be sure to sign up for our weekly blog roundup.