Are Homes for Sale in Alexandria Affordable?
Compared to the rest of the country, Alexandria hasn’t seen any real change (i.e. drop in prices) in the market like some other areas have since interest rates started to rise in the second half of 2022. Inventory is low and demand is high so prices have remained high in the area. In 2022, Alexandria was awarded the honor of one of Travel + Leisure’s “Best Cities in the U.S.” for the first time. It was also recently highlighted at the top of Travel + Leisure’s “50 Best Places to Travel in 2023” as one of the best places to travel “For Cultural Riches.” Alexandria is not only a very desirable area for its history and charm, but also due to the constantly changing political environment in DC bringing people into and out of the area.
The four main factors that go into price are; supply and demand, location, size and layout, age and condition.
Do you have questions about buying a house in Alexandria? The following posts are great places to find the answers you’re looking for:
- Are Homes for Sale in Alexandria Affordable?
- What is “Recasting” and How Can it Help You Buy a House?
- Questions to Ask Your Lender to Lower Your Mortgage Payment
In Alexandria, Inventory is Low, and Location Is Very Desirable
In fact, you’ll probably have to give a little when it comes to size and or condition if you’d like to be in Alexandria City. These sometimes historic homes can be quite small!
For those looking for a more urban vibe, Old Town is one of the most desirable locations to live in as it is filled with historic charm and great restaurants and is easily walkable. If you’re looking in Old Town you’ll likely find a townhome or condo. Townhomes tend to be more historic, although there are some newer construction townhouse communities. There is also a variety of condo buildings. Some have very reasonably priced units, while others on the waterfront can be upwards of $4 million.
Del Ray, Rosemont and Beverly Hills are all also very desirable locations where you’ll be able to get a single-family home with a yard, but it will cost you! Inventory is incredibly low in these areas and it is difficult to find homes under a million dollars.
Though Seminary Ridge is out further in “the suburbs” of Alexandria, this is another very desirable location as it comprises a lovely neighborhood close to various schools in the area. These properties have larger lots and two-car garages, which are hard to find in much of the city! If you’re looking for affordability and or space in Alexandria, the Fairfax County portion of Alexandria can give you a little more bang for your buck, but still compared to most of the area is still competitive and pricey.
Do you have questions about finding something you love in your desired price point? Let’s meet for coffee! We’ll discuss the four main factors that go into pricing and how we can best get you what you desire for the right price.