Alexandria’s real estate market is finally settling after the turbulence of the past few years. While the post-pandemic real estate bubble has popped, the market has also recovered from its nadir in the fall and winter of last year. Inventory is down roughly 25% across the board, and homes are sitting on the market longer.
Contingencies on contracts are much more common than they were in 2020-2021, and multiple offer scenarios have become the exception, rather than the norm. Certain pockets of Alexandria such as Rosemont and Seminary Ridge remain extremely competitive, though, thanks to their popularity and low turnover in home ownership. They turn the market norms on their heads, and anyone looking to buy in these areas can expect a competitive situation where properties will escalate over asking.
Unparalleled expertise in each area of Alexandria will be the key to success for anyone looking to buy or sell as the new reality of Alexandria’s market continues to take shape, and the Goodhart Group has been providing that to our clients for over thirty years. If you have a question about today’s market, please don’t hesitate to reach out!
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