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Alexandria VA Home Selling Trends
Photo by AndreyPopov from Getty Images via Canva.com
In this article:
- High Home Values and Housing Inventory Shortage
- Buyers Demand Move-In Ready Homes
- Reactions to Amazon’s Expansion
- The Effect of Back-to-Work Mandates
Traditionally, the real estate markets in the City of Alexandria and Alexandria, Fairfax County, have a lot going for them thanks to ideal locations and a variety of high-quality-of-life factors. So, the cities’ selling trends don’t dip too low even when the other markets experience downturns. Higher interest rates may have somewhat slowed some of the selling action lately, but if the house is priced right, multiple buyers will submit more than reasonable offers.
Today’s higher interest rates give some buyers pause when searching for Alexandria properties. But the hesitation is curtailed by a pool of other buyers impatiently waiting for more housing inventory to open so they can swoop in and become homeowners in a lucrative market.
If you’re interested in selling your home in Alexandria, VA, soon, keep an eye on these trends, in addition to other traditional indicators of a strong seller’s market.
1. High Home Values and the Housing Inventory Shortage Remains
Northern Virginia is known for the rapid real estate pace it maintains, while Alexandria home values have stayed the same or risen in recent years, shrinking buyers’ purchasing power.
On the other hand, many sellers continue to enjoy multiple offers, their choice of settlement dates, and a myriad of niceties. The increased buyer competition also encourages bidding wars and all-cash offers for competitively priced homes.
2. High Prices Mean Buyers Demand Move-In Ready Homes
Although sellers are sitting pretty in Alexandria, they must know that buyers are fatigued, especially after higher interest rates put some buyers on ice. Buyers have been diligently watching and waiting for conveniently located homes with a sale price that they’re approved to purchase.
They’re ready to buy, but want the extras that come with the label “move-in ready.” Buyers may worry that, though they can afford a mortgage on a home, after closing, they’ll be tapped financially and won’t have the cash to carry out improvements. Military sellers should consider thoroughly preparing and staging to show buyers move-in-ready potential.
Are you headed to Alexandria? This newcomer’s guide has information to make the transition easier.
Photo by Gerville from Getty Images Signature via Canva.com
3. Surprising Reactions to Amazon’s Expansion
When the news of Amazon’s H2Q burst on the scene five years ago, the Alexandria housing market responded with a mixed collection of activity. Home sellers waited with bated breath for unlimited and lucrative offers to come their way. Some homeowners took advantage of the initial interest, but others stayed and watched.
National Landing’s (Amazon’s rebranded name for the northern part of the City of Alexandria) effect on Alexandria and Arlington remains strong, with accompanying high sale prices thanks to the convenient location and low inventory of most housing, especially single-family homes.
However, Amazon’s effect was far less impactful than once expected. For example, Bright MLS’s Amazon Market Report says that the median sales price was $650,000 in 2019. In 2023, it remained $650,000.
The area still attracts home buyers with financing ready to go, especially after Virginia Tech’s Innovation Campus opened nearby in 2024. Although Amazon put the brakes on its second development phase, the company still expects to have 25,000 new employees in place by 2030.
Searching for homes in Alexandria and Arlington? Here’s how to choose.
4. The Effect of Back-to-Work Mandates
Although Alexandria isn’t in the same zip code as Washington, DC, many government decisions directly affect Alexandria’s real estate market, including augmented buying and selling trends dictated by back-to-work mandates from government offices and private business entities.
It remains to be seen if a shrinking federal workforce and a mandated in-person labor pool will dramatically affect Alexandria’s real estate market. If homeowners can no longer afford pricey mortgages typical of the area, they may be forced to sell. And those who bought more affordable homes further away, thinking remote work was here to stay, could be second-guessing their difficult commutes.
Well-positioned buyers sidelined by low inventory may have slight advantages if the seller is desperate to move. However, a priced-right home in Alexandria continues to attract multiple offers, many in cash.
As you can see, all of these real estate trends benefit sellers who are considering selling soon. However, experienced real estate agents will give pause to an owner diving into the marketplace without first understanding their neighborhood’s specific details. Comparable homes rule the marketplace, and sellers should seek professional advice as to when to sell and for how much.
