“hey, britt! how’s the market?”
There is so much great publicity out about our wonderful town right now! In the past 12 months, we’ve been voted #47 Best Place to Live in America, Fifth Most Romantic City in America, #3 of the Best Cities for Millennials, and interestingly enough the eighth most sexually active community in America. All of which continues to drive interest, growth, tourism, and increased home prices!
So, I thought today, for Stylebook readers, I would answer everyone’s favorite question to ask me, “How’s the market?!”
By the Numbers:
In the 22314, September 2015 was an absolutely fabulous month of sales. The Sold Dollar volume was up 36% over September of 2014, median and average sold prices were up, and the number of units sold were up 34% with 63 total units sold.
Across all of Alexandria, homes prices are not quite back up to when we peaked in Quarter 2 of 2006 at an average sales price of $511,227 but we’ve come a long way since we hit bottom in February of 2009 at $333,148. Quarter 2 and Quarter 3 of 2015, average sales prices were $507,010 and $491,523 respectfully.
My Opinion:
Old Town, Del Ray, Rosemont, and surrounding neighborhoods continue to be in high-demand. A home that shows well and is priced appropriately will sell. Also Millennial buyers are creating a serious demand for move-in-ready and new construction homes located near amenities (metro, shops, restaurants, gym, dry cleaners). We continue to find that Millennials have strong incomes but are cash poor after buying the home or would prefer not to take on added stress of renovations.
Thinking of selling in the next few years? Well then now is a great time to remodel a bathroom or kitchen. Stick to neutral colors (white, grays, cream) and remodel with selling the home in mind!
- About the team
The Patterson Group is one of the most experienced and trusted real estate teams in the area, serving Alexandria, VA for over thirty years. We offer professional, hardworking, detailed and friendly service and a large network of contacts and resources accrued over our many years in Alexandria real estate. Comprised of seven Alexandria locals, six of whom are licensed realtors and three of whom are accredited staging professionals, The Patterson Group is passionate and knowledgeable about Alexandria, VA and here for all of your Northern VA real estate needs. Allow us to help you find your home here and discover all that the Alexandria lifestyle has to offer.
400 South Washington Street
Alexandria, VA 22314
703.310.6201
