There is a lot of buzz about Alexandria’s housing market in 2019. The more popular term used to describe this spike in the market is the “Amazon effect.” So, in case you are moving into this new tech-jungle of the world, here’s what you need to know.
Things are changing, and they are changing fast this year. Amazon’s recent monumental investment in the area caught the nation’s eye, leaving many to speculate about how it might influence Alexandria’s housing market. In this article, we are going to examine the stats and facts behind the housing prices in the historic city of Alexandria, which rests on the edge of the Potomac River, a short distance from Capitol Hill.
Let’s paddle through the waters together and hit the shore facts about what is causing such a stir regarding Alexandria’s housing market. To do this, we will explore what Redfin, Zillow, and Long and Foster have to say about the current housing market trends in this 300-year old city right outside the Nation’s capital.
Redfin Stats
Alexandria scores in at 96 percent most competitive rating on this popular home search site. According to the Redfin stats, sale prices for homes on average have gone up by 1.9 percent since last year. They calculate the median price of a home to be 493k. The impact on the local economy Amazon will have is bound to raise home values in Alexandria’s housing market, so there is a possibility we could see prices increasing at an even more rapid rate in the future.
Their average price per square foot for a home in Alexandria comes in at 298 dollars, which is up by 4.2 percent since last year.
They estimate that homes usually sell at a 2 percent above listing price range and go pending in an average of three days. Most homes receive two or more offers before sold.
- Median Home Price: 493k
- Median Square Foot Price: $298
Let’s see what Zillow has to say about all of this.
Zillow Stats
Zillow definitely sees Alexandria’s housing market a bit differently. Their data does not seem as comprehensive as Redin’s and their predictions show a difference in the average sale of a home. The difference in data can still inform our understanding of Alexandria’s house market.
Their median sale price of a home weighs in at 504k, and their average price per square foot is calculated at $399. Unlike Redfin, Zillow also offers a median rent price coming in at 2,492 dollars a month. These are significant differences in comparison with Redfin, and there is no information on the average time it takes for a home to go pending. Zillow, on the other hand, skips out of the average sale price comparison from 2018. Let’s evaluate.
- Median Home Price: 504k
- Median Square Foot Price: $399
- Median Rent Price: $2,492
Alright, it’s time to check out our next source and see if we can better predict what influence Amazon will have on Alexandria’s housing market.
Market Minute by Long and Foster
Long and Foster has a very in-depth data analysis system for the current market trends in Alexandria this year. Their stats show a 6 percent increase in home values since last June, and they rate the median price of a home in Alexandria at 512k.
The stats also show that there has been a 5 percent decrease in the number of homes on the market. The average time a home sat on the market this year is 27 days, which is higher than the average last year, that came in at 23 days.
- Median Home Price: 512k
So What’s the Forecast For Alexandria’s Housing Market?
From the data gathered, it seems that there are a lot of stats going around. The overall takeaway is that housing prices are going up in Alexandria, VA, and they will probably continue to do so considering the great location and influx of new jobs.
Why move to Alexandria? Find out more in this article about moving to Alexandria.
But to really be in the know on this historic city you should talk with a professional at Nomadic Real Estate. They know the ins and outs of renting, buying, selling, or managing a property in the area and how they will help you get the best deal in town!
