In December 2017, home prices in Old Town Alexandria averaged $739,827, just over $12,000 above the 5-year average of $727,689.
With many historic and waterfront homes in the popular zip code of 22314, Old Town Alexandria's real estate prices are predictably higher than the overall average of Alexandria City. Developers are clearing away older homes and bringing new construction condos and luxury rowhomes, satisfying the continuous buyer demand for homes close to metro and in a walkable community.
Property listings came in like a lion in 2017. In January there were 111 active listings, then volume shot up to 133,163, then 189 in the next consecutive months. The number of active listings peaked at 200 in October, then fizzled out to 145 in December.
What If I'm Selling My Home In Old Town Alexandria?
Throughout the year, it was a sellers market, with the month's total supply of homes barely breaking three months. In April the month's supply of homes was 3.1 and in October it was 3.03, making is very appealing for home sellers. Also, for ten months in the year, the median days on market was under one month. So, if you were selling your Old Town Alexandria home in 2017, the odds of you selling quickly were very high.
What If I'm Buying a Home In Old Town Alexandria
Cash is king. Of the 811 homes that sold in 2017, 130 buyers paid with all cash, and 538 used conventional financing, which usually comes with a sizeable down payment. Surprisingly, there were 99 home sales that were completed with VA financing. With VA financing, there is no down payment requirement for purchases under $417,000, however, in the luxury price range buyers will have to make a small down payment. Experienced lenders have the best mortgage programs, and with homes flying off the market within a month, buyers would be wise to have their mortgage approval secure prior to beginning their search.
Find Out More Today
If you are wondering what your Old Town Alexandria home is worth, take a quick minute and use our free online calculator. Each home in Old Town is different, whether it's historic, newly built, along the Potomac River waterfront, or steps to the Braddock Road or King Street metro. It's always best to have an experienced Old Town Alexandria VA listing agent to take a look for an accurate analysis.