How long does it take to Sell a Home in Alexandria, Virginia?

If you are considering selling your home in Alexandria, Virginia, it is important for you to understand the timing of the current real estate market.  Despite media reports, properties are still selling in Northern Virginia, albeit slower than in years past.

As of December 1st, 2007, the average amount of time on the market for all properties currently available in Alexandria is 93 days.  The amount of time it takes to sell a home can vary quite a bit depending upon the price range.

The chart below provides a breakdown by price range of all homes currently on the market in Alexandria, Virginia.  Red columns indicate that the homes in this price range have averaged more days on the market than the overall average of 93 days.  

Almost all homes under $900,000 hug the overall average of 93 days on the market, with many of the particular price ranges being somewhat below.  Looking at the chart, it is readily apparent that higher priced homes are taking quite a bit more time to sell.  Alexandria homes in the $1.5 million to $2 million price range have been on the market for an average of 116 days.  Those over $2 million have averaged 1/2 year on the market.

What's the trend? 

Alexandria homes that sold in November 2007 spent an average of 51 days on the market.  Homes that are currently under contract and pending sale were on the market for 75 days before receiving an accepted offer.  Active listings have been on the market for 93 days.  

Time to market a home for sale in Alexandria is increasing. 

This upward trend of days on market will result in downward pressure on pricing for Alexandria homes.

Average prices in Alexandria

Currently available homes:  $523,127
                under contract:  $497,935
        sold November 2007:  List Price $500,742  Sold Price $488,312

With more time on the market, you should see current listing prices reduced to be more in line with average sold prices for November.  

For a complete market analysis of your home, contact Brian Block, RE/MAX Allegiance at 703-626-0715 or by e-mail at brian@brianblock.com

Click here for a confidential online comparative pricing analysis of your home.