How Did Old Town Alexandria Real Estate Perform in 2024?

Alexandria, VA – As we step into 2025, it’s the perfect time to reflect on how the real estate market in Old Town Alexandria has evolved over the past year. Despite some challenges, the market showcased its resilience and ongoing appeal.
Market Overview
In 2024, Old Town Alexandria saw a slight decrease in total sales volume, dropping by 1.85% to $650 million. However, home values surged, with the average sold price reaching $1,000,400—a significant 11.05% increase from 2023. This upward trend also carried over to the median sold price, which rose by 11.6% to $870,500.
Shift in Market Dynamics
The total number of units sold fell by 11.32% to 650, reflecting a more competitive environment for buyers. Homes sold quicker in 2024, with the average days on market decreasing by 8.33% to just 22 days. Properties remained highly sought-after, as the average sale-to-original-list-price ratio edged up to 99.2%.
Attached vs. Detached Homes
The average sale price for detached homes rose sharply by 20.92%, reaching $1,574,762. This stands in contrast to attached properties, which saw a more modest price increase of 9.66%, with an average sale price of $959,713. Detached homes continue to command higher values but remain a smaller part of the market, with only 43 units sold compared to 607 attached homes.
Popular Price Points
The $800,000 to $999,999 range proved most active for attached homes, while detached properties saw the highest activity in the $1 million to $2.5 million bracket. These figures highlight the strong demand for mid-to-upper-tier homes in the area.
Financing Trends
Conventional financing dominated the market, accounting for 347 transactions, followed by cash sales at 207. VA loans played a role in 77 sales, underscoring the community’s appeal and support to our military families.
Outlook for 2025
Old Town Alexandria remains a dynamic market, with robust price growth despite reduced sales volume. The consistent rise in home values, coupled with decreasing market times, signals a competitive landscape likely to persist into 2025.
Whether you’re buying, selling, or simply curious about your home’s value, keeping an eye on these trends, The Seward Group can help you make informed decisions in the year ahead. How can we help you; your family or friends realize and navigate your real estate goals? First time buyer, upsizing, downsizing, investing, relocating and more, we are happy to have a discussion anytime. In Alexandria and beyond…our team is licensed in VA/DC/MD and each of us have hyperlocal specialties.
Listing of the Month
811 Prince Street
Listed by Karen Baker and Wetherly Barker Hemeon of TTR Sotheby’s International Realty
$7,400,000 – stunning home with an equally amazing history
www.811princestreet.com
Highest closed sale in 2024 in Old Town
601 N. Fairfax Street Unit 403 in The Oronoco closed 10/22/24 for $4,300,000 (Waterfront)
Lowest sale in 2024 in Old Town
801 N Pitt Street Unit # 216 and efficiency in Port Royal closed 12/6/24 for $195,000.00