How competitive is the Alexandria housing market?

The Alexandria housing market is moderately competitive right now. While prices are up significantly compared to last year, the number of homes for sale is lower, and fewer homes are going under contract. This means buyers have fewer options, but they also might have a bit more breathing room than if the market were super hot. The median listing price is \$477,450. Even though it dipped a bit from the prior month (down 4.1\%), it's still 11.0\% higher than it was at this time last year. This shows that home values have continued to grow, making homes more expensive. There are 146 active listings, which is 12.9\% fewer than last year. New listings are also down by 14.0\%, with only 74 homes added recently. This lower supply means fewer choices for buyers looking for a home. Homes are staying on the market for 41 days on average, which is about the same as last year. The fact that 23.3\% of homes have lowered their price suggests that some sellers are adjusting their expectations to attract buyers. With 102 pending listings and a pending ratio of 0.70, fewer homes are going under contract compared to the total available. This indicates that while homes are still selling, the pace is not as fast as it would be in a highly competitive market where homes disappear quickly. If you're buying, you'll need to be prepared for homes being more expensive than last year, but you might find slightly less intense competition than in some other markets.