How competitive is the Alexandria housing market?

The Alexandria housing market is showing signs of becoming less competitive right now. Prices have been decreasing, and homes are staying on the market for a similar amount of time as last year. Fewer homes are going under contract. This suggests buyers have more breathing room. The median listing price in Alexandria is currently $450,000. This is 7.1% lower than the previous month and 8.3% lower than a year ago. The average listing price also dropped, down 11.5% over the past year to $539,508. About a quarter of homes have had a price reduction, which shows sellers are adjusting expectations to attract buyers. There are 165 active listings, a small increase of 1.2% from a year ago. New listings have decreased by 12.5% over the past year, with 56 new homes coming onto the market in the most recent month. Homes are taking about 56 days to sell, which is slightly faster than last year but still gives buyers time to consider their options. The number of homes going under contract (pending listings) is down by 25.6% compared to a year ago, with 65 pending listings right now. This suggests fewer buyers are making offers quickly. For buyers, this market means more choices and potentially better negotiation power, as prices are declining and homes aren