Is now a good time to sell in Alexandria?

Really thinking about selling your home in Alexandria right now? The market shows prices have softened recently. Both median and average listing prices are lower compared to last month and last year. This means homes are listed for less money than before. If you sell now, you might get a lower price than if you had sold a year ago. Right now, the median listing price is $450,000, which is down 7.1% from the previous month and 8.3% lower than it was a year ago. The average listing price has also dropped 11.5% over the past year to $539,508. About 24.6% of homes have had their prices cut, which is a bit more than a year ago. This suggests that sellers are adjusting their expectations to meet what buyers are willing to pay. There are 165 homes for sale, which is about the same as last year. But fewer new homes are coming on the market, down 12.5% from a year ago. Homes are selling a little faster, with the median days on market at 56, slightly less than last year. The number of homes going under contract (pending listings) is 65. The pending ratio is 0.39, meaning fewer homes are going pending compared to the total active listings than a year ago. This indicates a slower pace of new contracts being signed. While homes are selling a bit faster, the declining prices and higher share of price reductions suggest sellers should be realistic about their pricing. Setting a competitive price from the start might lead to a quicker sale.