Alexandria October Sales Drop 27% as Median Price Hits $790K

125 properties changed hands in Alexandria last month, a 27.3 percent decline compared to the same period last year. The data, released by Bright MLS on November 10, shows a sharp contraction in transaction volume for the city.

Despite the drop in sales, the median price for those homes rose. The citywide median sales price increased by 5.3 percent to $789,900. The median time from listing to ratified contract remained steady at 12 days.

Lisa Sturtevant, chief economist at Bright MLS, described the market as dormant, a pattern she said is common for autumn and winter. She expects sluggish conditions to persist through the end of the year as buyers and sellers wait for better terms in 2027.

Sturtevant noted that remaining buyers have gained leverage. Sellers are more likely to lower asking prices and offer concessions during November and December. For the week ending November 8, 11.6 percent of Alexandria listings saw price cuts. That figure is up from 10.3 percent a year earlier and exceeds rates in Arlington and Fairfax County.

Activity metrics in Alexandria also shifted. Showings fell to 426 from 585 in the prior year. Active listings rose to 456, up from 332 a year ago.

The D.C. metro region saw 4,224 home sales in October, down 19.2 percent year over year. The regional median price fell 0.8 percent to $625,000. This marks the first annual drop in that metric in over three years, though Bright MLS noted price trends remain mixed across local markets.

Regional breakdowns show divergent trends by property type. The median price for single-family detached homes rose 2 percent to $826,000. Townhouses saw a 0.8 percent decline to $595,000, while condominiums dropped 5.1 percent to $375,000.

Lawrence Yun, chief economist for the National Association of Realtors, attributed the slowdown to elevated interest rates. He stated that homes are staying on the market longer and urged sellers to adjust expectations. Yun predicted a strong start to the new year if rates decline, citing rising incomes and potential demand release. He also linked the slump to consumer sentiment, which has fallen to roughly half its 2000 level.