Home prices in the DC metro area are on the upswing as the real estate market continues to stablize, according to Case-Schiller Housing Index data released Tuesday.
In the DC metro area, which includes Alexandria, the seasonally adjusted price index (which measures the average sale price for single-family homes) for November this year was 188.12—that's up from 180.15 in November 2011 and 182.82 in November 2010.
The numbers are calculated based on the repeat sale of existing single-family homes, where the baseline of 100 is the average price as of January 2000.
Home prices have risen significantly in the DC metro area 2000. The high point in the DC metro area was in May 2006, when the index hit 251.19. The bottoming out of the index in our area after the real estate boom was in April 2009, when the index declined to 169.73.
What does it all mean in real dollars?
In December 2012, the average sold price for residential properties in Alexandria was $494,414. That's up nearly 7 percent percent from December 2011, when the average sold price was $462,373, according to data from Real Estate Business Intelligence (RBI).
The average sold price of detached homes (single-family homes) in Decemeber was $602,848. Most homes that sold in December in Alexandria were on the market fewer than 90 days, RBI reported.
According to data from Trulia.com, a real estate site, the median sales price for homes in the city of Alexandria $400,000 between October and December 2012 (the most recent data available. That is an increase of 6.7 percent over the same period in 2011. Overall, sales prices have declined 2.4 percent since 2008.
The average listing price for Alexandria homes for sale on Trulia was $734,595 for the week ending Jan. 23, according to Trulia's data.
There are 411 residential properties on the market in the city of Alexandria right now.
The most expensive home on the market right now in Alexandria is 415 Wolfe Street, listed for $5.85 million. The home has four bedrooms, six bathrooms, 11 fireplaces and parking for five cars in Old Town. The home was built in 1800 and has been extensively renovated. See the listing and photos of 415 Wolfe Street here.
Are you happy with the current value of your home? Tell us in the comments below!