What Does A New Single Family Cost in Alexandria, Virginia?

Where can I find a Newer Home in Alexandria, Virginia?

This is such a typical question especially from folks relocating to Northern Virginia. 

A  few weeks ago I was working with buyers who had just arrived from out of state. One of the first questions they asked me was, What does a Luxury Home in Alexandria, Virgina?

 I asked them,  "What do you consider a Luxury Home?

They said based on where they live now  in Austin, Texas Luxury to them would an upscale custom home in a neighborhood that was  built in the last five years with a large yard.  

I then asked them "What would you consider a Luxury Budget for you?

As we talked more my buyers had a budget of $750,000 and preferred a Single Family Home with a 2 car garage, they preferred the home be 10 yrs of less in age  and really want a large yard for their dog. They had been searching online prior to arriving but had not considered the Alexandria area and wondered if they should have.

I knew immediately that Old Town would be out of the running as most of the detached homes area are 50+ years or older and prices well  you are looking at a million + for anything that is updated and features a nice size yard. Next I suggested we look at the Fort Hunt area especially Hollin Hall and even Mount Vernon. I had sold New Homes as an onsite representative for Ryan Homes so I know  the market well. I showed them how only 12 homes less than 10 years old have come on the market in the past year. I decided to show them the data was better than telling them so to the MLS we went.

Here you can see there were only four homes available under $800,000 in both zip codes in Alexandria, Virgina that were 10 years old or less. I knew two of the homes well since I was the original sales representative for Ryan Homes. I knew they had nice back yards and they homes both had nice features but neither were closer to Rt 1 than they were to Mount Vernon and my buyers were not seeing themselves in these homes

They were a little astounded by what was considered  Luxury and  what they could  get for their  money in our area. They come from Austin, Texas   where $750,000 would buy them an Estate style home. 

As a Buyer Agent,  I like to take the buyer behind the scenes and really look at the zip code or market area and find the Top 10% of Homes Sold in the area and take it one step further and Look at the Top 20% of highest listed properties to come up with which homes would be considered Luxury Market Homes and then determine the average over the last 90 days. 

For example in 22308 in Alexandria, Virginia which follows  the G.W. Parkway along the western side of the Potomac River just outside of Old Town Alexandria to Fort Hunt a Luxury Home would be considered anything priced over 1.2 million.

Whereas in 22309 which follows  the G.W. Parkway down to Mount Vernon to the Fort Belvoir area a luxury home is considered anything over $800,000

In Old Town Alexandria a Luxury home starts at 1.3 million plus with prices  with the average coming in at 1.6 million and forget about finding a large yard for a dog.

So finding what would be considered a Luxury home all depends on your location within Alexandria this is what we call hyperlocal data. This is why you use a Buyer Agent to help you quickly assess the market based on conditions at the tine of your house hunt.

As we looked at the MLS together  at the homes priced under $750,000 that were less than 10 years old  and while they were nice they paled in comparison to their home in Texas. They  quickly determined they needed to  extending their search south into Prince William County to find the type of home they would be happy about calling home. As I learned more about their likes and dislikes it became clear to me a New Home was going to be the best fit for them. Even then they would need to have some compromises compared to their present home.

All of my relocating buyers typically are coming to the area for a New Job and are excited at the prospect of a higher pay grade. What they soon determine is there is a reason why the pay is higher! It is because of the cost of housing and living here in Northern Virginia costs more. They soon learn that the amount of their income they will spend monthly on housing will be the same as where they come from.  They may need to adjust commuting times or make other compromises find the ideal home but in the end, everyone does find a new place to call home. The new home will probably cost more than your present home will just adjust based on their new income. This is when sticker shock on the price of the home hits! It typically takes a day or two just to wrap your brain around what you get for your money compared to another area. The only people I find to be winners on this are folks who come from California and Hawaii. All others will have an adjustment period of sticker shock.

My Relocating couple found a lovely new home in a Beautiful High-End Planned Community in Prince William County. The Community offered then the Amenities they did not have with their custom home in Texas. They can look forward a Future Town Center and a Five Star Hotel, Huge Recreation Facility, New Schools on site and so much more. The budget got pushed but in the end, they found that the compromises they made worked for them. Another Relocating Success Story

By the way, these folks found me in a Blog Post just like you are reading now. They reached out to me and asked if I could help them when they arrived. I would be honored to do the same for you just give me a call at 703-801-9367 and Let's Talk about your options.

If you find yourself relocating to the area you may want to  consider staying at The Embassy Suites off Loisdale Rd right off 95.  It is a great place to stay if you are coming to house hunt in our area. It is centrally located with easy access to RT 1, Fairfax County Parkway and 395.

I have helped hundreds of Buyers Relocate into Northern Virginia over my thirty  years in Real Estate. Please feel free to reach out to me with any questions you may have. It is never to early to begin your fact finding and please feel free to use me as a resource. Contact Me Now or call 703-801-9367

I would be happy to provide references to several of  my past homebuyers upon request.

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