Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Alexandria city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,620 | $257,048 | $242,182 |
| Price Trend (Annual %) | -0.8% | 4.1% | 8.2% |
| Median Gross Rent | $2,030 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alexandria city is about 73% higher than in Virginia. Rent is about 34% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Alexandria city: home prices fell about 0.8% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
Median rent in Alexandria city rose about 30.7% between 2015 and 2023, from $1,553 to $2,030. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Alexandria city.
Buying the median-priced home in Alexandria city costs roughly 18.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alexandria city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Alexandria city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,620 | $257,048 | $242,182 |
| Median Household Income | $114,402 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alexandria city rose about 0.4%, while median household income rose about 43.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alexandria city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.3% | 61.1% | 58.2% |
| Rental Rate | 54.2% | 29.9% | 31.3% |
| Vacancy Rate | 6.5% | 9.0% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Alexandria city has a homeownership rate of 39.3%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 6.5%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Alexandria city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.06 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1974 | 1981 | 1978 |
| Median Number of Rooms | 4.1 | 6.0 | 5.5 |
The typical housing unit in Alexandria city was built around 1974. On average, 2.1 people live in a home with about 4.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alexandria city, Virginia.
What is the median home price in Alexandria city, Virginia?
The median home price in Alexandria city, Virginia is $445,620, higher than the Virginia average of $257,048.
What is the average home price in Alexandria city, Virginia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alexandria city, Virginia?
The median gross rent in Alexandria city, Virginia is $2,030 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Alexandria city in 2020?
In 2020, the median gross rent in Alexandria city, Virginia was $1,773 per month.
What is the price-to-rent ratio in Alexandria city, Virginia?
The price-to-rent ratio in Alexandria city, Virginia is about 18.3, meaning it would take roughly 18.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alexandria city.
Are home prices or rent rising faster in Alexandria city, Virginia?
Home prices and rent are moving in opposite directions in Alexandria city: home prices fell about 0.8% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Alexandria city, Virginia?
39.3% of households in Alexandria city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Alexandria city, Virginia?
The housing vacancy rate in Alexandria city, Virginia is 6.5%, lower than the Virginia average of 9.0%.