On March 29, I checked BrightMLS, our multiple listing service and—emphasizing the region’s low real estate inventory—no homes actively listed for sale in Hollin Hills. One “coming soon” property was slated to become active March 31, but if history is any guide—particularly in Hollin Hills—this new listing for more than $1 million, will likely be bought in the blink of an eye. (Update: The property was under contract as of April 6.)
For Hollin Hills, this isn’t unusual. This bastion of more than 450 mid-century modern homes south of Old Town was conceived in 1949 by Robert Davenport, a Department of Agriculture employee and builder, along with architect Charles Goodman, and landscape architect Lou Bernard Voight. The homes’ flair for history, emphasis on open, wooded space, and contours that wind through south Alexandria have proved irresistible for homebuyers, and quite a boon for sellers.
Though local real estate inventory for sale is low throughout the area, Hollin Hills sales lean toward the more infrequent. Over past five years, the average number of home sales per year in the development is about 23—and they go fast.
Of the 26 sales in 2021, 25 of them sold in 10 days or less. And as the number of days on market has dropped, the prices have risen. The 2018 median sale price in Hollin Hills was $749,500, and it’s gone up ever since. In 2019 the median sales price jumped more than 9 percent to $819,000. That number then rose to $827,000 in 2020. And last year, the median sales price exploded an additional 20 percent to $995,000.
For buyers, Hollin Hills might have proved a bit frustrating with such limited inventory, but it’s been fantastic for sellers. Our question is: How long might this last? Indications are that inventory will likely stay quite low for the visible future, which can sustain some of the high demand, but we’re watching closely interest rates that appear to be on the rise, along with inflation that topped out at 7.9 percent in February—a 40-year high.
It’s next to impossible to predict the top of the market before it happens, but for the question of whether or not it’s a good time to sell, we’re in an extended period higher prices, low inventory, and extremely tight competition. Those indicators point toward a lot of positives for sellers—so long as the home is priced right, ready to sell with professional photography, and given proper exposure across various media.
If you’re a homeowner considering a sale in Hollin Hills—or if you’re just curious about your home value—please contact us for a no-obligation value estimate. If you’d like to know the comprehensive ways we can market your property for a commission rate of just $4½ percent, let’s chat. We’d love the opportunity to help our Hollin Hills neighbors.
Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer’s Club. Operating as D.C. Region Real Estate, they offer comprehensive real estate services, including 4½% full-service listings, throughout the entire Washington, D.C. real estate market. Angela is licensed in Virginia, Washington, D.C., and Maryland. Christopher is licensed in Virginia and Washington, D.C. In addition, Christopher holds a broker license in North Carolina and is affiliated with McGary & Associates.
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