Realtor Insights: Living in Alexandria VA

Living in Alexandria, VA offers a unique blend of historic charm and modern convenience. This vibrant city in Northern Virginia captivates residents with its rich colonial heritage, exemplified by the picturesque Old Town Alexandria. Nestled along the Potomac River, Alexandria provides easy access to Washington D.C. while maintaining its own distinct character, making it an attractive destination for young professionals and families alike.

When considering Alexandria as a place to call home, prospective buyers and sellers often wonder about the cost of living, available housing options, and overall quality of life. This article explores these aspects, comparing Alexandria to nearby Fairfax County and addressing common concerns such as traffic congestion. By examining neighborhoods, lifestyle factors, and future development projects, readers will gain valuable insights to help determine if Alexandria is the right fit for their needs and preferences.

Alexandria VA: A Historic Charm

Alexandria, Virginia, captivates residents and visitors alike with its unique blend of historic charm and modern convenience. This vibrant city, nestled along the Potomac River, offers a rich tapestry of experiences that seamlessly weave together the past and present.

Old Town Alexandria

Old Town Alexandria stands as the crown jewel of the city's historic district. Its tree-lined streets, adorned with rows of brick and clapboard townhouses, transport visitors to a bygone era. The bustling King Street area serves as the heart of Old Town, offering a delightful mix of interesting retail shops, restaurants, coffee shops, and art galleries.

The area's commitment to preserving its heritage is evident in its well-maintained architecture and cobblestone streets. Prospective buyers and sellers have a range of options to choose from, including historic homes with storied pasts and clusters of reproduction townhouses built in the last 20 years, complete with modern amenities like garages and interior elevators. For those seeking the newest offerings, brand new townhouses are currently under construction, ready for new owners to call home.

Cultural Heritage

Alexandria's cultural heritage runs deep, with numerous historical landmarks and museums that bring the city's past to life. Gadsby's Tavern, a National Historic landmark dating back to 1785, stands as a testament to the city's colonial roots. This establishment, where George Washington once socialized, now serves as both a restaurant and a living piece of history.

The Athenaeum, built circa 1851, has transformed from its original purpose as a bank to become a vibrant art gallery, showcasing the city's commitment to both preserving its past and fostering contemporary culture. Alexandria's Farmers Market, the oldest operating outdoor market in the country, continues to be a beloved community gathering place.

Waterfront Living

Alexandria's picturesque waterfront adds another dimension to its charm. The Potomac River waterfront is home to restaurants offering stunning views, the nationally renowned Torpedo Factory Art Center, and numerous boat tours and water taxis. This area provides residents with a unique opportunity to enjoy waterfront living while maintaining easy access to urban amenities.

The waterfront serves as more than just a scenic backdrop; it's an integral part of Alexandria's lifestyle. Residents can take advantage of water taxis to visit major attractions like the National Mall, National Harbor, or Nats Stadium via The Baseball Boat. These journeys offer breathtaking views of Old Town's skyline and panoramas of Washington, D.C.

Michelle Williams, an expert Broker, emphasizes the appeal of Alexandria's waterfront properties. She notes that living by the water offers unparalleled tranquility, enhancing quality of life with stunning views and a plethora of recreational activities right at one's doorstep. From boating and kayaking to simply enjoying the panoramic vistas, waterfront living in Alexandria provides a unique and enriching experience for residents.

Taxes

Property taxes play a significant role in the overall cost of living. Here's a comparison of property tax rates in different areas of Northern Virginia:

It's worth noting that Virginia's combined state and local taxes represent a lower portion of personal income (9.0%) compared to 27 other states. This makes Virginia an attractive option for those looking to minimize their tax burden.

Daily Expenses

1. Utilities: Residents in Haymarket typically spend between $150 to $175 per month on electricity, aligning with averages in Northern Virginia and slightly below the national average.
2. Groceries: Grocery costs in Haymarket are higher than both the national and state averages, reflecting the area's premium lifestyle options.
   
3. Dining Out: Fast-food meals cost around $10-$15 per person, while a casual dinner for two averages $40-$80. Fine dining experiences can exceed $100 for a couple.
4. Transportation: Haymarket lacks direct rail access but benefits from proximity to major highways like I-66 and Route 15, making it commuter-friendly. Public transit options are limited; residents often rely on personal vehicles, leading to higher transportation costs.
5. Healthcare: Healthcare expenses in Haymarket are comparable to national and state averages, with residents having access to federal Affordable Care Act insurance plans for income-based subsidies.
6. Childcare: Families in Haymarket spend an average of $23,000 annually on childcare at dedicated centers, aligning with high costs seen across Northern Virginia and representing a significant portion of household income.
7. Entertainment: Entertainment expenses in Haymarket are subject to Virginia’s 6% sales tax, slightly higher than other regions in the state. Local attractions, parks, and recreational facilities provide ample options for leisure activities.

Future Development Projects

Alexandria's Potomac Yard

The Potomac Yard neighborhood in Alexandria is undergoing a significant transformation with the opening of the new $370 million Potomac Yard Metro station. This long-awaited project, which opened to the public on May 19, 2024, has become a catalyst for extensive development in the area. The station, connected to the blue and yellow lines, features three entrances and is expected to support 26,000 new jobs and 13,000 new residents over time.

Adjacent to the metro station, major developments are taking shape. Virginia Tech's innovation campus, which broke ground in fall 2021, and Amazon HQ2 are set to become significant drivers of growth in the area. The City of Alexandria has implemented a Potomac Yard Design Advisory Committee to ensure that the build-out aligns with the overall vision for the neighborhood.

One of the most notable new developments in the area is Oakville, a luxury mixed-use project by Stonebridge and Bozzuto. Located at 451 Swann Ave, Oakville offers 572 residences across two resort-style buildings, Raeburn and Ives. The development includes upscale amenities such as outdoor courtyards, fitness centers, and various recreational spaces. It also provides on-site access to restaurants and retail establishments, enhancing the live-work-play environment of the neighborhood.

Impact on Real Estate

These development projects have a significant influence on the Northern Virginia real estate market. According to the Northern Virginia Association of REALTORS® (NVAR), the region has seen notable trends in recent years. While the number of homes sold has decreased, home prices have increased significantly. The market remains competitive, with rising mortgage rates posing challenges to affordability.

The ongoing development in areas like Potomac Yard and Tysons Corner has the potential to create new housing opportunities and reshape demand patterns. The normalization of hybrid work is expanding the effective geographic scope of the Northern Virginia labor and housing market, leading to intraregional migration patterns that extend into more distant suburbs.

Local governments recognize the importance of affordable housing for economic success, particularly for young professional families. This acknowledgment, coupled with the new developments, may help address some of the region's housing challenges. However, the intersection of housing and the broader economy faces ongoing challenges, with economic uncertainties potentially affecting regional home sales in the near future.

Conclusion

Alexandria, VA, offers a unique and vibrant lifestyle with the perfect mix of history, charm, and urban convenience. Its robust economy, bolstered by major employers and thriving industries, makes it an exciting place to call home. Living in Alexandria means enjoying a balanced lifestyle with access to urban amenities, job opportunities, and the tranquility of Northern Virginia's beautiful neighborhoods.

As your Boots on the Ground Broker and a Certified Military Relocation Specialist, I bring over 20 years of real estate expertise to help buyers and sellers navigate Alexandria’s dynamic market. Whether you’re looking to buy, sell, or explore, I’m here to guide you every step of the way with a competitive 4% listing fee and personalized service tailored to your needs.

Let’s make your real estate dreams a reality. Reach out today, and don’t forget to follow me on Facebook at @mmkrealtyllc and Instagram at @mmkrealty for the latest updates and tips!