We investigate the effect of digestion time and alkali addition rate on the size and magnetic properties of precipitated magnetite nanoparticles. It is observed that the time required to complete the growth process for magnetite nanocrystals is very short (similar to 300 s), compared to long digestion times (20-190 min) required for MnO and CdSe nanocrystals. The rapid growth of magnetite nanoparticles suggests that Oswald ripening is insignificant during the precipitation stage, due to the low solubility of the oxides and the domination of a solid-state reaction where high electron mobility between Fe2+ and Fe3+ ions drives a local cubic close-packed ordering. During the growth stage (0-300 s), the increase in the particle size is nominal (6.7-8.2 nm). The effect of alkali addition rate on particle size reveals that the nanocrystal size decreases with increasing alkali addition rate. The particle size decreases from 11 to 6.8 nm as the alkali addition rate is increased from 1 to 80 mL/s. During the size decrease, the lattice parameter decreases from 0.838 to 0.835 nm, which is attributed to an increase in the amount of Fe3+ atoms at the surface due to oxidation. As the alkali addition rate increases, the solution reaches supersaturation state rapidly leading to the formation of large number of initial nuclei at the nucleation stage, resulting in large number of particles with smaller size. When alkali addition rate is increased from 1 to 80 mL/s, the saturation magnetization of the particles decreases from 60 to 46 emu/g due to the reduced particle size.