Top Brokers Discuss Georgetown Real Estate Market Trends

COMPILED BY KATE OCZYPOK

We asked top Georgetown real estate brokers their thoughts on the market and 2023 predictions.

How would you describe housing market predictions in D.C. for 2023?

I expect the 2023 Market in D.C. to be similar to the 2019 market [in relation to] the number of sales. I’m not seeing a decrease in prices either, especially in the upper bracket price range. We don’t have much inventory and those buyers are less interest rate sensitive.

- current levels or slightly higher.

- Tom Anderson and Dana Landry, Washington Fine Properties. Anderson is co-founder of Washington Fine Properties and has served as president of the firm since 1999. Landry has been Washington Fine Properties’ principal broker since 1999.

Optimistic. After a challenging fall market, we are seeing a real pick up in showings. Open houses are flooded with potential buyers looking and preparing to purchase as they

What’s one piece of advice you’d give people thinking about buying or selling a home this year?

If you’re selling, do your best to make sure your house presents the best it can. Update baths, your kitchen and lighten your footprint so others can see themselves in your house.

-Michael Rankin

Sellers: Now more than ever, it’s important to place your property in the hands of an experienced real estate agent. Even though the market is still tipped in the sellers’ favor, live in Georgetown.

-Tom Anderson and Dana Landry

Georgetown continues to be D.C.’s most premier neighborhood, attracting discerning buyers from across the U.S. and internationally. Businesses seek Georgetown for its flagship presence because of its prestige.

-Carla Labat

Given inflation and other factors, what sort of price changes might you anticipate in the neighborhood in 2023?

Michael Rankin,

TTRSIR, principal and managing partner of TTR Sotheby’s International Realty in Washington, D.C.

Our prediction for the Georgetown market is that we will continue to see a strong buyer demand that will exceed the supply of houses available in our neighborhood. While the market has somewhat balanced, we predict that we’ll continue to experience a “seller’s market” and that houses that are well located, in good condition, presented properly and priced appropriately will sell very quickly. There will be fewer transactions as there are fewer homes available to sell, which will hold prices at their become more accepting of the reality of higher interest rates and a fluctuating stock market. preparing your property to present at its best is critical, and pricing the property correctly remains paramount. Overpriced listings often end up selling for less later. Having an agent with a solid strategy on how to maximize your selling price while achieving the best terms and conditions is in your best interest.

-Carla Labat, managing broker for Long & Foster Real Estate, Georgetown.

Buyers: Bring your “A-Game” to the plate and keep in mind it’s still a “seller’s market.” Do your homework by getting pre-approved, pre-inspected and be prepared to write a clean offer without contingencies. Again, having a real estate agent that can develop a strategy and position you for success is critical.

-Tom

Anderson and Dana Landry

Buyers tend to take a wait-and-see approach when it comes to prices. I’d advise buyers to be aggressive and make an offer, even if it’s not full price. You never know the motivation of the seller. For sellers, take the extra step to make sure your property is show-ready — staging or accessorizing the home is a must. After a day of touring, you want your home to deliver the “wow” that incentivizes buyers to make a full-price offer immediately!

-Carla Labat

What are the best parts of Georgetown’s real estate market right now? What are the most challenging aspects?

Buying in Georgetown continues to be a great investment and a great quality of living with a real sense of community.

-Michael

Rankin

The best part of the Georgetown market is its strong popularity: homes sell quickly at high prices. The most challenging aspect is the limited number of homes available for sale which is frustrating for buyers who want to

All reports indicate that prices will normalize to pre-covid levels. Growth rates are expected to be between two and four percent. Real estate has always been and will continue to be a solid investment, often outperforming the stock market.

-Tom Anderson and Dana Landry

As one of the best markets in the country, we anticipate a strong spring selling season.

-Carla Labat

How long do listings typically remain on the market in Georgetown? (In terms of days, weeks, etc.)

While the average days on the market in Georgetown is 30, properties in good condition and priced appropriately typically sell in the first week, often with multiple offers and over asking price.

-Tom Anderson and Dana Landry

How do you think advances in technology such as artificial intelligence, virtual reality tours, etc., are changing the real estate landscape? While technology is great to improve agent efficiency, the reality is that good agents know about what houses are coming on to the market and what buyers are in the market long before any of this information makes its way to a technology platform. Strong relationships and networking allow our agents to be ahead of the market, which benefits our buyers and sellers alike.

-Tom Anderson and Dana Landry

If you could describe Georgetown’s real estate market in three words, what would they be?

Desirable, exciting and competitive.

-Michael Rankin

Popular, strong and fast-paced.

-Tom Anderson and Dana Landry

Strong, desirable and valuable.

-Carla Labat

2022 Real Estate Sales In Georgetown

PROVIDED BY WASHINGTON FINE PROPERTIES

See the full list at georgetowner.com. Listed from highest to lowest sold.

H I C KO R Y T R E E FA

R M

The Plains, Virginia • $8,750,000 304 acres | Main house, stunning guest house w/ garage, 2 tenant houses, manager’s house, apartment complex, pool, 5 barns, approx 60 stalls, 3/4 mile all weather sand track, pond & extensive paddocks, fencing & sheds | Panoramic views of Bull Run Mountains & the Blue Ridge Mountains | Original home site still surrounded by towering trees, garden & stone walls

Helen MacMahon (540) 454-1930

W I N D F I E L D S Middleburg, Virginia • $5,511,060 324.18 acres in prime Middleburg location | Frontage on Snickersville Turnpike |Rolling acreage with Blue Ridge views, creeks, ponds, mature woods and Goose Creek frontage | Lime Kiln cottage with remains of original mill | Property is in Conservation Easement, may be subdivided 3 times

Paul MacMahon (703) 609-1905 Brian MacMahon (703) 609-1868

O U T W E S T

Warrenton, Virginia • $3,000,000

Gracious home w/ /renovated kitchen |Hardwood floors, substantial millwork & fine finishes & 4 FP| Perfectly sited to enjoy the views | 5 BR, home office, large family room, newly resurfaced tennis court, pool w/ cabana and 4 BR guest house w/workshop/3 stall stable | Large field for turn out, 1 paddock & hay field | 32 acres in 2 recorded parcels

Helen MacMahon (540) 454-1930

3418 Q ST NW

C AT E S B Y V I N E YA R D

Upperville, Virginia • $1,300,000

44.55 acres of which 15 acres are producing grapes | 8.5 acres of Chambourcin, Traminette on 4.3 acres and Vidal Blanc on 2.1 acres. | Vineyard infrastructure includes fencing, irrigation system and computerized well | Perc site for 4 bedroom home. Property is in conservation easement | Property can be converted to Residential use.

Paul MacMahon (703) 609-1905

Brian MacMahon (703) 609-1868 info@sheridanmacmahon.com www.sheridanmacmahon.com

R E C T O R T O W N R O A D Marshall, Virginia • $1,250,000

Lovely country home on private lot in the village of Rectortown | FIBER INTERNET | Open floor plan with main level suite and home office | Upper level overlooks large family room with two story vaulted ceiling and stone fireplace and two large bedrooms and second family room | Multiple porches and decks with extensive plantings - easy maintenance.

Helen MacMahon (540) 454-1930

1 0 4 & 1 0 6 P E N D L E T O N S T

The Plains, Virginia • $1,250,000

Rare opportunity | 2 recorded lots with C-3 zoning in the town of Middleburg | 2 separate buildings with 8 offices, 5 storage bays and ample parking | All buildings are in excellent condition

Paul MacMahon (703) 609-1905

Brian MacMahon (703) 609-1868

99.33 acres in prime Loudoun Hunt country location, easy access to Leesburg, Purcellville & Lincoln | Property is in conservation easement | Mountain and valley views | Rolling acreage | Approximately 65 acres of pasture, 35 acres of woods, major creek frontage | | Very protected location.

Paul MacMahon (703) 609-1905

Brian MacMahon (703) 609-1868

J O H N M A R S H A L L H I G H W AY

Markham, Virginia • $300,000

49.16 acres in 2 recorded parcels | Frontage on Goose Creek, land rises to great views, mountain meadows on upper portion | Access over Railroad and creek | Excellent hunting land, surrounded by large tracts

Paul MacMahon (703) 609-1905

Brian MacMahon (703) 609-1868

110 East Washington Street Middleburg, Virginia 20117 (540) 687-5588