The 2022 Annual
Market Review
2022 witnessed significant swings...
starting with a continuation of the boom real estate market that began in mid-2020 and bolstered by ten years of sustained prosperity. Multiple offers were the norm. Sales prices were often 100% or more of the list price. Sales numbers were at alltime highs and inventories were at or near historic lows.
PREFACE 2022 ANNUAL MARKET REVIEW
This sales pace was ultimately unsustainable, and rapidly rising interest rates dampened activity quickly. Interest rates began the year just above 3%, rose to 5% in April, reached 7% in late October, and peaked at just above 7% in November. This meant that consumer mortgage payments increased by 50-60% throughout the year, forcing many buyers to the sidelines and others scrambling to understand adjustable-rate mortgages and buy-downs.
After two years of a frenzied market, buyers took a break.
PREFACE 2022 ANNUAL MARKET REVIEW
Overall sales in the DMV fell 20% in the 3rd quarter of 2022 compared to 2021. Fourth quarter sales were down over 30% and were at the lowest levels since 2010. Average and median sales prices still increased over 2021, however, and current low inventories in many neighborhoods are an indication that prices levels will hold firm.
As we enter 2023, we are cautiously optimistic. Inventories are relatively low, interest rates have started to decline and multiple offers are common again in many neighborhoods. Mortgage applications have increased in the early part of the year and open houses are busy again. We do not expect a repeat of 2020 or 2021 levels, but we fully anticipate a robust market that is closer to what we think of as normal.
PREFACE 2022 ANNUAL MARKET REVIEW
With the power of one of the world’s most recognized brands, exceptional marketing, and an expansive footprint both globally and across the Washington region, our professional associates at TTR Sotheby’s International Realty are well prepared to manage this dynamic market.
Regardless of where you are interested in buying or selling across the region – or around the world – we look forward to the opportunity to be of service.
ANNUAL
PREFACE 2022
MARKET REVIEW CONTINUE TO THE REPORT
Contents SINGLE FAMILY HOMES WASHINGTON DC NORTHWEST DOWNTOWN / NE VIRGINIA NORTHERN VA HORSE & WINE COUNTRY MARYLAND MONTGOMERY COUNTY CHESAPEAKE BAY REGION CONDO & CO-OP WASHINGTON DC VIRGINIA MARYLAND Tap below to navigate directly to desired location On the cover: 11400 Highland Farm Court, Potomac, MD
4537 LOWELL ST NW, WESLEY HEIGHTS 2022 ANNUAL MARKET REVIEW
Single Family Homes
KALORAMA $2,325,000 Median Sold Price 18% 24 Homes Sold 31% 19 Avg. Days on Market 71% NORTHWEST DC MARKET REVIEW CLEVELAND PARK $1,853,000 Median Sold Price 1% 46 Homes Sold 10% 12 Avg. Days on Market 33% CHEVY CHASE (DC) $1,465,000 Median Sold Price 11% 153 Homes Sold 23% 10 Avg. Days on Market 0%
MASS. AVE HEIGHTS $6,495,000 Median Sold Price 80% 5 Homes Sold 58% 164 Avg. Days on Market 110% NORTHWEST DC MARKET REVIEW FOREST HILLS $1,975,000 Median Sold Price 8% 34 Homes Sold 100% 12 Avg. Days on Market 29% MOUNT PLEASANT $1,390,000 Median Sold Price 1% 66 Homes Sold 7% 14 Avg. Days on Market 100%
AU PARK $1,475,000 Median Sold Price 9% 75 Homes Sold 23% 16 Avg. Days on Market 33% NORTHWEST DC MARKET REVIEW GEORGETOWN $2,000,000 Median Sold Price 15% 141 Homes Sold 29% 35 Avg. Days on Market 26% GLOVER PARK/BURLEITH $1,380,000 Median Sold Price 15% 69 Homes Sold 37% 14 Avg. Days on Market 40%
SPRING VALLEY $2,100,000 Median Sold Price 14% 37 Homes Sold 24% 22 Avg. Days on Market 120% NORTHWEST DC MARKET REVIEW WESLEY HEIGHTS $2,799,000 Median Sold Price 44% 31 Homes Sold 21% 70 Avg. Days on Market 141% PALISADES $1,695,000 Median Sold Price 13% 40 Homes Sold 25% 14 Avg. Days on Market 33%
LOGAN $1,738,000 Median Sold Price 2% 30 Homes Sold 21% 25 Avg. Days on Market 43% DOWNTOWN & NE DC MARKET REVIEW DUPONT $1,757,000 Median Sold Price 0% 62 Homes Sold 16% 29 Avg. Days on Market 12% SHAW $1,094,500 Median Sold Price 0% 56 Homes Sold 39% 21 Avg. Days on Market 62%
CAPITOL HILL $1,143,750 Median Sold Price 1% 388 Homes Sold 24% 20 Avg. Days on Market 5% DOWNTOWN & NE DC MARKET REVIEW BLOOMINGDALE / LEDROIT PARK $1,090,000 Median Sold Price 9% 97 Homes Sold 20% 22 Avg. Days on Market 16% PETWORTH $850,000 Median Sold Price 1% 235 Homes Sold 25% 25 Avg. Days on Market 67%
Single Family Homes 4620 26TH STREET N, ARLINGTON 2022 ANNUAL MARKET REVIEW
CITY OF ALEXANDRIA
Median Sold Price 9% 1,094 Homes Sold 26% 16 Avg. Days on Market 0% NORTHERN VA MARKET REVIEW ALEXANDRIA (FAIRFAX COUNTY)
Median Sold Price 5%
Homes Sold 26% 14 Avg. Days on Market 0% ARLINGTON
$890,000
$664,000
2,003
$1,070,000 Median Sold Price 8%
1,209 Homes Sold 27% 21 Avg. Days on Market 11%
MCLEAN (22101) $1,610,000 Median Sold Price 14% 411 Homes Sold 28% 31 Avg. Days on Market 7% NORTHERN VA MARKET REVIEW MCLEAN (22102) $1,855,000 Median Sold Price 16% 144 Homes Sold 26% 36 Avg. Days on Market 6% GREAT FALLS $1,550,000 Median Sold Price 9% 243 Homes Sold 30% 24 Avg. Days on Market 38%
FALLS CHURCH $835,000 Median Sold Price 6% 827 Homes Sold 25% 19 Avg. Days on Market 27% NORTHERN VA MARKET REVIEW VIENNA $1,061,500 Median Sold Price 11% 734 Homes Sold 28% 19 Avg. Days on Market 5% RESTON $672,500 Median Sold Price 13% 713 Homes Sold 22% 13 Avg. Days on Market 7%
MIDDLEBURG $918,750 Median Sold Price 0% 56 Homes Sold 38% 32 Avg. Days on Market 48% HORSE & WINE COUNTRY MARKET REVIEW THE PLAINS $640,000 Median Sold Price 3% 23 Homes Sold 36% 51 Avg. Days on Market 18% MARSHALL $580,000 Median Sold Price 5% 87 Homes Sold 38% 30 Avg. Days on Market 7%
UPPERVILLE $1,100,000 Median Sold Price 16% 13 Homes Sold 30% 127 Avg. Days on Market 18% HORSE & WINE COUNTRY MARKET REVIEW PURCELLVILLE $744,500 Median Sold Price 9% 244 Homes Sold 28% 15 Avg. Days on Market 17% WARRENTON $610,000 Median Sold Price 10% 486 Homes Sold 31% 15 Avg. Days on Market 7%
2022
Single Family Homes
3235 HARNESS CREEK ROAD, ANNAPOLIS
ANNUAL MARKET REVIEW
BETHESDA $1,380,000 Median Sold Price 10% 843 Homes Sold 20% 16 Avg. Days on Market 6% MONTGOMERY CO. MARKET REVIEW CHEVY CHASE (MD) $1,577,240 Median Sold Price 7% 237 Homes Sold 32% 17 Avg. Days on Market 19% POTOMAC $1,250,000 Median Sold Price 9% 568 Homes Sold 21% 17 Avg. Days on Market 26%
THE KENTLANDS $790,000 Median Sold Price 11% 111 Homes Sold 18% 15 Avg. Days on Market 25% MONTGOMERY CO. MARKET REVIEW GAITHERSBURG $585,000 Median Sold Price 17% 1,010 Homes Sold 38% 16 Avg. Days on Market 7% SILVER SPRING $580,000 Median Sold Price 5% 1,877 Homes Sold 26% 16 Avg. Days on Market 14%
ANNAPOLIS $579,900 Median Sold Price 8% 1,209 Homes Sold 22% 19 Avg. Days on Market 21% CHESAPEAKE BAY REGION MARKET REVIEW SEVERNA PARK $645,500 Median Sold Price 3% 365 Homes Sold 26% 18 Avg. Days on Market 0% EDGEWATER $525,375 Median Sold Price 9% 346 Homes Sold 33% 25 Avg. Days on Market 0%
STEVENSVILLE $475,000 Median Sold Price 4% 223 Homes Sold 33% 24 Avg. Days on Market 20% CHESAPEAKE BAY REGION MARKET REVIEW EASTON $390,000 Median Sold Price 2% 350 Homes Sold 21% 33 Avg. Days on Market 8% SAINT MICHAELS $650,000 Median Sold Price 14% 79 Homes Sold 25% 29 Avg. Days on Market 26%
Condos & Co-ops 2501 PENNSYLVANIA AVE NW #PH2B WEST END, DC 2022 ANNUAL MARKET REVIEW
DC $500,000 Median Sold Price 2% 416 Units Sold 18% 29 Avg. Days on Market 15% DC CONDO / CO-OP MARKET REVIEW DUPONT $446,750 Median Sold Price 4% 402 Units Sold 17% 31 Avg. Days on Market 16% LOGAN $632,400 Median Sold Price 2% 212 Units Sold 32% 22 Avg. Days on Market 19%
DOWNTOWN
SHAW $670,000 Median Sold Price 11% 107 Units Sold 0% 28 Avg. Days on Market 20% DC CONDO / CO-OP MARKET REVIEW CAPITOL HILL $590,000 Median Sold Price 11% 135 Units Sold 38% 27 Avg. Days on Market 27% PETWORTH $490,850 Median Sold Price 2% 164 Units Sold 9% 36 Avg. Days on Market 50%
NAVY YARD $629,300 Median Sold Price 10% 44 Units Sold 24% 33 Avg. Days on Market 74% DC CONDO / CO-OP MARKET REVIEW THE WHARF $439,000 Median Sold Price 3% 147 Units Sold 21% 41 Avg. Days on Market 17% FOGGY BOTTOM / WEST END $547,500 Median Sold Price 6% 165 Units Sold 1% 49 Avg. Days on Market 13%
GEORGETOWN $647,300 Median Sold Price 6% 105 Units Sold 14% 39 Avg. Days on Market 19% DC CONDO / CO-OP MARKET REVIEW KALORAMA $626,000 Median Sold Price 5% 104 Units Sold 34% 25 Avg. Days on Market 24% NOMA $706,950 Median Sold Price 19% 84 Units Sold 14% 29 Avg. Days on Market 0%
Condos
& Co-ops
1650 SILVER HILL DRIVE #1101 MCLEAN, VA
2022 ANNUAL MARKET REVIEW
ARLINGTON $450,000 Median Sold Price 1% 1,488 Units Sold 21% 30 Avg. Days on Market 9% NORTHERN VA CONDO / CO-OP MARKET REVIEW MCLEAN $420,000 Median Sold Price 1% 303 Units Sold 18% 35 Avg. Days on Market 24% FALLS CHURCH $300,000 Median Sold Price 0% 508 Units Sold 20% 28 Avg. Days on Market 7%
ALEXANDRIA CITY $345,000 Median Sold Price 3% 1,497 Units Sold 11% 23 Avg. Days on Market 15% NORTHERN VA CONDO / CO-OP MARKET REVIEW ALEXANDRIA (FAIRFAX COUNTY) $310,000 Median Sold Price 5% 693 Units Sold 12% 19 Avg. Days on Market 24% FAIRFAX $390,000 Median Sold Price 8% 507 Units Sold 30% 18 Avg. Days on Market 5%
Condos & Co-ops 7171 WOODMONT AVENUE #704 BETHESDA 2022 ANNUAL MARKET REVIEW
BETHESDA $335,000 Median Sold Price 1% 305 Units Sold 33% 38 Avg. Days on Market 21% MARYLAND CONDO / CO-OP MARKET REVIEW CHEVY CHASE (MD) $507,500 Median Sold Price 2% 185 Units Sold 5% 43 Avg. Days on Market 12% SILVER SPRING $250,000 Median Sold Price 2% 843 Units Sold 20% 26 Avg. Days on Market 10%
Data courtesy of BRIGHT MLS, Comparison based on 1/1/21 - 12/31/21 vs. 1/1/22 - 12/31/22. Data deemed reliable, but not guaranteed. © 2023 TTR Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. TTR Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. Move beyond your expectations. Nothing Compares.