Market Report A C O M P R E H E N S I V E A N A LY S I S O F T H E R E S I D E N T I A L R E A L E S TAT E M A R K E T I N T H E W A S H I N G T O N M E T R O P O L I TA N A R E A . T H I R D Q U A R T E R , 2 0 1 8
Market Update A strong job market across the Washington area continues to be the fundamental driver for our regional economy and our real estate market. Over the past 12 months, the region has added over 70,000 new jobs, and the unemployment rate continues to hover below the national average at 3.7%. Despite strong demand, existing home sales and new building permits continue to drift well below levels seen over the past several years, which continues to put upward pressure on prices. In general, locations inside the Beltway continue to outperform those markets further out, however all jurisdictions appear to be stable if not growing through the end of the 3rd Quarter. The impact of location is very evident in the Northern Virginia market of McLean where sold dollar volume increased 7.2% for homes inside the Beltway versus 1.5% for homes outside. This is further exhibited by the median sales price in these same markets of $1.1 million inside the Beltway versus $400,000 for homes sold outside the Beltway so far this year. Arlington continues to be a strong market with a median sales price of $559,000 across all units. Homes are selling for an average of 98.3% of list price, and average days on the market declining to 40 days for the year to date. Detached homes are selling for an average price of $1.1 million which reflects a 3.6% increase over last year. We are anxiously awaiting the opening of our new office in Bethesda, Maryland in the first half of 2019. Our location on Bethesda Row puts us squarely in the middle of one of the region’s most active markets. So far this year, almost 1,000 units have sold in Bethesda at a median sales price of $865,000. The average price for a single-family home increased slightly to $1.2 million, and over 157 homes closed at $1 million or higher so far this year. A total of 241 condos, coops or townhouses sold so far this year at an average price of $514,000. Later this year, we will also open our newest office in The Plains, Virginia, and we continue to build a strong presence in surrounding Loudoun and Rappahannock Counties. This year, sold volume has increased and average sold price has increased almost 5.0%, one of the highest increases in the region. Faquier County remains relatively affordable with the average sales price for a detached home increasing slightly to $483,000. Homes in these markets continue to take longer to sell, and average days on market remains around 72 days, about twice the average length of time for Northern Virginia. In downtown Washington, the theme continues to be one of limited supply. Sold dollar volume increased slightly and median sales prices increased 2.8% to $565,000. Prices for detached homes increased to $1.1 million. In the Logan/Shaw neighborhood, inventory continues to be extremely tight, and the number of units sold declined as a result. Average sales prices decreased to $704,000, but this is due primarily to the limited number of units trading compared to last year. As we approach Thanksgiving and the upcoming holiday season, we continue to encourage our associates to lead not only in the markets, but also the communities in which they live and work. Despite the strong numbers, we are most proud of the philanthropy and authentic engagement our associates represent across the region. Most importantly, we are grateful for the opportunity to be of service to our clients, regardless of where their global real estate journey takes them. Best personal regards, Mark C. Lowham CEO and Managing Partner TTR Sotheby’s International Realty
Contents S I N G L E FA M I LY H O M E S A L E S
CONDO & CO-OP SALES
PG 2-3
PG 8-9
WAS H I N GTO N , D C
NORTHERN VIRGINIA
MONTGOMERY COUNTY
P G 4 - 5
WAS H I N GTO N , D C
NORTHERN VIRGINIA
LOUDOUN COUNTY
FA U Q U I E R C O U N T Y
P G 6 -7
MONTGOMERY COUNTY
ANNE ARUNDEL COUNTY
TA L B O T C O U N T Y
Above: 1291 Hollywood Avenue, Annapolis MD | $3,325,000 Cover: The Watergate - 2700 Virginia Avenue NW #502, Washington DC | $4,300,000
WAS H I N GTO N , D C
2810 University Terrace NW Kent | $2,750,000
3211 Foxhall Road NW Wesley Heights | $2,850,000
326 I Street SE
Navy Yard | $1,250,000
American University
Units Sold Avg. Sold Price Avg. Days on Market
Cleveland Park
Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Capitol Hill
Units Sold Avg. Sold Price Avg. Days on Market
Chevy Chase, DC
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Forest Hills
Units Sold Avg. Sold Price Avg. Days on Market
Glover Park / Burleith
Units Sold Avg. Sold Price Avg. Days on Market
Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market
Spring Valley
Units Sold Avg. Sold Price Avg. Days on Market
Kalorama
Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights
Units Sold Avg. Sold Price Avg. Days on Market
Mass Ave Heights
Units Sold Avg. Sold Price Avg. Days on Market
Kent
Units Sold Avg. Sold Price Avg. Days on Market
Palisades
Units Sold Avg. Sold Price Avg. Days on Market
Shaw
Units Sold Avg. Sold Price Avg. Days on Market
Bloomingdale/ LeDroit Park
Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
31 $1,085,835 12
21 $1,003,619 17
-32% -8% +42%
10 $1,403,425 19
13 $1,621,212 23
+30% +15% +21%
41 $1,768,732 36
35 $1,976,770 83
-15% +12% +130%
25 $1,217,116 40
28 $1,248,762 28
+12% +3% -30%
49 $1,139,594 24
46 $1,281,193 16
-6% +12% -33%
8 $1,483,750 16
14 $1,555,857 36
+75% +5% +125%
9 $1,547,472 74
9 $1,666,611 20
+8% -73%
11 $1,037,450 15
26 $1,177,850 12
+136% +14% -20%
14 $1,161,943 22
20 $1,148,000 18
+43% -1% -18%
13 $1,837,794 32
4 $1,680,225 28
-70% -9% 12%
8 $2,314,312 52
7 $2,413,572 139
-12% -4% +167%
16 $1,429,641 15
17 $1,215,265 55
+6% -15% +266%
3 $2,748,333 62
6 $1,146,500 19
+100% -58% -70%
2 $7,805,000 11
3 $2,667,000 86
+50% -65% +681%
8 $2,696,595 34
14 $2,008,714 39
+75% +26% +15%
9 $991,974 10
11 $1,295,753 38
+22% +31% +280%
10 $996,125 19
2 $1,325,000 31
-80% +33% +63%
15 $1,022,440 17
14 $1,006,643 16
-7% -2% -6%
4837 Tilden Street NW Spring Valley | $4,250,000
42 Seaton Place NW Bloomingdale | $1,299,900
4347 Forest Lane NW Wesley Heights | $2,695,000
NORTHERN VIRGINIA
Units Sold
Arlington
Avg. Sold Price Avg. Days on Market
Units Sold
McLean
Avg. Sold Price Avg. Days on Market
Units Sold
1933 Rockingham Street
Falls Church
McLean, VA | $3,495,000
Avg. Sold Price Avg. Days on Market
Units Sold
Alexandria
Avg. Sold Price Avg. Days on Market
Units Sold
Great Falls
Avg. Sold Price Avg. Days on Market
Units Sold
Vienna
Avg. Sold Price Avg. Days on Market
L O U D O U N & FA U Q U I E R C O U N T I E S
1805 Monroe Street North Arlington, VA | $1,725,000
Units Sold
The Plains
Avg. Sold Price Avg. Days on Market
Units Sold
Middleburg
Avg. Sold Price Avg. Days on Market
Units Sold
Delaplane
Avg. Sold Price Avg. Days on Market
Units Sold
Marshall
Avg. Sold Price Avg. Days on Market
Units Sold
Purcellville 9222 Dellwood Drive Vienna, VA | $1,624,900
Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
363
377
+4%
$935,601
$965,027
+3%
29
29
-
-10%
171
154
$1,403,283
$1,504,074
+7%
59
36
-39%
292
269
-8%
$708,291
$756,764
+7%
29
27
-7%
327
339
+4%
$792,686
$787,292
-1%
32
32
-
64
70
+9%
$1,194,477
$1,022,562
-14%
61
54
-11%
206
223
+8%
$902,370
$912,979
+1%
35
32
-9%
2200 Foresthill Road Alexandria, VA | $1,295,000
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
7
9
+29%
$536,454
$1,865,033
+248%
102
207
+103%
-19%
16
13
$872,327
$793,518
-9%
165
177
+7%
+25%
4
5
$1,076,250
$834,800
-22%
167
85
-49%
+40%
20
28
$593,025
$507,661
-14%
60
83
+38%
87
82
-6%
$542,038
$551,239
+2%
45
46
+2%
6113 Franklin Park Road McLean, VA | $2,695,000
6483 Cheshire Lane Marshall, VA | $1,195,000
MONTGOMERY COUNTY
Units Sold
Bethesda
Avg. Sold Price Avg. Days on Market
Units Sold
Chevy Chase
Avg. Sold Price Avg. Days on Market
Units Sold
5107 Moorland Lane Bethesda, MD | $2,495,000
Potomac
Avg. Sold Price Avg. Days on Market
TA L B O T C O U N T Y
Units Sold
Easton
Avg. Sold Price Avg. Days on Market
Units Sold
Saint Michaels
Avg. Sold Price Avg. Days on Market
ANNE ARUNDEL COUNTY
5509 Namakagan Road Bethesda MD | $1,995,000
Units Sold
Annapolis Severna Park Edgewater Davidsonville Crownsville 1156 River Bay Road Annapolis, MD | $3,200,000
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
218
215
-1%
$1,136,273
$1,167,153
+3%
39
34
-13%
69
72
+4%
$1,316,381
$1,400,213
+6%
39
32
-18%
150
147
-2%
$1,026,118
$1,106,236
+8%
45
44
-2%
10111 Iron Gate Road Potomac, MD | $6,750,000
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
123
114
-7%
$394,306
$430,116
+9%
73
123
+68%
27
30
+11%
$477,925
$604,333
+26%
133
152
+14%
S I N G L E FA M I LY H O M E S A L E S THIRD QTR. 2017
THIRD QTR. 2018
%
367
396
+8%
$540,462
$592,970
+10%
60
48
-20% +28%
104
133
$601,965
$588,658
-2%
56
45
-20%
108
102
-6%
$453,310
$403,945
-11%
41
49
+20%
21
30
+43%
$784,403
$642,860
-18%
71
63
-11% +9%
33
36
$539,430
$515,246
-4%
56
70
+25%
1291 Hollywood Avenue Annapolis, MD | $3,325,000
6315 Broad Branch Road Chevy Chase, MD | $1,195,000
WAS H I N GTO N , D C
|
CONDO & CO-OP SALES
THIRD QTR. 2017 Units Sold
Capitol Hill Downtown
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Foggy Bottom / West End Kalorama
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights / Cathedral Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Shaw
2100 11th Street NW #301 U Street Corridor | $929,000
Units Sold Avg. Sold Price Avg. Days on Market
THIRD QTR. 2018
%
22
13
-41%
$595,582
$456,910
-23%
39
24
-38% -26%
91
67
$561,071
$601,537
+7%
25
32
+28%
25
15
-40%
$714,056
$784,602
+10%
52
39
-25%
76
124
+63%
$455,469
$572,737
+26%
25
31
+24%
25
24
-4%
$305,380
$356,833
+17%
41
28
-32% 15%
46
53
$542,608
$524,248
-3%
21
25
+19% +52%
62
94
$838,344
$659,741
-21%
17
26
+53%
20
19
-5%
$339,670
$404,424
+19%
74
34
-54% +8%
50
54
$516,123
$551,642
+7%
19
17
-11%
10
15
+50%
$724,335
$853,519
+18%
20
14
-30%
1632 30th Sreet NW #1 Georgetown | $749,000
7500 Woodmont Avenue #s1121
1800 Old Meadow Road #915 McLean, Virginia | $309,000
Bethesda, MD | $499,000
NORTHERN VIRGINIA
|
CONDO & CO-OP SALES
Units Sold
Arlington McLean Alexandria
THIRD QTR. 2017
THIRD QTR. 2018
%
456
448
-2%
$421,736
$418,189
-1%
Avg. Days on Market
33
27
-18%
Units Sold
75
68
-9%
Avg. Sold Price
$378,547
$365,480
-3%
Avg. Days on Market
50
34
-32%
Units Sold
336
368
+9%
$339,837
$366,516
+8%
28
31
+11%
THIRD QTR. 2018
%
Avg. Sold Price
Avg. Sold Price Avg. Days on Market
MONTGOMERY COUNTY
|
CONDO & CO-OP SALES
THIRD QTR. 2017 Units Sold
Bethesda
Avg. Sold Price Avg.Days on Market
Units Sold
Chevy Chase
Avg. Sold Price Avg. Days on Market
88
88
-
$391,791
$399,398
+2%
44
54
+23%
39
39
-
$535,941
$635,936
+19%
47
56
+19%
SOURCE: MRIS, 7/1/2017 - 9/30/2017 ; 7/1/2018 - 9/30/2018. DATA DEEMED RELIABLE, BUT NOT GUARANTEED.
Georgetown Brokerage 1206 30th Street NW Washington, DC 20007 Downtown Brokerage 1515 14th Street NW Washington, DC 20005
1506 14th Street NW Washington, DC 20005 ttrsir.com
McLean Brokerage 6723 Whittier Avenue McLean, VA 22101 Alexandria Brokerage 400 S Washington Street Alexandria, VA 22314 Arlington Brokerage 2300 Clarendon Blvd Arlington, VA 22201 Chevy Chase Brokerage 5454 Wisconsin Avenue Chevy Chase, MD 20815 Annapolis Brokerage 209 Main Street Annapolis, MD 21401
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