The 2023 Annual
Market Review
P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W
2023 presented a challenging landscape, defying predictions made by industry experts. Contrary to expectations of easing mortgage rates and a subsequent rebound in property inventory and sales, the first half of the year saw a steady climb in mortgage rates, peaking at 8% in October. This unexpected rise deterred potential buyers, and led sellers to delay listing their homes.
P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W
The Washington, DC metropolitan area witnessed a significant 22% decrease in home sales throughout the year. The scarcity of available homes drove up prices, with the median transaction price experiencing a 3% increase in 2023. Fortunately, the end of the year saw a decline in mortgage rates, encouraging both buyers and sellers to participate in the market.
P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W
As we step into 2024, market forecasters anticipate a more robust real estate landscape. Mortgage rates are expected to continue their descent, potentially settling between 5.8% and 6.2% by year’s end. This decrease in rates is predicted to prompt more sellers to list their properties.
P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W
While inventories will remain historically tight, there will be a notable increase in available homes for sale in 2024. Lower mortgage rates are poised to invigorate pent-up buyer demand, with sales projected to surge by 10% or more this year. Additionally, prices are forecasted to experience a modest 1-2% increase in 2024.
P R E FAC E 2 0 2 3 M I D Y E A R M A R K E T R E V I E W
Leveraging the strength of one of the world’s most recognized brands, exceptional marketing strategies, and a vast global and regional presence, our professional associates at TTR Sotheby’s International Realty are well-equipped to navigate this dynamic market. Whether you’re interested in buying or selling regionally or globally, we eagerly anticipate the opportunity to provide our top-notch service. C O N T I N U E TO T H E R E P O R T
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S I N G L E FA M I LY H O M E S WA S H I N GTO N D C N O R T H W E ST D O W N TO W N / N E V I R G I N I A N O R T H E R N VA H O R S E & W I N E C O U N T RY M A R Y L A N D M O N TG O M E R Y C O U N T Y C H E S A P E A K E B AY R EG I O N
CONDO & CO-OP WA S H I N GTO N D C VIRGINIA M A R Y L A N D
On the cover: 911 M Street NW – Shaw, Washington DC
2023 ANNUAL MARKET REVIEW
Single Family Homes
1 6 6 2 3 4 T H ST N W, G EO R G E TO W N
NORTHWEST DC MARKET REVIEW
K A LO R A M A
$3,000,000 29% Median Sold Price
25
4%
Homes Sold
44
132%
Avg. Days on Market
C L E V E L A N D PA R K
$2,200,000 19% Median Sold Price
25
47%
Homes Sold
19
58%
Avg. Days on Market
CHEVY CHASE (DC)
$1,450,000 1% Median Sold Price
124 19%
12
20%
Homes Sold
Avg. Days on Market
NORTHWEST DC MARKET REVIEW
M A S S . AV E H E I G H TS
$9,00,000
39%
Median Sold Price
3
40%
Homes Sold
28
83%
Avg. Days on Market
F O R E ST H I L L S
$2,340,000 17% Median Sold Price
17
48%
Homes Sold
51
325%
Avg. Days on Market
MOUNT PLEASANT
$1,410,000 1% Median Sold Price
48 Homes Sold
27%
12
14%
Avg. Days on Market
NORTHWEST DC MARKET REVIEW
A U PA R K
$1,495,000 1% Median Sold Price
54
28%
Homes Sold
19
19%
Avg. Days on Market
G EO R G E TOW N
$2,025,000 1% Median Sold Price
108 23%
49 40%
Homes Sold
Avg. Days on Market
G LOV E R PA R K / B U R L E I T H
$1,364,000 1% Median Sold Price
56 Homes Sold
19%
16
14%
Avg. Days on Market
NORTHWEST DC MARKET REVIEW
S P R I N G VA L L E Y
$2,500,000 19% Median Sold Price
33
11%
Homes Sold
21
5%
Avg. Days on Market
W E S L E Y H E I G H TS
$2,195,000
22%
Median Sold Price
35
13%
Homes Sold
42
40%
Avg. Days on Market
PA L I S A D E S
$1,600,000 6% Median Sold Price
36 Homes Sold
10%
31
121%
Avg. Days on Market
D OWNTOWN & NE D C MARKET REVIEW
LO G A N
$1,800,000 4% Median Sold Price
27
10%
Homes Sold
42
68%
Avg. Days on Market
DUPONT
$1,875,000
7%
Median Sold Price
52
16%
Homes Sold
36
24%
Avg. Days on Market
S H AW
$1,000,000 9% Median Sold Price
29 Homes Sold
48%
28
33%
Avg. Days on Market
D OWNTOWN & NE D C MARKET REVIEW
CA P I TO L H I L L
$1,125,000
2%
Median Sold Price
260 33%
25
25%
Homes Sold
Avg. Days on Market
B LO O M I N G DA L E / L E D R O I T PA R K
$1,100,000 2% Median Sold Price
65
33%
Homes Sold
29 32% Avg. Days on Market
P E T WO R T H
$791,400
7%
Median Sold Price
201 14%
30 20%
Homes Sold
Avg. Days on Market
2023 ANNUAL MARKET REVIEW
Single Family Homes
T H E R E S I D E N C E S AT S A L A M A N D E R MIDDLEBURG, VIRGINIA
N O R T H E R N VA MARKET REVIEW
CITY OF ALEXANDRIA
$879,500
1%
Median Sold Price
892
18% 22
Homes Sold
38%
Avg. Days on Market
A L E X A N D R I A ( FA I R FA X C O U N T Y )
$685,000
3%
Median Sold Price
1,650 18% 21 Homes Sold
50%
Avg. Days on Market
A R L I N GTO N
$1,150,000
7%
Median Sold Price
1,023 15% 22 Homes Sold
5%
Avg. Days on Market
N O R T H E R N VA MARKET REVIEW
MCLEAN (22101)
$1,550,000 4% Median Sold Price
353 14%
29 6%
Homes Sold
Avg. Days on Market
MCLEAN (22102)
$1,600,000 14% Median Sold Price
131 9%
22
39%
Homes Sold
Avg. Days on Market
G R E AT FA L L S
$1,602,500 3% Median Sold Price
192 21%
23
4%
Homes Sold
Avg. Days on Market
N O R T H E R N VA MARKET REVIEW
FA L L S C H U R C H
$849,000
2%
Median Sold Price
697 16%
21
11%
Homes Sold
Avg. Days on Market
VIENNA
$1,122,500
6%
Median Sold Price
564 23%
22
16%
Homes Sold
Avg. Days on Market
R E STO N
$705,000
5%
Median Sold Price
550 23%
13
0%
Homes Sold
Avg. Days on Market
HORSE & WINE COUNTRY MARKET REVIEW
MIDDLEBURG
$1,225,000
33%
Median Sold Price
39
30%
Homes Sold
76
138%
Avg. Days on Market
THE PLAINS
$705,000
10%
Median Sold Price
19
17%
Homes Sold
55
8%
Avg. Days on Market
MARSHALL
$629,000
8%
Median Sold Price
76 Homes Sold
13%
41
37%
Avg. Days on Market
HORSE & WINE COUNTRY MARKET REVIEW
UPPERVILLE
$938,000
15%
Median Sold Price
12
8%
Homes Sold
62 51% Avg. Days on Market
P U R C E L LV I L L E
$778,000
4%
Median Sold Price
172 30%
17
13%
Homes Sold
Avg. Days on Market
WA R R E N TO N
$639,950
5%
Median Sold Price
398 18%
26 73%
Homes Sold
Avg. Days on Market
2023 ANNUAL MARKET REVIEW
Single Family Homes
5 2 1 6 A B I N G D O N R OA D, B E T H E S DA
M O N T G O M E R Y C O. MARKET REVIEW
B E T H E S DA
$1,400,000 1% Median Sold Price
684 19%
21
31%
Homes Sold
Avg. Days on Market
CHEVY CHASE (MD)
$1,560,500
1%
Median Sold Price
207 13%
24
41%
Homes Sold
Avg. Days on Market
P OTO M AC
$1,292,500
3%
Median Sold Price
443 22%
21
24%
Homes Sold
Avg. Days on Market
M O N T G O M E R Y C O. MARKET REVIEW
THE KENTLANDS
$812,000
3%
Median Sold Price
62
44%
Homes Sold
17
13%
Avg. Days on Market
GAITHERSBURG
$585,000
0%
Median Sold Price
721
29% 17
Homes Sold
6%
Avg. Days on Market
S I LV E R S P R I N G
$600,000
3%
Median Sold Price
1,426 24% 18 Homes Sold
13%
Avg. Days on Market
C H E S A P E A K E B AY R E G I O N MARKET REVIEW
ANNAPOLIS
$624,000
8%
Median Sold Price
993
18% 22
Homes Sold
16%
Avg. Days on Market
S E V E R N A PA R K
$674,450
4%
Median Sold Price
272 25%
21
17%
Homes Sold
Avg. Days on Market
E D G E WAT E R
$579,950
10%
Median Sold Price
268 23%
26 4%
Homes Sold
Avg. Days on Market
C H E S A P E A K E B AY R E G I O N MARKET REVIEW
ST E V E N SV I L L E
$530,000
12%
Median Sold Price
173 22%
31
29%
Homes Sold
Avg. Days on Market
E A STO N
$459,500
18%
Median Sold Price
284 19%
34
3%
Homes Sold
Avg. Days on Market
SAINT MICHAELS
$754,500
16%
Median Sold Price
54 Homes Sold
32%
39
34%
Avg. Days on Market
2023 ANNUAL MARKET REVIEW
Condos & Co-ops
1 1 1 1 2 4 T H ST R E E T N W 9 0 3 W E ST E N D, D C
DC CONDO / CO-OP MARKET REVIEW
D OW N TO W N D C
$452,450
9%
Median Sold Price
258 38%
32
10%
Units Sold
Avg. Days on Market
DUPONT
$420,000
6%
Median Sold Price
259 36%
23
26%
Units Sold
Avg. Days on Market
LO G A N
$676,500
7%
Median Sold Price
162 24%
32
45%
Units Sold
Avg. Days on Market
DC CONDO / CO-OP MARKET REVIEW
S H AW
$770,750
15%
Median Sold Price
58
46%
Units Sold
43
54%
Avg. Days on Market
CA P I TO L H I L L
$505,000
14%
Median Sold Price
105 22%
30 11%
Units Sold
Avg. Days on Market
P E T WO R T H
$469,900
4%
Median Sold Price
145 12%
44
22%
Units Sold
Avg. Days on Market
DC CONDO / CO-OP MARKET REVIEW
N AV Y YA R D
$556,500
7%
Median Sold Price
64
21%
Units Sold
32
0%
Avg. Days on Market
THE WHARF
$412,500
11%
Median Sold Price
94
2%
Units Sold
42
11%
Avg. Days on Market
F O G GY B OT TO M / W E ST E N D
$545,000
17%
Median Sold Price
197 20%
70 1%
Units Sold
Avg. Days on Market
DC CONDO / CO-OP MARKET REVIEW
G EO R G E TOW N
$665,000
3%
Median Sold Price
72
31%
Units Sold
45
15%
Avg. Days on Market
K A LO R A M A
$586,000
4%
Median Sold Price
112 8%
28
8%
Units Sold
Avg. Days on Market
NOMA
$629,900
11%
Median Sold Price
51 Units Sold
39%
33
14%
Avg. Days on Market
2023 ANNUAL MARKET REVIEW
Condos & Co-ops
1 8 8 1 N N A S H ST R E E T U N I T TS 0 2 , A R L I N G TO N
N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW
A R L I N GTO N
$435,000
3%
Median Sold Price
1,207 19% 30 0% Units Sold
Avg. Days on Market
MCLEAN
$460,000
9%
Median Sold Price
271 11%
50 13%
Units Sold
Avg. Days on Market
FA L L S C H U R C H
$306,600
2%
Median Sold Price
385 24%
15
46%
Units Sold
Avg. Days on Market
N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW
ALEXANDRIA CITY
$388,000
13%
Median Sold Price
1,173 21% 20 13% Units Sold
Avg. Days on Market
A L E X A N D R I A ( FA I R FA X C O U N T Y )
$304,300
2%
Median Sold Price
542 22%
15
21%
Units Sold
Avg. Days on Market
FA I R FA X
$396,000
2%
Median Sold Price
333 35%
14
22%
Units Sold
Avg. Days on Market
2023 ANNUAL MARKET REVIEW
Condos & Co-ops
8 5 5 1 C O N N EC T I C U T AV E N U E # 3 1 3 CHEVY CHASE
MA RYLA ND COND O / CO-OP MARKET REVIEW
B E T H E S DA
$335,750
0%
Median Sold Price
285
7%
Units Sold
24
37%
Avg. Days on Market
CHEVY CHASE (MD)
$550,000
8%
Median Sold Price
165 11%
37
14%
Units Sold
Avg. Days on Market
S I LV E R S P R I N G
$249,000
0%
Median Sold Price
794 13%
29 12%
Units Sold
Avg. Days on Market
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Data courtesy of BRIGHT MLS, Comparison based on 1/1/23 - 12/31/23. vs. 1/1/22 - 12/31/22. Data deemed reliable, but not guaranteed. © 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.