2021 YEAR END MARKET REPORT ® Each office independently owned and operated.
NORTHERN VIRGINIA, MARYLAND & WASHINGTON, D.C.
A MESSAGE FROM THE BROKER-
Turbulent. The word we would use to best describe this past year. From the Covid pandemic, to environmental disasters, the political discord here at home and around the world, inflation, the “great resignation” and finally small business volatility, this year has been one that will not soon be forgotten. Standing tall among all this turbulence was the housing market delivering results no one predicted or might have imagined. Consumers took comfort in the purchase of real estate for many different reasons not least of all for the stability, the financial security and the changing needs of work and family the market offered through these turbulent times. It truly was a banner year for real estate in the midst of all we experienced this past year. The Greater DC real estate market performed at an exceptionally high level. All three jurisdictions (Washington, D.C., Montgomery County and Northern Virginia) delivered sterling results YOY with both unit sales and average sales price increases reaching double digit unit sales and high single digit average sales prices. The YOY numbers were truly impressive with DC unit sales up +12.2%, Montgomery County unit sales up +16% and NOVA unit sales up +13.6%. Additionally, YOY average sales prices also impressed with DC up +8%, Montgomery County up +9.8% and NOVA up +9.3%. Individual markets within these jurisdictions also delivered remarkable results thereby driving the YOY results. The sales metric highlights of the various cities, counties and communities across the Greater Washington, D.C. market including some outlying Maryland counties that we serve are just too numerous to call out; However, as you might imagine, almost all of them had a banner year with the exception of Alexandria and Arlington whose sold units were up dramatically but home sale price increase being flat or slightly down to last year. Moving forward into 2022, we can expect our market to outpace the national real estate market but will not deliver the same kinds of results we saw in 2021. Moderation will be the theme with projected unit sales to be in the +5-5.5% range and home sale prices in the more traditional +3-4% range. The market will continue to be very competitive with sellers being the major benefactors based on demand and our ever depressed inventory levels. Multiple offers, contingency waiving and fierce bidding for well maintained/updated homes will continue well into 2022. There will be many positive factors driving our market this year-from continued strong job growth, higher conforming loan limits, infrastructure and business development to an ever present demand for housing. Millennials will continue to make their presence felt as they move into their prime home buying/ownership years. Rising interest rates and depressed inventory levels will be worth keeping an eye on as this may have an effect on affordability. Property type will be the determining factor when it comes to home sale price increases with single family homes seeing the largest increases here with townhomes and condos bringing up the rear, although we are seeing a bit of a rebound in the condo market. We will continue to see a westward and southern migration towards property sales as the Metro Silver Line nears completion (perhaps operational by early summer) and incoming companies settling in the outlying areas of our markets. Expect days on market (DOM) to continue their overall decline as demand grows through the spring market. A couple of interesting changes that may impact the search of future home buyers is “reverse commuting”-living in an urban area and commuting to a suburban area for work which our market will benefit from and political affiliation-moving to areas that reflect your political beliefs. 2022 will be an interesting year but one that will continue to demonstrate the dominance of the real estate market in general. It’s always a good time to sell or buy-especially in our market!
KW METRO CENTER ALEXANDRIA · ARLINGTON · TYSONS
· VIENA
All information deemed reliable but not guaranteed. Data sourced from Bright MLS Cover photo and Northern Virginia photo courtesy of Kathy LoGiodice Fong
C O N T E N T S M A R K E T S U M M A RY 2
DMV
MARKET
ANALYSIS
NO R T H E R N V I RG I N I A 5
ALEXANDRIA
5
ARLINGTON
5
ASHBURN
5
FAIRFAX
5
FALLS
STATION
CHURCH
5
LORTON
5
M c L E A N
5
SPRINGFIELD
5
VIENNA
6
WOODBRIDGE
6
LOUDOUN
6
PRINCE
CO
WILLIAM
CO
WA S H I N G T O N D.C. 9
CAPITOL
HILL
9
D U P O N T
9
F O G G Y
9
G E O RG E T OW N
9
K A L O R A M A
9
L O G A N
B O T T O M / W E S T
C I RC L E
M A RY L A N D 13
B E T H E S DA
13
C H E V Y
13
P O T O M AC
13
R O C K V I L L E
13
S I LV E R
13
C A LV E R T
C O
13
C H A R L E S
C O
13
F R E D E R I C K
13
H OWA R D
14
M O N T G O M E RY
14
P R I NC E
14
SA I N T
C H A S E
S P R I NG
C O
C O C O
G E O RG E ’ S
M A RY ’ S
C O
C O
E N D
AV G D AY S O N MARKET
19
TOTAL UNITS SOLD
26,763
TOTAL DOLLAR VOLUME
$19B AV G SALE PRICE
$714,208
2021 NORTHERN VIRGINIA Single family, townhouses & condominiums
ALEXANDRIA CITY
ARLINGTON
ASHBURN
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
464 $1,147,263 18
+5 +6 -25
1266 $1,216,274 20
+25 +2 -13
630 $956,837 9
+27 +17 -40
townhome
units sold avg price avg days
1227 $808,507 15
+20 +5 -6
619 $733,775 16
+22 +3 +23
1170 $580,125 10
+24 +11 -38
condo/co-op
units sold avg price avg days
1705 $427,136 27
+21 -3 +59
1863 $486,504 33
+29 +2 +83
533 $435,911 19
+20 +14 -37
FAIRFAX STATION
FALLS CHURCH CITY
LORTON
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
279 $1,026,974 12
-3 +14 -25
94 $1,202,259 11
+3 +6 -42
240 $812,951 16
+4 +8 -47
townhome
units sold avg price avg days
-
-
58 $752,080 13
+71 +11 +63
283 $462,306 17
+4 +3 +13
condo/co-op
units sold avg price avg days
-
-
71 $460,728 29
+4 +7 +107
89 $329,427 18
+27 +13 +38
McLEAN
SPRINGFIELD
VIENNA
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
663 $1,955,381 34
+11 +22 -29
984 $699,588 12
+23 +12 -14
791 $1,201,404 22
+12 +14 -33
townhome
units sold avg price avg days
134 $927,973 16
+68 +2 -48
560 $503,890 11
-1 +10 +10
255 $703,513 15
+52 +6 -6
condo/co-op
units sold avg price avg days
370 $516,787 46
+41 +2 +77
144 $287,395 17
+11 -5 +70
133 $435,412 34
+32 +10 +55
5
WOODBRIDGE
LOUDOUN CO
PRINCE WILLIAM CO
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
1896 $521,846 11
+14 +14 -31
3981 $866,092 13
+6 +15 -41
5048 $601,787 10
+9 +14 -44
townhome
units sold avg price avg days
1790 $374,492 12
+18 +11 -14
3714 $540,899 10
+12 +12 -29
3649 $394,453 11
+10 +11 -21
condo/co-op
units sold avg price avg days
671 $321,141 14
+29 +9 -
1514 $391,770 15
+9 +9 -32
1189 $327,840 13
+17 +9 -24
MARKET BALANCE
22
single family homes
23 ,0
units sold
The market balance is determined by the average months of supply, Dec 2021
20
21
NORTHERN VIRGINIA
→
9% SELLER’S
BALANCED
20,215 units sold 2020
$18.7B
TOTAL SALES (SINGLE FAMILY HOMES) 2021
6
BUYER’S
Photos Courtesy of Carole Pearson (opposite & above)
7
AV G D AY S O N MARKET
TOTAL UNITS SOLD
10,743
2021 WASHINGTON, D.C. Single family, townhouses & condominiums
27
TOTAL DOLLAR VOLUME
$8.8B AV G SALE PRICE
$818,412
CAPITOL HILL 2021
% diff from 2020
single family
units sold avg price avg days
10 $1,132,850 34
townhome
units sold avg price avg days
condo/co-op
units sold avg price avg days
DUPONT
FOGGY BOTTOM/ WEST END
2021
% diff from 2020
2021
% diff from 2020
-33 +13 -24
-
-
-
-
486 $1,179,620 18
+28 +7 -10
27 $1,329,434 26
+286 +8 -13
2 $1,015,000 12
-
216 $606,137 37
+14 +85
132 $574,894 38
+86 +4 +65
16 $449,570 66
-20 -43 +29
GEORGETOWN
2 4 KALORAMA
LOGAN CIRCLE
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
19 $3,368,311 64
-28 +42
10 $4,643,000 137
-17 +126 +191
4 $1,436,000 43
+100 +21 -44
townhome
units sold avg price avg days
138 $1,808,754 37
+35 +14 +9
33 $2,222,347 36
+38 +16 -40
50 $1,346,178 25
-9 +2 +9
condo/co-op
units sold avg price avg days
96 $1,082,419 49
+12 +26 +44
158 $704,673 33
+25 +5 +22
264 $686,730 27
+45 -8 +35
Photo Courtesy of Kathy LoGiodice Fong (above)
9
→ 9u 53
nits sold 2
5,
condo & co-op
18%
4,684 units
The market balance is determined by the average months of supply, Dec 2021
0 21
WASHINGTON, D.C.
MARKET BALANCE
SELLER’S
BALANCED
sold 2020
$3.2B
TOTAL SALES (CONDO & CO-OP) 2021
10
BUYER’S
Photos Courtesy of Kathy LoGiodice Fong (above) 11
AV G D AY S O N MARKET
TOTAL UNITS SOLD
15,541
2021 MARYLAND
18 AV G SALE PRICE
$645,466
TOTAL DOLLAR VOLUME
$10B
Single family, townhouses & condominiums* *Data above represents Montgomery County only.
BETHESDA
CHEVY CHASE
POTOMAC
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
953 $1,438,977 17
+16 +10 -43
338 $1,693,905 21
+31 +10 -48
601 $1,410,171 24
+15 -48
townhome
units sold avg price avg days
138 $946,319 21
+44 +6 -40
25 $915,726 12
-29 +1 -71
123 $850,371 19
+37 +15 -10
condo/co-op
units sold avg price avg days
454 $484,475 48
+23 +8 +7
176 $667,041 49
+27 +13 +7
11 $808,773 58
-27 -6 -6
ROCKVILLE
SILVER SPRING
CALVERT CO
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
1162 $699,932 15
+13 +10 -32
1998 $609,301 14
+17 +13 -22
1920 $449,013 20
+9 +10 -50
townhome
units sold avg price avg days
470 $623,532 18
+21 +9 -25
639 $424,528 15
+26 +10 -35
210 $320,790 13
+5 +4 -69
condo/co-op
units sold avg price avg days
646 $367,666 31
+47 +6 -6
1058 $256,958 29
+18 +3 -15
69 $346,491 20
-5 +13 -44
- 6CO CHARLES
FREDERICK CO
HOWARD CO
2021
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
2765 $445,810 15
+5 +15 -53
3454 $516,431 17
+6 +17 -50
2774 $698,383 16
+8 +13 -45
townhome
units sold avg price avg days
1001 $316,308 11
+29 +13 -48
2133 $363,173 11
+15 +16 -54
1888 $411,339 11
+18 +8 -45
condo/co-op
units sold avg price avg days
67 $189,890 21
+10 +39 -68
578 $276,454 13
+28 +18 -48
1048 $320,945 13
+21 +9 -50
13
MONTGOMERY CO
PRINCE GEORGE’S CO
SAINT MARY’S CO
% diff from 2020
2021
% diff from 2020
2021
% diff from 2020
single family
units sold avg price avg days
8011 $871,233 15
+11 +12 -42
7595 $448,261 16
+6 +13 -41
1769 $401,503 20
+2 +12 -46
townhome
units sold avg price avg days
4374 $470,999 15
+21 +12 -35
3243 $351,624 14
+13 +11 -33
335 $267,197 19
+17 +4 -46
condo/co-op
units sold avg price avg days
3896 $334,228 29
+24 +7 -12
1852 $224,770 21
+34 +12 -28
70 $197,374 11
+4 +17 -21
→
11%
1u 01
The market balance is determined by the average months of supply, Dec 2021
nits sold 2 0
8,
single family homes
MARKET BALANCE
21
MONTGOMERY COUNTY
2021
SELLER’S
BALANCED
7,249 units sold 2020
$7B
TOTAL SALES (SINGLE FAMILY HOMES) 2021
14
BUYER’S
Photos Courtesy of Kathy LoGiodice Fong (opposite & above) 15
get to know the good life.
KELLERWILLIAMS REALTY ®
ALEXANDRIA 1701 DUKE STREET SUITE 100 ALEXANDRIA, VA 22314 703-535-3610
ARLINGTON 2111 WILSON BLVD SUITE 1050 ARLINGTON, VA 22201 703-224-6000
TYSONS 8133 LEESBURG PIKE SUITE 800 VIENNA, VA 22182 703-564-4000
VIENNA 144 CHURCH ST NW VIENNA, VA 22180 703-564-4000