Q1 Market Report for the Greater DC Real Estate Market

2021 Q1 MARKET REPORT NORTHERN VIRGINIA, MONTGOMERY COUNTY & WASHINGTON, D.C. Cover photo courtesy of Tori McKinney

®

A MESSAGE FROM THE BROKERThe Q1 real estate market results are now in the history books and those results have continued to be nothing less than spectacular. The frantic pace of home sales we’ve seen over the last year continued to accelerate in Q1 at breathtaking levels. The market continues to befuddle even the most seasoned agents and experts where list prices appear to be what the seller desires the price to be vs what the metrics of the market would traditionally determine-driving home prices ever upward. This boom continues as can be attested to in the performances of each jurisdiction in Q1.

Northern Virginia, once again turned in a sterling performance across all real estate measurements with an average sales price increase of 8% and unit sales up 19% despite lagging inventory levels. Demand certainly outpaced supply driving double digit unit sales and home prices in many NOVA cities and counties. March proved to be an exceptionally strong sales month, driving QTD numbers across this broad landscape. Fairfax, Loudoun and Prince William Counties along with Springfield, Vienna and Woodbridge stood out with both impressive unit sales and average home price increases. In a sign of the times, Alexandria City crested the $1M median home sale price for a single family home for the first time ever-coming in at $1.16M! Wash DC also experienced strong quarterly growth across most neighborhoods. Inventory levels continue to climb in the city, up 11.5% in March over the same period last year. Average home prices climbed 7% for the quarter with unit sales up 14.8%-YOY. Days on Market (DOM) have risen across most neighborhoods as increasing inventory levels have provided additional choices for buyers. Condo inventory, up 58% YOY in March in particular continued to climb across the city thereby depressing average condo sales prices-down 4.8% in March.

Montgomery County delivered one of their strongest sales months (March) in recent history, driving Q1 numbers skyward. Almost every single city experienced double digit increases in both average home sale prices and unit sales. Montgomery County landed the quarter with an 11% increase in home price and a 14.6% increase in unit sales. PG County turned in a very robust performance with an 8% increase in average home sale price and 15.2% in unit sales. Standout’s included Potomac, Bethesda, Silver Spring and Saint Marys County delivering exceptionally strong performances in both unit sales and average home sale price.

The outlook for the Greater Washington DC housing market remains strong for the rest of 2021 with demand remaining high thereby driving home prices. Employment opportunities, a recovering economy, low interest rates and the continued influx of large companies in the tech and medical sectors will continue to have a positive impact on our local housing market. Sellers will continue to control the market while buyers will continue to face fierce competition for the right to own the perfect home!

KW METRO CENTER ALEXANDRIA · ARLINGTON · TYSONS · VIENNA All information deemed reliable but not guaranteed. Data sourced from Bright MLS

C O N T E N T S M A R K E T S U M M A RY 3

DMV

MARKET

ANALYSIS

NO R T H E R N V I RG I N I A 6

ALEXANDRIA

6

ARLINGTON

6

FALLS

7

LORTON

7

LOUDOUN

CHURCH CO

8

McLEAN

8

S P R I NG F I E L D

8

VIENNA

8

WOODBRIDGE

WA S H I N G T O N D.C. 11

CAPITOL

HILL

11

D U P O N T

11

F O G G Y

12

G E O RG E T OW N

12

K A L O R A M A

12

L O G A N S

B O T T O M / W E S T

C I RC L E

M A RY L A N D 14

B E T H E S DA

14

C H E V Y

14

P O T O M AC

15

P R I NC E

15

R O C K V I L L E

15

SA I N T

15

S I LV E R

C H A S E G E O RG E ’ S

M A RY ’ S S P R I NG

C O

C O

E N D

Q1 MARKET SUMMARY

Q1 2021

AVERAGE SALE PRICE

Q1 2021

UNIT SALES

Q1 2021

DAYS ON MARKET

4

AV G D AY S O N MARKET

19

TOTAL UNITS SOLD

8631

$5.3B AV G SALE PRICE

$618,813

Q1 2021 NORTHERN VIRGINIA single family, townhouses & condominiums

TOTAL DOLLAR VOLUME

2020 83 $1,012,084 25

2021 93 $1,127,038 23

% +12 +11 -8

187 $760,889 19 280 $366,452 18 180 $1,386,038 29

264 $771,581 20 403 $423,805 32 219 $1,207,170 29

+41 +1 +5 +44 +16 +78 +22 -13 -

units sold avg sold price Townhouse avg days on market

86 $701,704 16

122 $709,649 17

+42 +1 +6

units sold avg sale price Condo & Co-op avg days on market

298 $471,968 20

387 $468,795 36

+30 -1 +80

units sold avg sale price Single Family avg days on market

10 $986,303 17

14 $1,123,288 5

+40 +14 -71

units sold avg sale price Townhouse avg days on market

6 $518,388 8

12 $752,500 12

+100 +45 +50

units sold avg sale price Condo & Co-op avg days on market

11 $475,940 10

14 $428,700 20

+27 -10 +100

units sold avg sold price Single Family avg days on market

Alexandria

units sold avg sold price

Arlington

Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market

Falls Church

MARKET BALANCE

nits sold 2

3,

single family homes

1u 81

The market balance is determined by the average months of supply, Mar 2021

0 21

NORTHERN VIRGINIA

→

9% SELLERS

BALANCED

3,492 units sold 2020

$3.15B

TOTAL SALES (SINGLE FAMILY HOMES) Q1 2021

6

BUYERS

Photo courtesy of Nicole McCullar

Lorton

Single Family avg days on market

2020 35 $725,565 72

Loudoun

units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market

58 $463,291 21 11 $287,455 24 609 $714,319 33

57 $458,959 22 20 $322,648 31 680 $813,603 17

-2 -1 +5 +82 +12 +29 +12 +14 -48

units sold avg sold price Townhouse avg days on market

540 $474,529 19

649 $515,217 9

+20 +9 -53

units sold avg sale price Condo & Co-op avg days on market

227 $352,461 25

299 $375,126 15

+32 +6 -40

units sold avg sold price

7

2021 27 $828,185 27

% -23 +14 -63

units sold avg sold price

McLean

Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price

Springfield

Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold

Vienna

avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold avg sale price

Woodbridge

Single Family avg days on market units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market

8

2020 112 $1,618,037 50

2021 126 $1,838,111 42

% +13 +14 -16

21 $853,738 65 59 $542,548 21 137 $590,403 27

30 $888,969 17 71 $464,064 48 153 $675,840 11

+43 +4 -74 +20 -14 +129 +12 +14 -59

115 $443,166 14 22 $296,109 8 146 $988,641 50

95 $491,070 10 32 $287,822 13 145 $1,223,287 34

-17 +11 -29 +45 -3 +63 -1 +24 -32

27 $627,581 27

60 $722,993 12

+122 +15 -56

17 $366,647 19

31 $468,580 44

+82 +28 +132

276 $439,322 30

355 $491,262 10

+29 +12 -67

261 $315,232 25

365 $353,840 10

+40 +12 -60

91 $260,647 16

137 $302,785 13

+51 +16 -19

AV G D AY S O N MARKET

TOTAL UNITS SOLD

2373

32

TOTAL DOLLAR VOLUME

$1.8B AV G SALE PRICE

Q1 2021 WASHINGTON, D.C.

$767,081

single family, townhouses & condominiums

9

Capitol Hill

2020

2021

%

units sold

-

-

avg sold price

-

Single Family avg days on market

-

3 $938,500 7

+39

26 -

99 $1,222,550 32 50 $618,560 47 -

-

7 $1,218,571 39

-

18 $558,915 19

33 $578,803 30

+83 +4 +58

-

-

-

-

2 $747,500 3

-

10 $475,700 78

18 $453,139 80

+80 -5 +3

units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market

Dupont

units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold

Foggy Bottom/ West End

avg sale price Single Family avg days on market units sold avg sale price Townhouse avg days on market units sold avg sale price

→ 1,

condo & co-op

nits sold 2

927 units

34 47 $642,128

+11 -6 +6 -4 +81 -

MARKET BALANCE

38%

6u 27

$1,101,609

-

The market balance is determined by the average months of supply, Mar 2021

0 21

WASHINGTON, D.C.

Condo & Co-op avg days on market

71

-

SELLERS

BALANCED

sold 2020

$708M

TOTAL SALES (CONDO & CO-OP) Q1 2021

BUYERS

units sold avg sold price

Georgetown

Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price

Kalorama

Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price

Logan Circle

Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market

11

2020 4 $4,058,000 15

2021 -

% -

22 $1,312,045 33 16 $1,049,125 59 5 $2,544,800 30

29 $1,874,647 40 1 $7,750,000 107

+32 +43 +21 -80 +205 +256

8 $1,710,125 75 32 $703,266 45 -

8 $2,177,588 40 36 $683,977 37 2 $862,000 6

+27 -47 +13 -3 -18 -

10 $1,226,649 32

11 $1,227,173 39

+10 +22

32 $829,200 25

58 $713,309 36

+81 -14 +44

FEATURED LISTINGS

11705 Sugarland Road H e r n d o n , VA 2 0 1 7 0 Offered at $4,500,000 3 Kitchens 7 Bedrooms 9.5 Bathrooms 11,018 Sq Ft 2.2 Acres Listed By Arshia Kia VA F X 1 1 8 0 6 1 8

6 1 0 Ma r y l a n d Av e N E Wa h s i n g t o n , D . C . 2 0 0 0 2 Offered at $2,950,000 6 Bedrooms 5.5 Bathrooms 5500 Sq Ft Listed By Donte Clavo DCDC506094

12

Photo courtesy of William Close (opp page)

AV G D AY S O N MARKET

TOTAL UNITS SOLD

2819

22 AV G SALE PRICE

$608,776 TOTAL DOLLAR VOLUME

Q1 2021 MONTGOMERY CO & MARYLAND

$1.7B

single family, townhouses & condominiums *Data above represents Montgomery County only.

2020 133 $1,188,944 45

2021 162 $1,351,883 21

% +22 +14 -53

15 $923,187 42 70 $438,852 48 56 $1,527,947 55

16 $987,993 40 79 $439,098 45 70 $1,690,714 36

+7 +7 -5 +13 +1 -6 +25 +11 -35

11 $1,227,600 76

4 $1,057,226 3

-64 -14 -96

33 $645,294 63

41 $556,743 63

+24 -14 -

105 $1,113,127 63

102 $1,453,686 38

-3 +31 -40

avg sale price Townhouse avg days on market

1 $550,000 29

25 $830,437 24

+2400 +51 -17

units sold avg sale price Condo & Co-op avg days on market

17 $809,546 35

3 $694,667 35

-82 -14 -

units sold avg sold price Single Family avg days on market

Bethesda

units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price

Chevy Chase

Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold avg sale price Single Family avg days on market

Potomac

→

9%

2u 8 3

The market balance is determined by the average months of supply, Mar 2021

nits sold 2 0

1,

single family homes

MARKET BALANCE

21

MONTGOMERY COUNTY

units sold

SELLERS

BALANCED

1,265 units sold 2020

$1.18B

TOTAL SALES (SINGLE FAMILY HOMES) Q1 2021

14

BUYERS

units sold avg sold price

94 $317,556 2020 36 182 $605,319 31

127 $325,226 2021 38 191 $690,084 18

+35 -2 % +6

avg sold price Townhouse avg days on market

88 $571,791 41

82 $616,587 26

-7 +8 -37

units sold avg sale price Condo & Co-op avg days on market

94 $317,556 36

127 $325,226 38

+35 +2 +6

units sold avg sold unitsprice sold Single Family avg days market avg on sold price Single Family avg days on market units sold

308 2020 $511,096 1514 29 $371,617 43 100

345 2021 $582,124 1533 16 $414,044 18 121

+12 % +14 +1 -45 +12 -58 +21

avg sold unitsprice sold Townhouse avg days market avg on sold price

$361,485 594 36 $300,618

$395,358 606 16 $325,242

+9 +2 -56 +8

Townhouse avg days on market units sold unitsprice sold avg sale avg on sold price Condo & Co-op avg days market

32 181 274 $244,143 $177,957 38 2020 39 1514 182 $371,617 $605,319 43 31

16 201 470 $245,695 $207,173 37 2021 22 1533 191 $414,044 $690,084 18

-50 -11 +72 +1 +16 -3 % -44 +1 +5 +12 +14 -58 -42

Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market

88 594 $571,791 $300,618 41 32 94 274 $317,556 $177,957 36 39 312 $326,094 51

82 606 $616,587 $325,242 26 16 127 470 $325,226 $207,173 38 22 365 $391,343 27

-7 +2 -8 +8 -37 -50 +35 +72 -2 +16 +6 -44 +17 +20 -47

units sold avg sold price Townhouse avg days on market

50 $253,404 54

76 $250,098 24

+52 -1 -56

units sold avg sale price Condo & Co-op avg days on market

13 $158,108 27

26 $191,403 11

+100 +21 -59

avg days on market units sold

Rockville

avg sold price Single Family avg days on market units sold

Silver Spring Prince George’s Co

Rockville Prince George’s Co

Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price

Saint Mary’s Co

15

+5 +14 -42

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