Q1 2022 MARKET REPORT ® Each office independently owned and operated.
NORTHERN VIRGINIA, MARYLAND & WASHINGTON, D.C.
A MESSAGE FROM THE BROKERThe results for the first quarter of 2022 are in and there is a specific theme running throughout the jurisdictions we serviceNorthern Va, Washington DC and Maryland. That being, a significant increase in home prices, depressed unit sales and for the most part, significantly lower days on market (DOM). The early spring market started off a bit slowly and sales were initially soft but the market has finally started to ramp up in late March into April. Demand remains very strong even while inventory levels continue to hamper what would otherwise be a very robust market. Interest rates have climbed beyond what all predictions indicated but have not slowed the demand for housing, especially single-family homes. The seller continues to be in the driver’s seat demanding above market value pricing with little or no contingencies attached to offers and strong competition among qualified buyers. Northern Virginia’s average home price increases for the first quarter were quite impressive with an +11.2% increase for the first quarter of 2022. Unit sales (as is the theme) decreased -9.7% from the same period last year. Days on Market (DOM) were flat at 19 days but experienced great variances from city to city and county to county. Average home price increases exceeded even the most robust predictions with almost all cities (the one exception was Vienna which experienced a decline of -3.8%) seeing significant double-digit increases. Fairfax County had an +11.5% average sale price increase but saw unit sales drop -9.7% this quarter. Both Loudoun County (+15.8% in average sales price and a -16% decrease in unit sales) and Prince William County (+13.3% in average sales price and a -9.9% decrease in unit sales) also delivered remarkable average home price increases. Washington, D.C. experienced similar results as the Northern Virginia market. Average home prices came in at a very respectable +8.1% while unit sales were down -6.2%. Condos & Co-op’s appear to have been one of the stronger segments of the DC market with unit sales up slightly +6% and average sale price increase of +8.2%, this despite wild variations in inventory levels from neighborhood to neighborhood. Average days on market (DOM) increased slightly-up +3.1% over the same period last year, but again, with significant variations based on neighborhood and type of housing stock. Standouts included Dupont Circle, Foggy Bottom and Georgetown with average home sale prices of +11.5, +14.5% and 25.1% respectfully. Maryland - Montgomery County and the cities that comprise the largest segments of this market (Bethesda, Chevy Chase, Potomac, Rockville and Silver Spring) experienced moderate home price increases with the largest increase being that of the Chevy Chase market landing a +10.1% increase in average home sale prices. The outlying counties that we service (Calvert, Charles, Frederick, Howard, Prince George’s and Saint Mary’s) all experienced significant double digit average home price increases with the exception of Howard (+6.9%) and Saint Mary’s (+6%) Counties. Inventory levels (lack thereof) continues to be a major impediment throughout Montgomery and the outlying counties that we service. Moving forward into the late spring season, we can expect to see some continued volatility in the housing market. Sellers will continue to drive the narrative from a price and contingency aspect thus making affordability an ever pressing concern for many would be buyers. Inflation will continue to elevate the cost of both resale and new construction properties by exerting continued upward pressure on interest rates with building material and labor costs impacting all segments of the real estate market. Our economy will continue to recover with tech, major infrastructure projects (road, bridge and rail repair) and large construction projects leading the way-but the ever-rising housing costs will not abate anytime soon. Rental prices are projected to significantly increase as investors and developers take advantage of the overwhelming demand for those that may not currently qualify to purchase due to affordability driven in part by the current inflationary pressures. Lastly, the flight of home buyers to the suburbs, experienced during the peak Covid crisis will see a moderate reversal bringing buyers back to urban areas due to companies expecting employees to return to work on an in-person basis. Predictability in the 2022 real estate market will not be assured and buyer patience will be a watchword as we move into the summer selling season. KW METRO CENTER ALEXANDRIA · ARLINGTON · TYSONS
· VIENA
· MIO DL THIAN
All information deemed reliable but not guaranteed. Data sourced from Bright MLS Photos on Pages 3 and 4 Courtesy of Jeannine and Miguel Garcia
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
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
AV G D AY S O N MARKET
TOTAL UNITS SOLD 7,779
19
$5.4B
AV G SALE PRICE
Q1 2022 NORTHERN VIRGINIA Single family, townhouses & condominiums
TOTAL DOLLAR VOLUME
$687,919
ALEXANDRIA
ARLINGTON
ASHBURN
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
72 $1,231,469 24
-23 +9 +4
196 $1,297,816 22
-11 +8 -24
114 $1,020,740 4
+15 -56
townhome
units sold avg price avg days
181 $936,532 15
-11 +16 -25
82 $864,135 17
+1 +9 +13
173 $677,690 14
-14 +14 +100
condo/co-op
units sold avg price avg days
393 $435,941 29
-2 +3 -6
398 $517,135 39
+2 +10 +11
109 491,676 20
+7 +20 +33
FAIRFAX STATION
FALLS CHURCH
LORTON
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
38 $1,124,173 7
-3 +14 -63
128 $1,001,939 22
-12 +13 +16
28 $828,234 19
+4 -30
townhome
units sold avg price avg days
-
-
43 $750,659 20
+10 +3 +122
40 $493,627 10
-22 +4 -52
condo/co-op
units sold avg price avg days
-
-
151 $319,023 42
+9 +1 +27
7 $360,414 8
-65 +12 -73
McLEAN
SPRINGFIELD
VIENNA
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
134 $2,376,482 61
+4 +29 +49
150 $735,511 12
-2 +9 +9
104 $1,253,583 24
-30 +3 -27
townhome
units sold avg price avg days
12 $979,971 16
-60 +10 -6
96 $539,055 10
+10 +7 -
46 $726,017 16
-22 -33
condo/co-op
units sold avg price avg days
75 $521,202 44
+4 +11 -6
30 $311,322 15
-6 +8 +25
38 $387,388 32
+23 -17 -27
5
WOODBRIDGE
LOUDOUN CO
PRINCE WILLIAM CO
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
301 $534,375 13
-16 +9 +44
558 $976,698 12
-18 +20 -25
795 $632,115 14
-9 +12 +56
townhome
units sold avg price avg days
242 $406,112 11
-15 +13 +10
418 $613,974 10
-17 +13 +25
508 $438,114 10
-10 +15 +25
condo/co-op
units sold avg price avg days
120 $339,334 15
-13 +12 +25
271 $420,562 14
-9 +12 -
197 $337,785 14
-13 +10 +17
Photo Courtesy of JB Kirkland
MARKET BALANCE
nits sold 2
3,
single family homes
1u 81
The market balance is determined by the average months of supply, Mar 2022
0 21
NORTHERN VIRGINIA
→
11% SELLER’S
BALANCED
3,409 units sold 2022
$3.17B
TOTAL SALES (SINGLE FAMILY HOMES) Q1 2022
6
BUYER’S
Photo Courtesy of Jeannine & Miguel Garcia (above and below)
7
AV G D AY S O N MARKET
TOTAL UNITS SOLD
2,226
Q1 2022 WASHINGTON, D.C. Single family, townhouses & condominiums
33
TOTAL DOLLAR VOLUME
$1.85B AV G SALE PRICE
$829,087
CAPITOL HILL 2022
% diff from 2021
single family
units sold avg price avg days
2 $1,856,510 4
townhome
units sold avg price avg days
condo/co-op
units sold avg price avg days
DUPONT
FOGGY BOTTOM
2022
% diff from 2021
2022
% diff from 2021
-33 +98 -33
-
-
1 $815,000 47
-
79 $1,297,722 21
-22 +5 -32
5 $2,147,800 44
+25 +30 +42
5 $946,250 26
+33 -43
39 $683,563 27
-22 +11 -41
18 $531,841 19
-45 -8 -37
26 $516,750 60
+44 +14 -24
GEORGETOWN
2 4 KALORAMA
LOGAN CIRCLE
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
4 $3,589,250 86
-2 +10
1 $5,000,000 3
-35 -97
-
-
townhome
units sold avg price avg days
32 $2,724,562 52
-18 +38 -16
4 $2,292,250 27
-33 -14 -18
7 $1,600,571 20
+40 +6 -66
condo/co-op
units sold avg price avg days
29 $1,285,862 55
+53 +57 -13
28 $668,167 41
-22 -2 +11
45 $713,043 27
-22 -25
Photo Courtesy of George Mrad (above), Jeannine & Miguel Garcia (left)
9
nits sold 2
1,
6u 27
1,206 units
The market balance is determined by the average months of supply, Mar 2022
0 21
condo & co-op
6%
→
WASHINGTON, D.C.
MARKET BALANCE
SELLER’S
BALANCED
sold 2022
$724M
TOTAL SALES (CONDO & CO-OP) Q1 2022
10
BUYER’S
Photo Courtesy of George Mrad (above and below)
11
AV G D AY S O N MARKET
TOTAL UNITS SOLD
2,584
Q1 2022 MARYLAND
23 AV G SALE PRICE $634,196 TOTAL DOLLAR VOLUME
$1.6B
Single family, townhouses & condominiums* *Data above represents Montgomery County only.
BETHESDA
CHEVY CHASE
POTOMAC
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
131 $1,548,819 20
-19 +14 -
45 $1,974,209 20
-36 +17 -43
76 $1,476,730 16
-36 +7 -52
townhome
units sold avg price avg days
14 $1,008,714 25
+8 +4 -48
4 $1,355,557 19
+33 +53 -
19 $887,855 22
-30 +6 -
condo/co-op
units sold avg price avg days
95 $379,936 49
+28 -12 +9
41 679,796 50
-11 +22 +2
3 $496,500 7
-29 -80
ROCKVILLE
SILVER SPRING
CALVERT CO
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
156 $698,143 17
-5 +2 -11
324 $611,754 16
-7 +5 -
324 $455,171 23
+1 +9 -12
townhome
units sold avg price avg days
50 $658,993 22
-17 +1 -29
95 $449,172 12
-4 +6 -14
17 $372,641 9
-54 +25 -40
condo/co-op
units sold avg price avg days
164 $367,617 48
+8 +5 +37
208 $255,983 31
+2 +4 -14
10 $340,850 15
-17 +8 -53
- 6CO CHARLES
FREDERICK CO
HOWARD CO
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
492 $479,175 21
-3 +16 +17
587 $547,855 18
-8 +15 -22
373 $727,969 27
-17 +11 +8
townhome
units sold avg price avg days
198 $334,694 14
+9 +13 +56
390 $414,935 13
-8 +20 -
229 $428,319 9
-14 +7 -36
condo/co-op
units sold avg price avg days
13 $168,088 29
-23 +123
89 $278,132 9
-24 +7 -55
197 $327,320 15
+11 +9 -6
13
MONTGOMERY CO
PRINCE GEORGE’S CO
SAINT MARY’S CO
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
1215 $890,843 18
-12 +5 -10
1,459 $462,227 22
-6 +12 +29
309 $404,598 25
-16 +4 -7
townhome
units sold avg price avg days
609 $501,794 17
-7 +10 -
695 $381,086 19
+21 +15 +58
70 $281,003 15
-14 +13 -38
condo/co-op
units sold avg price avg days
760 $329,931 34
-3 +7 +13
358 $247,783 28
-24 +20 +27
13 $193,376 17
-50 +1 +70
12%
nits sold 2 0
1,
2u 38
The market balance is determined by the average months of supply, Mar 2022
21
single family homes
MARKET BALANCE
→
MONTGOMERY COUNTY
2022
SELLER’S
BALANCED
1,215 units sold 2022
$1.1B
TOTAL SALES (SINGLE FAMILY HOMES) Q1 2022
14
BUYER’S
Photo Courtesy of George Mrad (above and below)
15
get to know the good life.
ALEXANDRIA 1701 Duke Street, Suite 100 Alexandria, VA 22314 703-535-3610
ARLINGTON 2111 Wilson Boulevard, Suite 1050 Arlington, VA 22201 703-224-6000
VIENNA 144 Church Street NW Vienna, VA 22180 703-564-4000
TYSONS 8133 Leesburg Pike, Suite 800 Vienna, VA 22182 703-564-4000
MIDLOTHIAN 15871 City View Drive, Suite 120 Midlothian, VA 23113 804-858-9000