Q2 2022 MARKET REPORT ® Each office independently owned and operated.
NORTHERN VIRGINIA, MARYLAND & WASHINGTON, D.C.
A MESSAGE FROM THE BROKERThe 2nd quarter results for the Greater Washington, D.C. real estate market are in and the results are at best, mixed. Home prices continue to rise while the “twin sisters” of higher interest rates and inflation have sidelined some buyers and sellers driving unit sales lower, almost universally, across the DMV landscape. Although inventory levels are on the rise in most jurisdictions, they continue to be another impediment to the real estate market we’ve become accustomed to. Days on Market (DOM) have greatly declined suggesting the most desirable homes are selling quickly and ready, willing and able buyers are acting with much more intensity and purpose. Additionally, reticent sellers are now beginning to understand the market may leave them behind (price wise) if they fail to act quickly-hence the rise in inventory levels. Northern Virginia experienced a +9.4% growth in average home prices in Q2 coming in at $739,000. Unit sales were down a dismal -19% while Days On Market (DOM) declined -18%. All three counties- Fairfax (+9%), Loudoun (+12.6%) and Prince William (+10.4%) experienced high single digit to double digit increases in home prices overall, which translated to similar performances in all housing types for the larger cities and communities within those counties. Certainly the growth of major projects such as the Prince William Bio Science Center, the VA Hospital Center in Arlington, Boulevard VI in Fairfax and the continued development of Muse in Alexandria along with other major projects will provide opportunities for the housing market in Northern Virginia. Washington, D.C. landed a respectable +5.6% increase in home prices in Q2 but once again unit sales were disappointing with a -14.4% decrease. However, unit sales in some D.C. neighborhoods did see some small increases providing some daylight in an otherwise lackluster sales performance. Days On Market (DOM) increased +8.7% with mixed results across housing types. As with a significant number of other cities and communities across the Greater Washington, D.C. market, inventory levels in D.C. are starting to climb thereby offering additional opportunities for buyers and a glimmer of hope moving forward into the 3rd quarter. For Maryland & Montgomery County- the story remained the same as in the other jurisdictions. Cities within Montgomery County as well as those in PG, Calvert, Charles and Saint Mary’s Counties experienced the same metrics as reported for almost all communities across the Greater Washington, D.C. market. Average home prices continue to rise across all housing types in all cities and counties with minor exceptions. Average home prices in Montgomery County came in at a very respectable +8.8%, while unit sales were down -14.7%. Days On Market (DOM) were down -20% across the board, again with minor exceptions. Inventory levels are growing at a much quicker rate in the outlying counties of Calvert, Charles, Saint Mary’s and the closer in Prince George’s County offering more options for those buyers looking to purchase a home in Q3 & Q4. While we’ve all been experiencing the negative effects on the housing market of rising interest rates and a persistent inflation cycle, there are still some very positive attributes to the housing market in our geographical area. Although unit sales have been disappointing for Q1 & Q2, all the other metrics used to gauge the health of a particular housing market point to an encouraging market. Home prices are up significantly, DOM are down, inventory is growing at a rapid pace but more importantly, demand is still strong. Millennials are now entering their strongest purchasing power years (and will be for the short term, the largest block of home buyers), housing starts are projected to increase by about 1% this year and we are experiencing historically low unemployment. The continued growth of the Bio-Medical/Technology sectors coupled with the major developments and infrastructure projects across the landscape will continue to fuel the growth of the D.C., Maryland and Virginia area. Moving forward into the 3rd and 4th quarters of 2022 may be a bit unpredictable, but as a somewhat “insulated” community, the housing market will continue to be a major economic factor going forward into 2022 and beyond. KW METRO CENTER ALEXANDRIA · ARLINGTON · TYSONS · VIENA
· MIDO L THIAN
All information deemed reliable but not guaranteed. Data sourced from Bright MLS Cover photo courtesy of Tina Morris
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
TOTAL UNITS SOLD
AVG DAYS ON MARKET TOTAL DOLLAR VOLUME
9
11,748
$8.7B AVG SALE PRICE
Q2 2022 NORTHERN VIRGINIA Single family, townhouses & condominiums
$738,975
ALEXANDRIA
ARLINGTON
ASHBURN
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
142 $1,259,561 8
-7 +8 -47
318 $1,346,775 13
-21 +8 +8
228 $1,061,159 6
-24 +12 -
townhome
units sold avg price avg days
277 $922,778 7
-8 +5 -22
84 $915,632 9
-26 +6 -18
281 $723,282 8
-29 +17 +60
condo/co-op
units sold avg price avg days
465 $438,225 15
-1 -1 -32
506 $497,019 24
-6 +4 -4
149 $459,901 9
-13 +9 -36
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
89 $1,186,662 8
-9 +15 -
31 $1,282,298 42
-3 +3 +500
68 $848,462 8
-34 +2 -27
townhome
units sold avg price avg days
-
-
9 $996,977 6
+13 +6 +20
53 $557,602 7
-28 +16 -
condo/co-op
units sold avg price avg days
-
-
14 $545,071 8
-26 +12 -71
17 $341,779 10
-29 +5 +11
McLEAN
SPRINGFIELD
VIENNA
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
159 $2,082,150 24
-26 +10 -17
267 $784,227 7
-15 +10 -40
214 $1,342,531 10
-21 +12 -47
townhome
units sold avg price avg days
41 $1,017,716 16
+6 +45
150 $563,685 5
-11 +6 -
48 $776,428 6
-33 +12 -14
condo/co-op
units sold avg price avg days
109 $537,444 25
+2 -9 -44
31 $333,416 6
-16 +16 -40
36 $468,024 18
-8 +18 -5
Photo Courtesy of Gina Baum (opposite)
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
439 $585,001 8
-18 +11 +33
1007 $988,912 7
-23 +13 -30
1290 $681,817 7
-19 +11 +17
townhome
units sold avg price avg days
324 $418,307 6
-18 +9 -
723 $646,706 7
-24 +13 +40
657 $457,337 7
-22 +12 -
condo/co-op
units sold avg price avg days
131 $346,751 6
-21 +6 -25
343 $432,618 8
-20 +10 -20
282 $359,364 6
-10 +7 -25
MARKET BALANCE
3
FAIRFAX COUNTY
7 un ,12
The market balance is determined by the average months of supply, June 2022
its sold 2 02
1
single family homes
→
19 %
SELLER’S
BALANCED
BUYER’S
2,543 units sold 2022
$2.7B
TOTAL SALES (SINGLE FAMILY HOMES) Q2 2022
6
Photo Courtesy of Bethany Stalder (opposite, above & below)
7
AVG DAYS ON MARKE T
TOTAL UNITS SOLD 2,794
Q2 2022 WASHINGTON, D.C. Single family, townhouses & condominiums
25
TOTAL DOLLAR VOLUME
$2.5B AVG SALE PRICE
$885,957
CAPITOL HILL 2022
% diff from 2021
single family
units sold avg price avg days
7 $1,707,214 17
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
+600 +57 +183
-
-
-
-
118 $1,249,656 15
-12 +5 +67
1 $2,600,000 5
-80 +45 -89
2 $832,085 19
-67 -18 +73
54 $669,705 15
-16 +11 -57
34 $513,773 24
+6 -18 -48
42 $404,648 79
+45 +3 +23
2 4 KALORAMA
GEORGETOWN
LOGAN CIRCLE
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
6 $6,166,666 80
-14 +38 +150
2 $3,937,500 42
+100 +19 -79
1 $1,400,000 -
-53 -100
townhome
units sold avg price avg days
42 $2,316,750 13
-31 +26 -59
7 $2,162,857 13
-10 +8
14 $1,761,857 17
+56 +1 +6
condo/co-op
units sold avg price avg days
33 $916,342 32
+38 -4 -33
42 $683,593 20
-5 -6 -55
63 $742,288 15
-34 +5 -35
Photos Courtesy of Catherine Jouet (above), Tina Morris (opposite)
9
13%
1
8 un 2 ,7
The market balance is determined by the average months of supply, June 2022
its sold 2 02 1
condo & co-op
MARKET BALANCE
→
WASHINGTON, D.C.
Photo Courtesy of Matt Brownell
SELLER’S
BALANCED
1,507 units sold 2022
$ 901M
TOTAL SALES (CONDO & CO-OP) Q2 2022
10
BUYER’S
Photo Courtesy of Matt Brownell
Photo Courtesy of Catherine Jouet
11
AVG DAYS ON MARKE T
TOTAL UNITS SOLD 3,939
Q2 2022 MARYLAND
12 AVG SALE PRICE $733,671 TOTAL DOLLAR VOLUME
$2 .9 B
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
284 $1,565,165 9
-4 +4 -18
70 $2,041,415 12
-38 +19 -20
180 $1,486,639 13
-10 +7 -32
townhome
units sold avg price avg days
22 $916,922 8
-29 -17 -53
6 $1,231,665 32
+100 +9 +357
40 $1,092,881 9
-9 +27 -18
condo/co-op
units sold avg price avg days
104 #383,394 42
-22 -20 -11
69 $745,613 45
+28 -1 -
2 $847,450 31
-33 -12 -58
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
273 $811,601 9
-10 +10 -
502 $679,577 9
-15 +9 -10
417 $508,679 11
-23 +13 -15
townhome
units sold avg price avg days
83 $716,542 10
-25 +6 -9
121 $491,392 7
-18 +10 -22
35 $373,548 5
-30 +16 -55
condo/co-op
units sold avg price avg days
170 $371,572 17
-22 -1 -45
298 $272,482 21
-6 +6 -30
13 $344,531 20
-41 +7 +11
CHARLES CO
FREDERICK CO
HOWARD CO
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
613 $499,247 14
-12 +12 +17
802 $583,988 14
-19 +15 +27
740 $778,737 11
-10 +11 -8
townhome
units sold avg price avg days
223 $342,765 9
-19 +8 +13
548 $418,569 9
-2 +17 +13
361 $458,475 7
-13 +9 -13
condo/co-op
units sold avg price avg days
14 $174,428 20
-26 +2 +11
123 $309,263 7
-19 +12 -22
255 $357,664 8
-4 +13 -20
13
MONTGOMERY CO
PRINCE GEORGE’S CO
SAINT MARY’S CO
2022
% diff from 2021
2022
% diff from 2021
2022
% diff from 2021
single family
units sold avg price avg days
2106 $988,446 10
-15 +10 -17
1717 $493,643 14
-17 +10 +8
418 $437,579 16
-10 +12 +23
townhome
units sold avg price avg days
845 $545,013 9
-18 +9 -10
730 $390,059 15
-2 +10 +50
94 $300,089 16
-1 +6 -27
condo/co-op
units sold avg price avg days
988 $351,822 21
-11 +5 -22
428 $236,002 17
-5 +4 -6
14 $221,278 5
-42 +10 -50
15%
2
0 ,47
units sold 2
The market balance is determined by the average months of supply, June 2022
02
1
single family homes
MARKET BALANCE
→
MONTGOMERY COUNTY
Photo Courtesy of Eduardo Han
SELLER’S
BALANCED
BUYER’S
2,106 units sold 2022
$2.1B TOTAL SALES (SINGLE FAMILY HOMES) Q2 2022
14
Photo Courtesy of Gina Baum (above & 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