KW Metro Center Greater DC Market Report-Q3 2021

2021 Q3 MARKET REPORT ® Each office independently owned and operated.

NORTHERN VIRGINIA, MARYLAND & WASHINGTON, D.C.

A MESSAGE FROM THE BROKERIt would appear that real estate in the greater DC Metro area for the 3rd quarter experienced a “softening” of the market in general. Unit sales across the region were down significantly with some exceptions while home sale prices continued to rise, albeit at a slower pace than we’ve recently experienced. Inventory levels (one of the strongest driving forces behind home prices and the frenzied market) have continued to grow significantly across the region providing buyers with a bit of relief from the hectic and hurried pace over the first half of this year.

Northern Virginia September’s sales performance proved to be mediocre at best for most cities and counties in terms of unit sales with the exception of Ashburn (+19%), Lorton (+11%), Springfield (+11%) and Woodbridge (+8%) thereby contributing to an overall less-than-hoped-for quarterly performance. Home sale prices continued their upward rise with the exception of Arlington which experienced a quarterly decrease of -4% and a YTD decrease of -1.5%. Days on Market (DOM) saw significant declines both on a Quarterly and YTD basis. As inventory levels have grown, multiple offer scenarios and the waiving of contingencies have abated to levels we were used to prior to the Covid pandemic.

Washington, D.C. Washington, D.C. similarly experienced a significant unit sales decline with a -10% drop Quarter over Quarter.

Home prices increased slightly for the quarter (+5%) with Georgetown (+40%), Foggy Bottom/West End (+18%) and the Downtown area (+22%) experiencing robust increases. Days on Market were flat from last year with YTD DOM only down -7%. Although, September was disappointing in terms of sales, the YTD numbers still look promising.

Montgomery County/Prince George’s County/Maryland The story here once again is the growing levels of inventory with mixed results for unit sales. Home sale prices in these jurisdictions continue to rise, if only modestly, and homes continue to sell at a brisk pace quarter over quarter.

YTD home price increases in Prince George’s County (+17%), Charles County (+15%), Calvert County (+10%), Saint Mary’s County (+11%) and Montgomery County (+23%) are among the strongest in the greater DC market perhaps impacting affordability, especially with homes in the higher priced cities and neighborhoods.

The 3rd Quarter real estate market saw a “shift” in regards to demand, supply and unit sales. The softening of the market can be measured by the dip in home showing activity, affordability, demand and just plain buyer fatigue.

Lowered demand has impacted those sellers that waited for higher prices to list their homes but now see price reductions in their future. What this all means is the market is rebalancing itself to a more “normal” state after the frenetic, super heated market we experienced over the past eighteen months. Although residential real estate will continue to rebalance itself with stabilizing prices and inventory growth, the outlook for our housing market continues to be exceptionally bright. Low unemployment numbers - especially in VA (3.8%), the continued influx of businesses and increased new construction starts should help to keep this one of the most vibrant markets in the US.

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 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

7

TOTAL UNITS SOLD

12,718

$8.25B AV G SALE PRICE

Q3 2021 NORTHERN VIRGINIA Single family, townhouses & condominiums

TOTAL DOLLAR VOLUME

$648,935

ALEXANDRIA

ARLINGTON

ASHBURN

2021

% diff from 2020

2021

% diff from 2020

2021

% diff from 2020

single family

units sold avg price avg days

105 $1,151,062 15

-13 +1 -25

310 $1,178,215 18

-11 -22

181 $948,738 9

+6 +13 -40

townhome

units sold avg price avg days

310 $824,071 15

-3 +6.5 -

165 $712,728 16

+22 -5 +78

333 $578,696 11

+17 +12 -8

condo/co-op

units sold avg price avg days

407 $403,366 25

-5 -8 +79

471 $466,425 32

+11 -5 +129

148 $432,430 19

+2 +14 -21

FAIRFAX STATION

FALLS CHURCH

LORTON

2021

% diff from 2020

2021

% diff from 2020

2021

% diff from 2020

single family

units sold avg price avg days

76 $1,054,820 13

-22 +11 -35

25 $1,273,068 14

-31 +11 -30

55 $799,548 12

-32 +12 -50

townhome

units sold avg price avg days

-

-

17 $769,200 16

+13 +10 +100

65 $451,236 11

-6 -1.5 -35

condo/co-op

units sold avg price avg days

-

-

22 $469,391 34

-8 +10 +162

27 $330,352 10

+4 +14 -9

McLEAN

SPRINGFIELD

VIENNA

2021

% diff from 2020

2021

% diff from 2020

2021

% diff from 2020

single family

units sold avg price avg days

172 $1,937,678 30

-8 +27 -44

275 $692,139 12

+6 +9 -

203 $1,119,423 13

-7 +5 -54

townhome

units sold avg price avg days

28 $918,606 21

+100 +7 +5

159 $497,221 12

-5 +6 +71

49 $725,239 15

-16 +7 +7

condo/co-op

units sold avg price avg days

103 $479,234 50

+36 +11 +100

44 $287,346 18

+38 -1 +125

33 $452,793 27

+3 +3 +125

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

565 $535,685 11

+8 +16 -8

1074 $866,982 13

-12 +11 -43

1447 $610,762 12

-1 +14 -25

townhome

units sold avg price avg days

482 $385,032 12

+8 +12 +9

1069 $543,090 10

-1 +12 -17

997 $401,128 11

-3 +12 -8

condo/co-op

units sold avg price avg days

179 $325,243 14

+16 +6 -

417 $388,878 16

-4 +8 -24

321 $330,626 13

+5 +7 -24

Photo Courtesy of Renata Briggman

MARKET BALANCE

nits sold 2

6,

single family homes

9u 30

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

0 20

NORTHERN VIRGINIA

→

4% SELLER’S

BALANCED

6,075 units sold 2021

$5.1B

TOTAL SALES (SINGLE FAMILY HOMES) Q3 2021

6

BUYER’S

FEATURED LISTINGS

8 2 2 5 R o b e y Ave n u e A n n a n d a l e , VA 2 2 0 0 3 $1,650,000 6 Bedrooms 6 Full Bathrooms 1 Half Bathroom 6214 Sq Ft Listed By Gabriel Deukmaji VA F X 2 0 1 7 5 2 0

7

2980 Winter Jack Lane F a i r f a x , VA 2 2 0 3 1 $1,150,000 4 Bedrooms 4 Full Bathrooms 1 Half Bathroom 2670 Sq Ft Listed By Albert Bitici VA F X 2 0 1 9 6 5 2

AV G D AY S O N MARKET

TOTAL UNITS SOLD

2,556

Q3 2021 WASHINGTON, D.C. Single family, townhouses & condominiums

25

TOTAL DOLLAR VOLUME

$2B

AV G SALE PRICE

$802,855

CAPITOL HILL 2021

% diff from 2020

single family

units sold avg price avg days

2 $1,129,500 17

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

-50 -8 -87

-

-

-

-

113 $1,119,180 14

+2 -3 -7

7 $884,246 16

+133 -34 -70

-

-

54 $620,805 30

-14 +6 -

31 $607,844 23

+15 +16 +35

5 $509,000 124

-38 -49 +276

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

6 $2,107,983 94

+50 -46 +27

3 $5,391,667 39

+288 -26

1 $1,325,000 32

-50 +12 -58

townhome

units sold avg price avg days

27 $1,997,000 21

-18 +18 -38

11 $2,098,205 42

+83 -1 +27

11 $809,691 9

-48 -40 -47

condo/co-op

units sold avg price avg days

23 $720,500 41

+12 +58

43 $702,414 24

+23 +3 +33

57 $625,209 24

-11 -13 +85

Photo Courtesy of Juli Clifford

9

6%

nits sold 2

1,

8u 42

1,347 units

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

0 20

condo & co-op

MARKET BALANCE

→

WASHINGTON, D.C.

Photo Courtesy of Todd Lee

SELLER’S

BALANCED

sold 2021

$740M

TOTAL SALES (CONDO & CO-OP) Q3 2021

10

BUYER’S

FEATURED LISTINGS

4 1 1 0 Wa s h i n g t o n B l vd A r l i n g t o n , VA 2 2 2 0 1 $950,000 4 Bedrooms 4 Full Bathrooms 1 Half Bathroom 1866 Sq Ft Listed By Renata Briggman VA A R 2 0 0 6 0 2 2

4728 23rd Street N A r l i n g t o n , VA 2 2 2 0 7 $1,380,000 5 Bedrooms 3 Full Bathrooms 1 Half Bathroom 3632 Sq Ft Listed By Juli Clifford VA A R 2 0 0 3 5 1 2

11

AV G D AY S O N MARKET

TOTAL UNITS SOLD

4,281

Q3 2021 MARYLAND

8 AV G SALE PRICE

$644,876

TOTAL DOLLAR VOLUME

$2.76B

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

262 $1,432,259 16

+6 +7 -41

65 $1,747,477 18

-12 +19 -58

180 $1,354,722 19

-14 +7 -60

townhome

units sold avg price avg days

37 $927,200 19

+19 +10 -53

6 $1,075,957 6

+54 +20

25 $787,640 15

-4 +8 +7

condo/co-op

units sold avg price avg days

126 $515,602 48

+19 +17 -6

34 $717,057 47

-28 +36 +24

2 $493,750 71

-75 -41 +18

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

315 $720,035 17

+7 +8 -26

564 $609,371 14

+13 +11 -13

565 $458,323 19

+8 +8 -50

townhome

units sold avg price avg days

131 $623,215 15

+13 +8 -29

196 $435,261 14

+27 +12 -39

60 $323,677 12

-8 +4 -74

condo/co-op

units sold avg price avg days

167 $387,965 27

+40 +17 -21

285 $260,635 24

+5 +2 -31

21 $376,329 17

+11 +21 -60

- 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

777 $462,596 12

+3 +19 -59

952 $530,852 15

-4 +17 -53

854 $703,797 13

+4 +12 -48

townhome

units sold avg price avg days

279 $317,384 10

+44 +13 -23

618 $370,081 10

+9 +15 -50

599 $417,535 10

+19 +8 -50

condo/co-op

units sold avg price avg days

17 $181,165 36

-6 +69 -61

158 $276,907 12

+7 +16 -40

324 $332,693 11

+20 +11 -59

13

MONTGOMERY CO

PRINCE GEORGE’S CO

SAINT MARY’S CO

2021

% diff from 2020

2021

% diff from 2020

2021

% diff from 2020

single family

units sold avg price avg days

2199 $866,786 15

-1 +8 -40

2013 $463,749 14

-3 +14 -42

491 $408,547 17

-4 +9 -50

townhome

units sold avg price avg days

1229 $468,729 14

+14 +11 -36

847 $356,581 12

+8 +9 -43

97 $261,729 12

+8 -1 -61

condo/co-op

units sold avg price avg days

1036 $342,414 25

+10 +10 -24

454 $228,611 19

+18 +8 -44

9 $181,378 5

-65 +7 -55

<1%

nits sold 2 0

2,

7u 19

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

20

single family homes

MARKET BALANCE

→

MONTGOMERY COUNTY

Photo Courtesy of Renata Briggman

SELLER’S

BALANCED

2,196 units sold 2021

$1.9B

TOTAL SALES (SINGLE FAMILY HOMES) Q3 2021

14

BUYER’S

FEATURED LISTING

1 2 7 0 6 Yo u n g L a n e North Potomac, MD 20878 $1,248,000 5 Bedrooms 4 Full Bathrooms 1 Half Bathroom 6897 Sq Ft Listed By Kasia Ranis MDMC761448

15

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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