2020 McEnearney Associates DC-MD-VA First Half Market Report

2020 FIRST HALF

Market Report DC

MD

VA

Front Cover 19729 RIDGESIDE ROAD Bluemont, Virginia $2,250,000 | MLS# VALO384618

2

2020 FIRST HALF MARKET REPORT

Table of Contents 4

Q&A with Maureen McEnear ney Dunn & David Howell

8

Washington, DC Review

12

City of Alexandria, V irginia Review

16

Arlington County & Falls Church City, V irginia Review

20

Fairfax County & Fairfax City, V irginia Review

24

Loudoun County, V irginia Review

28

Prince W illiam County, V irginia Review

32

Fauquier County, V irginia Review

36

Montgomery County, Maryland Review

40

Prince George’s County, Maryland Review

44

Luxury Listings Showcase

3

2020 FIRST HALF MARKET REPORT

Q&A with Maureen McEnearney Dunn and David Howell

WAS COVID THE BIGGEST STORY IN THE FIRST HALF OF 2020?

It certainly was. The COVID pandemic has had far-reaching impact on almost every aspect daily life for everyone. As far as its effect on our regional real estate market, it stopped the spring market before it ever had a chance to get started. Just

six weeks into the shut-down, contract activity in the metro area was down 30%. Yet we were able to react quickly to these unprecedented circumstances to keep business going.

WITH PHYSICAL SHOWINGS PROHIBITED IN THE EARLY DAYS OF THE PANDEMIC, WHAT DID MCENEARNEY ASSOCIATES DO? We’re fortunate to have a dedicated, experienced group of agents and staff and we pivoted quickly to a much heavier emphasis on virtual showings and marketing, using every online tool available for our clients and to keep engagement at as high a level as possible. Along with the rest of the world, there were days with end-to-end zoom meetings, and everyone adapted

well. While we’re happy that activity has picked up in the phased reopenings, the wide use of these tools isn’t going to go away.

No one knows when life will fully return to normal, and at this writing our physical offices are open only on a limited basis. But business continues, and this is how we plan to operate for the foreseeable future. It’s working.

HOW HAS THE MARKET CHANGED SINCE THE ONSET OF THE PANDEMIC? We go into detail in this Market Report, and the experience of the last six months is another reminder of just how different the various areas of the metro area are. Generally speaking, the outer suburban markets have fared better than more densely populated urban areas. Here’s one example: contract activity for condos in Washington, DC dropped over 30% from mid-

March through the end of June, while activity for detached homes in Loudoun County was off just 9%. Consumer behavior does seem to be changing in measurable ways, and while it isn’t a tidal wave by any means, more buyers are looking for elbow room.

ARE THERE ANY OTHER DIFFERENCES THAT STAND OUT? There are two other big stories that are corollaries to the COVID pandemic: the lack of inventory, and the uneven nature of the current market rebound. In our suburban markets, the number of homes on the market is off anywhere from 15% to 35% compared to this time last year, and that continues a trend that existed long before COVID. There simply aren’t as many sellers engaged in the market, and that has been magnified in the rebound. Buyers are returning to the market far more

rapidly than sellers, and that means that supply is very tight in much of the region. And as one might expect with so many of the COVID-related job losses concentrated in the service and hospitality sectors, the lower end of the real estate market has been impacted far more than the upper end. Contract activity for homes priced under $300,000 is off over 30% since midMarch, while homes priced over $750,000 are off 15%.

HAS THE REAL ESTATE MARKET ALREADY RECOVERED? We are very encouraged by the rebound in contract activity in June, and that has continued into July. Yet a rebound and a recovery are not the same things. There is still an enormous amount of uncertainty about the future path of the COVID virus, and it will take a long time to fully replace the jobs lost and to climb out of the deep economic hole that COVID has

produced. We have been proud members of the Washington, DC real estate community for 40 years and continue to believe that this is the best place to live and work in the world. We are realistic in knowing that we are a long way from a full recovery, but optimistic that we will recover here better than almost anywhere.

4

2020 FIRST HALF MARKET REPORT

5

2020 FIRST HALF MARKET REPORT

601 & 607 ORONOCO STREET Alexandria, VA 22314 SOLD | Represented the Buyer

6

2020 FIRST HALF MARKET REPORT

7

2020 FIRST HALF MARKET REPORT

Washington, DC The real estate market in Washington, DC felt the impact of COVID-19 perhaps more acutely that any other metro area jurisdiction.

2019 First Half vs. 2020 First Half Detached Homes

1H2019

14.11%

1H2020

14.97%

35.51%

50.38% 48.72%

36.32%

2019 First Half vs. 2020 First Half

CONFIRMED SHOWING ACTIVITY 2019

Condominiums

MARKET SHARE BY PRICE

2019 First Half vs. 2020 First Half – Washington, DC 5000

Attached Homes

100%

From January 1 through March 15, contract activity in The District was 7.6% higher than the same time period of 2019, and that was certainly reflected in showing activity which was tracking well above the previous year. The chart below displays physical showing activity, with the green line tracking showing in 2020 and the blue represents 2019. Once the COVID-induced shutdowns started in mid-March, showing activity fell off by more than 60% through most of April. In April, contract activity in DC fell by 40%, and that was the largest drop in the region. As showing activity returned to more normal levels, contracts started to climb out of their hole as well. Ultimately, from mid-March through the end of June, the total decline in contract activity was slightly more than 20%. The impact has not been felt equally across property types and price ranges: contract activity on condos was off 31%, while the rest of DC’s market was off 14%. Activity for homes priced less than $500,000 dropped 26% but homes priced more than $1,000,000 saw a 17% decline.

MARKET SHARE BY TYPE

$0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

2020

4500 1400

4000 3500

1300

1.357

3000

1200

1,251

2500 2000

1100

1000

Jun 29

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

1000

1,126

1,133

1500

900

788

800

718

700

500

529

524

600

425

400

380

274

300

263

Available inventory is another part of the story, and DC’s picture is unlike the rest of the region. While every suburban jurisdiction has seen significant declines in the number of homes on the market, that has not been true in Washington, DC. Other than the normal and expected seasonal peaks and valleys, with more inventory in the spring and less in the winter, the average number of homes on the market in DC has changed very little over the last three and a half years. In the first half of 2017, inventory averaged 1,280 homes on the market, in 2018 it was 1,250, in 2019 it was 1,350 and in the first half of 2020 it was 1,300. With the drop in contract activity, there is actually more supply relative to demand than any other jurisdiction. That is especially true for condos.

100

January 2017-June 2020 – Washington, DC 1800 1600 1400 1200 1000 800 600 400 200

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

8

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

MONTH-END AVAILABLE INVENTORY

1H2020

1H2019

That should ease the upward pressure on home prices a bit, but even with the relative increase in supply, it is still a seller’s market in The District.

2000

200

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

WASHINGTON, DC First Half 2019

First Half 2020

% Change

Number of Units Sold

665

607

-8.72%

Average Days on Market

44.8

47.8

6.70%

Average Sold Price

$1,053,488

$1,129,308

7.20%

Average Original List Price

$1,089,269

$1,158,892

6.39%

96.7%

97.4%

0.72%

Lowest Price Home

$101,000

$140,000

38.61%

Highest Price Home

$8,750,000

$17,750,000

102.86%

Number of Units Sold

1,673

1,473

-11.95%

Average Days on Market

32.3

35.1

8.67%

Average Sold Price

$804,854

$800,978

-0.48%

Average Original List Price

$815,442

$812,157

-0.40%

98.7%

98.6%

-0.10%

Lowest Price Home

$33,000

$59,950

81.67%

Highest Price Home

$4,900,000

$4,000,000

-18.37%

Number of Units Sold

2,374

1,976

-16.76%

Average Days on Market

39.2

39.6

1.02%

Average Sold Price

$539,505

$567,066

5.11%

Average Original List Price

$549,381

$577,884

5.19%

98.2%

98.1%

-0.10%

Lowest Price Home

$30,000

$55,000

83.33%

Highest Price Home

$3,500,000

$3,900,000

11.43%

Number of Units Sold

4,712

4,056

-13.92%

Average Days on Market

37.5

39.2

4.53%

Average Sold Price

$706,255

$736,157

4.23%

Average Original List Price

$720,040

$749,914

4.15%

98.1%

98.2%

0.10%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

9

2020 FIRST HALF MARKET REPORT

7076 OREGON AVENUE NW Washington, DC 20015 SOLD | MLS# DCDC440746

10

2020 FIRST HALF MARKET REPORT

11

2020 FIRST HALF MARKET REPORT

City of Alexandria, Virginia As was true across the globe, the COVID-19 pandemic had significant impact on Alexandria’s real estate market.

From January 1 to March 15 of this year when the COVID-induced shut down orders began, total new contract activity in Alexandria was almost identical to that of the equivalent time period of 2019. The market was off to a solid start and would have been even stronger had there been a greater inventory of available homes. More on that in just a moment.

MARKET SHARE BY TYPE 2019 First Half vs. 2020 First Half Detached Homes

15.07%

1H2019

Condominiums

40.25%

17.88%

1H2020

44.68%

40.00%

42.12%

100%

Beginning in mid-March it became more challenging to physically show homes, and consumers were correctly concerned about going out. The chart below shows the significant drop in showing activity (2020’s activity is the green line) that reached the bottom of the trough in mid-April and began to reach “normal” levels by mid-May as phased re-openings began. In June, reflecting the pent-up demand, showing activity eclipsed last year’s activity. And contract activity unsurprisingly reflected the drop in showing activity. From mid-March through the end of June, there was a 13% drop in the number of newly ratified contracts in Alexandria. Condos – almost half of Alexandria’s market – were hit a little harder with a 14% drop, while attached and detached homes were off 11%.

Attached Homes

MARKET SHARE BY PRICE 2019 First Half vs. 2020 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

CONFIRMED SHOWING ACTIVITY

350

2020

347

2019

1000

348

2019 First Half vs. 2020 First Half – City of Alexandria

325

315

900

300

294

800

275

700 600

250

250

253

500

225

400

200

212

Jun 29

175

175

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

300

The other big story in Alexandria is the shortage of inventory. In the first half of 2017, there was an average of 412 available homes on the market at the end of the month. In the first half of 2018 that had dropped to 378 and after the Amazon HQ2 announcement inventory plummeted to an average of just 178. Inventory has not rebounded, as the average month-end inventory is now just 173. That means the market has essentially half of “normal” inventory levels, and buyers are returning to the market more rapidly than sellers.

MONTH-END AVAILABLE INVENTORY January 2017-June 2020 – City of Alexandria 700 600 500 400 300 200 100

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

12

2020 FIRST HALF MARKET REPORT

125

103

101

100

75

34 1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

32

50

1H2019

Despite the market contraction brought on by COVID-19, we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers. That tight supply will keep upward pressure on home prices.

150

25

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

CITY OF ALEXANDRIA First Half 2019

First Half 2020

% Change

Number of Units Sold

201

202

0.50%

Average Days on Market

25.1

37.1

47.81%

Average Sold Price

$945,595

$1,004,812

6.26%

Average Original List Price

$962,341

$1,019,916

5.98%

98.3%

98.5%

0.20%

Lowest Price Home

$365,000

$472,000

29.32%

Highest Price Home

$3,850,000

$2,300,000

-40.26%

Number of Units Sold

537

452

-15.83%

Average Days on Market

23.0

24.0

4.35%

Average Sold Price

$729,188

$742,181

1.78%

Average Original List Price

$733,301

$744,122

1.48%

99.4%

99.7%

0.30%

Lowest Price Home

$216,500

$308,500

42.49%

Highest Price Home

$3,275,000

$3,200,000

-2.29%

Number of Units Sold

596

476

-20.13%

Average Days on Market

22.2

17.8

-19.82%

Average Sold Price

$329,692

$338,309

2.61%

Average Original List Price

$331,768

$339,253

2.26%

99.4%

99.7%

0.30%

Lowest Price Home

$120,000

$125,000

4.17%

Highest Price Home

$2,050,000

$1,615,000

-21.22%

Number of Units Sold

1,334

1,130

-15.29%

Average Days on Market

22.9

23.7

3.49%

Average Sold Price

$583,310

$619,002

6.12%

Average Original List Price

$588,416

$622,877

5.86%

99.1%

99.4%

0.30%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

13

2020 FIRST HALF MARKET REPORT

14

2020 FIRST HALF MARKET REPORT

15

2020 FIRST HALF MARKET REPORT

212 SOUTH ROYAL STREET Alexandria, VA 22314 SOLD | MLS# VAAX247310

Arlington County & Falls Church City, Virginia It is no surprise that the COVID-19 pandemic had an impact on the Arlington County and Falls Church City real estate markets.

The year got off to a fairly good start. From January 1 until March 15 of this year, when the COVID-induced shut down orders began, total new contract activity was down just 3% compared to the same time period in 2019. It would have been stronger, but the market was held back by low inventory.

2019 First Half vs. 2020 First Half Detached Homes

Attached Homes

Condominiums

Arlington County 37.30%

1H2019

16.68%

35.18%

1H2020

46.02%

21.14%

43.68%

Falls Church City 68.27%

1H2019

15.38%

60.87%

1H2020

15.94%

16.35% 23.19% 100%

Beginning in mid-March, the market throughout the region sagged as shut-down orders were implemented. The chart below shows the significant drop in physical showing activity (2020’s activity is the green line) that reached the bottom of the trough in mid-April when showings had dropped by almost two-thirds. And contract activity unsurprisingly reflected the drop in showing activity. From mid-March through the end of June, there was a 24% drop in the number of newly ratified contracts in Arlington and Falls Church. Condos were hit a little harder with a 28% drop, while attached and detached homes were off 18%. By June, reflecting pent-up demand, showing activity eclipsed last year’s activity.

MARKET SHARE BY TYPE

MARKET SHARE BY PRICE - ARLINGTON COUNTY 2019 First Half vs. 2020 First Half

CONFIRMED SHOWING ACTIVITY

$0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

2019 First Half vs. 2020 First Half – Arlington County & Falls Church City 2019

1200

2020

400

378

1100 1000

350

900 300

321

800 700

500

266

189

200

200

50

1H2020

91 1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

85

100

The other big story in is the shortage of inventory. In the first half of 2017, there was an average of 494 available homes on the market at the end of the month. In the first half of 2018 that had dropped to 340, and after the Amazon HQ2 announcement inventory plummeted to an average of just 236. Inventory has not rebounded, as the average month-end inventory is now just 225. That means the market has essentially half of “normal” inventory levels, and buyers are returning to the market more rapidly than sellers.

Despite the market contraction brought on by COVID-19, we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers. That tight supply will keep upward pressure on home prices.

150

153

153

Jun 29

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

400

Jan 06

250

237

248

264

600

MARKET SHARE BY PRICE - FALLS CHURCH CITY 2019 First Half vs. 2020 First Half

40

35

37

MONTH-END AVAILABLE INVENTORY January 2017-June 2020 – Arlington County & Falls Church City

30

30

700 600

25

500 400

20

19

300 15

15

16

17

200 100

10

8

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

9

11

0

16

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

3 1H2020

*Note: The charts do not show City of Falls Church activity because it a small jurisdiction and independently the numbers are not statistically significant.

1H2019

3

5

5

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

ARLINGTON COUNTY

FALLS CHURCH CITY

First Half 2019

First Half 2020

% Change

First Half 2019

First Half 2020

% Change

Number of Units Sold

539

401

-25.60%

71

42

-40.85%

Average Days on Market

40.3

33.7

-16.38%

41.4

22.1

-46.62%

Average Sold Price

$1,071,830

$1,126,870

5.14%

$1,034,232

$1,106,286

6.97%

Average Original List Price

$1,081,417

$1,143,307

5.72%

$1,046,379

$1,105,801

5.68%

99.1%

98.6%

-0.50%

98.8%

100.0%

1.17%

Lowest Price Home

$390,000

$350,000

-10.26%

$458,300

$575,000

25.46%

Highest Price Home

$4,477,139

$3,350,000

-25.18%

$1,795,900

$1,785,000

-0.61%

Number of Units Sold

241

241

0.00%

16

11

-31.25%

Average Days on Market

19.3

14.3

-25.91%

16.4

6.1

-62.80%

Average Sold Price

$640,893

$677,958

5.78%

$810,544

$646,749

-20.21%

Average Original List Price

$638,305

$677,542

6.15%

$803,037

$632,891

-21.19%

100.4%

100.1%

-0.30%

100.9%

102.2%

1.29%

Lowest Price Home

$225,000

$275,000

22.22%

$420,000

$410,000

-2.38%

Highest Price Home

$1,750,000

$1,875,000

7.14%

$1,275,300

$1,255,000

-1.59%

Number of Units Sold

665

498

-25.11%

17

16

-5.88%

Average Days on Market

30.8

20.9

-32.14%

38.2

8.9

-76.70%

Average Sold Price

$436,628

$467,559

7.08%

$530,282

$413,001

-22.12%

Average Original List Price

$440,707

$469,581

6.55%

$538,065

$410,781

-23.66%

99.1%

99.6%

0.50%

98.6%

100.5%

1.93%

Lowest Price Home

$30,000

$90,000

200.00%

$220,000

$266,000

20.91%

Highest Price Home

$2,950,000

$2,880,000

-2.37%

$899,000

$633,115

-29.58%

Number of Units Sold

1,445

1,140

-21.11%

104

69

-33.65%

Average Days on Market

32.4

24.0

-25.93%

37.0

16.5

-55.41%

Average Sold Price

$707,633

$743,954

5.13%

$917,442

$872,264

-4.92%

Average Original List Price

$712,655

$750,531

5.31%

$925,852

$869,245

-6.11%

99.3%

99.1%

-0.20%

99.1%

99.7%

0.61%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Averae Sold Price vs. List Price

Average Sold Price vs. List Price

17

2020 FIRST HALF MARKET REPORT

1913 N JEFFERSON STREET Arlington, VA 22205 SOLD | MLS# VAAR158738

18

2020 FIRST HALF MARKET REPORT

19

2020 FIRST HALF MARKET REPORT

Fairfax County & Fairfax City, Virginia Prior to the COVIID-induced shut-down orders, the real estate market for Fairfax County and Fairfax City was off to a good start. From January 1 to March 15 of this year total new contract activity was up 4% compared to the equivalent time period of 2019.

CONFIRMED SHOWING ACTIVITY 2019

Detached Homes

Attached Homes

1H2019

51.50%

1H2020

51.81%

Condominiums

30.08%

18.42%

31.33%

16.86%

MARKET SHARE BY PRICE

2019 First Half vs. 2020 First Half – Fairfax County & Fairfax City 9000

2019 First Half vs. 2020 First Half

100%

In mid-March when shut-down orders began it became more challenging to physically show homes and consumers were largely sheltering in place. The chart below shows the significant drop in showing activity (2020’s activity is the green line) that reached the bottom of the trough in April at roughly half its pre-COVID levels. And contract activity reflected the drop in showing activity. From mid-March through the end of June, there was an 18% drop in the number of newly ratified contracts in Fairfax.

Reflecting an emerging change in consumer buying habits, condo contract activity was off 23% while detached homes and attached homes were off 14%.

MARKET SHARE BY TYPE

2019 First Half vs. 2020 First Half

2020

8000

$0-$299K

$300K-$499K

$500K-$749K

7000

$750K-$999K

$1M-$1.49M

$1.5M+

6000 3200

5000

3000

3,036

4000

2800

2,727

Jun 29

2600

2,559

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

3000

The shortage of inventory is almost as big a story as COVID, and it started long before the pandemic. In the first half of 2017, there was an average of 2,800 available homes on the market at the end of the month. In the first half of 2018 that had dropped almost 20%, and after the Amazon HQ2 announcement inventory dropped another 15%. Inventory has not rebounded as contract activity has. It’s 25% lower than a year ago. That means the market has essentially half of “normal” inventory levels.

2200

2,060

2000 1800 1600 1400

1000

1,110

1,093

1,108

1200

800 600

474

474

686

Despite the market contraction brought on by COVID-19, we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers. As is true in Virginia’s other suburban markets, that tight supply will keep upward pressure on home prices.

2400

400

MONTH-END AVAILABLE INVENTORY

2500 2000 1500 1000 500

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

20

2020 FIRST HALF MARKET REPORT

183

197 1H2020

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

3000

1H2020

1H2019

3500

1H2019

200

January 2017-June 2020 – Fairfax County & Fairfax City 4000

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

FAIRFAX COUNTY & FAIRFAX CITY First Half 2019

First Half 2020

% Change

Number of Units Sold

4,353

3,758

-13.67%

Average Days on Market

32.7

34.5

5.50%

Average Sold Price

$772,837

$818,909

5.96%

Average Original List Price

$790,203

$831,258

5.20%

97.8%

98.5%

0.72%

Lowest Price Home

$230,000

$265,000

15.22%

Highest Price Home

$7,000,000

$8,250,000

17.86%

Number of Units Sold

2,543

2,273

-10.62%

Average Days on Market

18.6

18.0

-3.23%

Average Sold Price

$475,505

$495,548

4.22%

Average Original List Price

$475,577

$494,375

3.95%

100.0%

100.2%

0.20%

Lowest Price Home

$140,000

$145,000

3.57%

Highest Price Home

$1,425,000

$1,600,000

12.28%

Number of Units Sold

1,557

1,223

-21.45%

Average Days on Market

25.2

19.9

-21.03%

Average Sold Price

$300,248

$321,234

6.99%

Average Original List Price

$304,263

$322,994

6.16%

98.7%

99.5%

0.81%

Lowest Price Home

$110,000

$85,000

-22.73%

Highest Price Home

$2,762,000

$1,657,900

-39.97%

Number of Units Sold

8,453

7,254

-14.18%

Average Days on Market

27.1

26.9

-0.74%

Average Sold Price

$596,339

$633,680

6.26%

Average Original List Price

$606,043

$640,006

5.60%

98.4%

99.0%

0.61%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

21

2020 FIRST HALF MARKET REPORT

1410 KURTZ ROAD McLean, VA 22101 SOLD | MLS# VAFX749160

22

2020 FIRST HALF MARKET REPORT

23

2020 FIRST HALF MARKET REPORT

Loudoun County, Virginia Loudoun County’s real estate market has thus far weathered the COVID-19 storm fairly well.

2019 First Half vs. 2020 First Half Detached Homes

Attached Homes

Condominiums

46.08%

1H2019

36.83%

48.56%

1H2020

17.09%

33.95%

17.49%

100%

Beginning in mid-March shut-down orders began and consumers were largely sheltering in place. Leaving homes to go look at houses for sale was certainly not a priority. The chart below shows the drop in showing activity (2020’s activity is the green line) that reached the bottom of the trough in early April at roughly 40% its pre-COVID levels. And contract activity reflected the drop in showing activity. From mid-March through the end of June, there was an 12% drop in the number of newly ratified contracts in Loudoun County – but that was better than most areas. Showing activity had returned to last year’s levels by mid-May, and has remained above those levels since.

MARKET SHARE BY TYPE

CONFIRMED SHOWING ACTIVITY 2019 First Half vs. 2020 First Half – Loudoun County 2019

3250

MARKET SHARE BY PRICE

2020

2019 First Half vs. 2020 First Half

3000 2750 2500 2250 2000

$0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

1750 1500 1500

1250 1000

1,444

1400

Jun 29

1300

1,253

The shortage of inventory is almost as big a story as COVID, and it started long before the pandemic. In the first half of 2017, there was an average of 1,286 available homes on the market at the end of the month. In the first half of 2018 that had dropped 17%, and then it dropped another 15% in the first half of 2019. Inventory has not rebounded the same way contract activity has, and in fact has dropped further. It is 26% lower than a year ago. That means the market has half of the inventory levels of 2017.

1200

1,172

1,201

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

750

1100

1000

900

800

700

600

Despite the market contraction brought on by COVID-19, and as is true in our other suburban jurisdictions, we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers.

461

500

363

400

300

273

MONTH-END AVAILABLE INVENTORY January 2017-June 2020 – Loudoun County

200

190

1800

87

83

15

21

1H2020

1H2019

1H2020

100

1400

1H2019

1600

600 400 200

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

24

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

800

1H2019

1H2019

1000

1H2020

1200

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

LOUDOUN COUNTY First Half 2019

First Half 2020

% Change

Number of Units Sold

1,583

1,519

-4.04%

Average Days on Market

39.4

31.2

-20.81%

Average Sold Price

$676,181

$711,203

5.18%

Average Original List Price

$690,266

$721,070

4.46%

98.0%

98.6%

0.61%

Lowest Price Home

$140,000

$175,000

25.00%

Highest Price Home

$3,750,000

$9,500,000

153.33%

Number of Units Sold

1,265

1,062

-16.05%

Average Days on Market

21.3

20.9

-1.88%

Average Sold Price

$469,905

$493,984

5.12%

Average Original List Price

$471,759

$494,378

4.79%

99.6%

99.9%

0.30%

Lowest Price Home

$177,000

$179,964

1.67%

Highest Price Home

$1,331,000

$1,387,000

4.21%

Number of Units Sold

587

547

-6.81%

Average Days on Market

20.3

23.7

16.75%

Average Sold Price

$325,182

$354,424

8.99%

Average Original List Price

$328,596

$357,759

8.88%

99.0%

99.1%

0.10%

Lowest Price Home

$120,000

$130,000

8.33%

Highest Price Home

$650,000

$794,300

22.20%

Number of Units Sold

3,435

3,128

-8.94%

Average Days on Market

29.5

26.4

-10.51%

Average Sold Price

$540,235

$575,063

6.45%

Average Original List Price

$547,992

$580,572

5.95%

98.6%

99.1%

0.51%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

25

2020 FIRST HALF MARKET REPORT

42485 SMARTS MILL LANE Leesburg, VA 20176 SOLD | MLS# VALO407976

26

2020 FIRST HALF MARKET REPORT

27

2020 FIRST HALF MARKET REPORT

Prince William County, Virginia Along with Loudoun and Fauquier Counties, the Prince William County real estate market has outperformed its more urban neighbors in the metro area.

CONFIRMED SHOWING ACTIVITY 2019

Detached Homes

Attached Homes

1H2019

54.34%

1H2020

55.45%

Condominiums

39.80%

5.86%

39.90%

4.65%

MARKET SHARE BY PRICE - PRINCE WILLIAM COUNTY

2019 First Half vs. 2020 First Half – Prince William County 5000

2019 First Half vs. 2020 First Half

100%

Through the first two and a half months of the year, contract activity in Prince William (including the Cities of Manassas and Manassas Park) was up 6%, among the best in the region. But as with the rest of the area, shut-down orders began in mid-March and leaving homes to go look at houses for sale was constrained. The chart below shows the drop in showing activity (2020’s activity is the green line) that reached the bottom of the trough in early April at just 43% its pre-COVID levels. And contract activity reflected the drop in showing activity. From mid-March through the end of June, there was an 12.5% drop in the number of newly ratified contracts in Prince William. Showing activity had returned to last year’s levels by mid-May, as reflecting pent up demand has remained above those levels since.

MARKET SHARE BY TYPE

2019 First Half vs. 2020 First Half

2020

4500

$0-$299K

$300K-$499K

$500K-$749K

4000

$750K-$999K

$1M-$1.49M

$1.5M+

3500 3000

2400

2,361

2500 2000

2200

2,105

Jun 29

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

1500 2000

1800

1600

1400

1200

1000

932

1,006

The shortage of inventory is a big a story as well, and it started years before the pandemic. In the first half of 2017, there was an average of 1,191 available homes on the market at the end of the month. In the first half of 2018 that had dropped 7%, and dropped another 14% in the first half of 2019. But it plummeted over the next year, down 35% in the first half of this year. While buyers have started to return to the market, not nearly as many sellers have. The market has half the inventory levels as in 2017.

800

698

810

Despite the market contraction brought on by COVID-19, and as is true in our other suburban jurisdictions, we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers.

600

400

MONTH-END AVAILABLE INVENTORY January 2017-June 2020 – Prince William County 16

16

3

2

1H2019

1H2020

1H2019

1H2020

70

1800

97

200

2000

1000 800 600 400 200

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

28

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

1200

1H2019

1400

1H2020

1H2019

1600

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

PRINCE WILLIAM COUNTY First Half 2019

First Half 2020

% Change

Number of Units Sold

2,318

2,135

-7.89%

Average Days on Market

36.8

31.7

-13,86%

Average Sold Price

$473,137

$501,499

5.99%

Average Original List Price

$481,595

$507,154

5.31%

98.2%

98.9%

0.71%

Lowest Price Home

$120,000

$105,000

-12.50%

Highest Price Home

$2,159,729

$1,562,000

-27.68%

Number of Units Sold

1,698

1,536

-9.54%

Average Days on Market

24.9

22.3

-10.44%

Average Sold Price

$324,336

$340,199

4.89%

Average Original List Price

$327,203

$341,303

4.31%

99.1%

99.7%

0.61%

Lowest Price Home

$115,000

$150,000

30.43%

Highest Price Home

$1,256,000

$650,000

-48.25%

Number of Units Sold

250

179

-28.40%

Average Days on Market

26.4

18.4

-30.30%

Average Sold Price

$226,162

$247,190

9.30%

Average Original List Price

$230.132

$250,342

8.78%

98.3%

98.7%

0.41%

Lowest Price Home

$109,000

$122,000

11.93%

Highest Price Home

$542,500

$535,000

-1.38%

Number of Units Sold

4,266

3,850

-9.75%

Average Days on Market

31.5

27.3

-13.33%

Average Sold Price

$399,436

$425,323

6.48%

Average Original List Price

$405,406

$429,046

5.83%

98.5%

99.1%

0.61%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

29

2020 FIRST HALF MARKET REPORT

15950 BRIDLEPATH LANE Paeonian Springs, VA 20129 SOLD | MLS# VALO405066

30

2020 FIRST HALF MARKET REPORT

31

2020 FIRST HALF MARKET REPORT

Fauquier County, Virginia The most rural of the communities profiled in this Market Report, Fauquier County’s real estate market has not suffered through the COVID-19 pandemic to anything near the extent of its suburban and urban neighbors in the metro area.

2019 First Half vs. 2020 First Half Detached Homes

1H2019

88.16%

1H2020

87.50%

9.48% 7.73%

2.37% 4.77%

MARKET SHARE BY PRICE - FAUQUIER COUNTY

2019 First Half vs. 2020 First Half – Fauquier County 2019

Condominiums

2019 First Half vs. 2020 First Half

CONFIRMED SHOWING ACTIVITY 400

Attached Homes

100%

Through the first two and a half months of the year, contract activity in Fauquier was up 27%, by far the best performance in the region. Once the shut-down orders commenced in mid-March, showing activity in Fauquier dropped in amounts equal to every other area. The chart (2020’s activity is the green line) shows that the drop reached its nadir in early April at just 46% its pre-COVID levels. Showing activity had returned to last year’s levels by mid-May, reflecting pent up demand, and has remained above those levels since. Yet the overall drop in new contract activity has been just 4% in Fauquier – every other area has seen double-digit decreases, with several in excess of 20%. Undoubtedly those areas farthest removed from the densely populated urban centers have fared better, likely reflecting a desire among some buyers to not live in such close proximity to their neighbors.

MARKET SHARE BY TYPE

2020

$0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

350 300

293

300 280

282

250

260 200 240

220

Jun 29

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

150

200

180

164

160

143

140

125

120

100

113

The shortage of inventory is part of the story, and it started years before the pandemic.

In the first half of 2017, there was an average of 414 available homes on the market at the end of the month. In the first half of 2018 that had dropped 16%. While it was fairly stable in the first half of 2019, it plummeted in the first half of this year, down over 30%. While buyers have started to return to the market, not nearly as many sellers have.

Despite the market contraction brought on by COVID-19, Fauquier County is another jurisdiction where we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers.

80

60

40

20

12

8

4

6

1H2020

20

January 2017-June 2020 – Fauquier County

1H2019

29

MONTH-END AVAILABLE INVENTORY

300 200 100

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

32

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

400

1H2019

1H2019

500

1H2020

600

DETACHED HOMES

FAUQUIER COUNTY First Half 2019

First Half 2020

% Change

Number of Units Sold

521

532

2.11%

Average Days on Market

47.9

61.6

28.60%

Average Sold Price

$480,932

$535,709

11.39%

Average Original List Price

$503,726

$561,498

11.47%

95.5%

95.4%

-0.10%

Lowest Price Home

$130,000

$75,100

-42.23%

Highest Price Home

$7,350,000

$9,000,000

22.45%

56

47

-16.07%

31.4

25.6

-18.47%

Average Sold Price

$271,879

$279,527

2.81%

Average Original List Price

$277,228

$282,660

1.96%

98.1%

98.9%

0.82%

Lowest Price Home

$125,000

$140,000

12.00%

Highest Price Home

$385,000

$400,000

3.90%

14

29

107.14%

19.7

52.1

164.47%

Average Sold Price

$170,671

$246,627

44.50%

Average Original List Price

$179,121

$254,227

41.93%

95.3%

97.0%

1.78%

Lowest Price Home

$92,500

$110,000

18.92%

Highest Price Home

$350,000

$394,500

12.71%

Number of Units Sold

591

608

2.88%

Average Days on Market

45.7

58.3

27.57%

Average Sold Price

$453,774

$502,117

10.65%

Average Original List Price

$474,575

$525,287

10.69%

95.6%

95.6%

0.00%

Average Sold Price vs. List Price

Number of Units Sold

ATTACHED HOMES

Average Days on Market

Average Sold Price vs. List Price

Number of Units Sold

ALL PROPERTIES

CONDOMINIUMS

Average Days on Market

Average Sold Price vs. List Price

Average Sold Price vs. List Price

33

2020 FIRST HALF MARKET REPORT

7904 GLENBROOK ROAD Bethesda, MD 20814 SOLD | MLS# MDMC695576

34

2020 FIRST HALF MARKET REPORT

35

2020 FIRST HALF MARKET REPORT

Montgomery County, Maryland The real estate market in Montgomery County, Maryland had the strongest start to the year of any large jurisdiction in the metro DC area – and has seen some of the biggest impacts of the COVID-19 pandemic.

2019 First Half vs. 2020 First Half Detached Homes

1H2019

55.28%

1H2020

55.17%

25.56%

19.16% 17.62%

27.21%

MARKET SHARE BY PRICE

2019 First Half vs. 2020 First Half – Montgomery County 2019

Condominiums

2019 First Half vs. 2020 First Half

CONFIRMED SHOWING ACTIVITY 9000

Attached Homes

100%

Through the first two and a half months of the year, contract activity in Montgomery County was up 12.7%, an improvement second only to rural Fauquier County, Virginia. That strong start is reflected in the chart below, which displays showing activity for homes on the market. 2020’s activity is the green line, and showings were tracking well above those of 2019 until the shut-down orders began in mid-March.

Although showing activity dropped for only about a month, the damage was done.

From mid-March through the end of June, contract activity fell by just over 20%.

The more densely populated urban and suburban areas – Washington, DC, lower Montgomery County, and Arlington and Alexandria in Virginia – have all seen bigger drops in contracts, likely reflecting a desire among some buyers to not live in such close proximity to their neighbors.

MARKET SHARE BY TYPE

2020

$0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

8000 7000 2200

6000 5000

2,124

4000 3000

2000

1,901

2000 1800

Jun 29

1,421

1400

1,367

1,342

1200

1000

800

600

373

335

619

Despite the market contraction brought on by COVID-19, overall supply is much tighter in Montgomery County than this time last year, and that will keep some upward pressure on home prices. At least for now, that is great for sellers and a bit challenging for buyers.

631

The shortage of inventory is another part of the story, and it started before the pandemic. In the first half of 2017, there was an average of 2,250 available homes on the market at the end of the month. In the first half of 2018 that had dropped 10%. While it was fairly stable in the first half of 2019, it plummeted in the first half of this year, down over 30%. While buyers have started to return to the market, not nearly as many sellers have.

1600

1,112

400

200

186

MONTH-END AVAILABLE INVENTORY January 2017-June 2020 – Montgomery County

170

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

1000

2000 1500 1000 500

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

36

2020 FIRST HALF MARKET REPORT

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

2500

1H2020

1H2019

3000

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

MONTGOMERY COUNTY First Half 2019

First Half 2020

% Change

Number of Units Sold

3,353

3,043

-9.25%

Average Days on Market

47.0

39.2

-16.60%

Average Sold Price

$715,516

$734,874

2.71%

Average Original List Price

$735,321

$752,602

2.35%

97.3%

97.6%

0.31%

Lowest Price Home

$135,000

$140,000

3.70%

Highest Price Home

$4,890,000

$10,000,000

104.50%

Number of Units Sold

1,550

1,501

-3.16%

Average Days on Market

35.5

33.4

-5.92%

Average Sold Price

$396,162

$410,278

3.56%

Average Original List Price

$401,471

$415,303

3.45%

98.7%

98.8%

0.10%

Lowest Price Home

$135,000

$129,605

-4.00%

Highest Price Home

$1,579,266

$1,980,589

25.41%

Number of Units Sold

1,162

972

-16.35%

Average Days on Market

45.6

41.3

-9.43%

Average Sold Price

$283,768

$285,923

0.76%

Average Original List Price

$294,850

$295,614

0.26%

96.2%

96.7%

0.52%

Lowest Price Home

$62,000

$58,000

-6.45%

Highest Price Home

$3,000,000

$2,515,300

-16.16%

Number of Units Sold

6,065

5,516

-9.05%

Average Days on Market

43.8

39.2

-10.50%

Average Sold Price

$551,181

$734,874

33.33%

Average Original List Price

$565,610

$752,602

33.06%

97.4%

97.6%

0.21%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

37

2020 FIRST HALF MARKET REPORT

613 S ROYAL STREET Alexandria, VA 22314 SOLD | MLS# VAAX243430

38

2020 FIRST HALF MARKET REPORT

39

2020 FIRST HALF MARKET REPORT

Prince George’s County, Maryland The real estate market in Prince George’s County, Maryland saw a relatively flat start to the year, and had COVID-related challenges after the middle of March.

CONFIRMED SHOWING ACTIVITY 2019

Detached Homes

Attached Homes

Condominiums

65.71%

1H2019

65.55%

1H2020

27.33%

6.96%

27.06%

7.39%

MARKET SHARE BY PRICE

2019 First Half vs. 2020 First Half – Prince George’s County 7500

2019 First Half vs. 2020 First Half

100%

From January 1 through March 15, contract activity in Prince George’s County was almost unchanged compared to the same time period last year. As the region started to shut down in the early days of COVID-19, contract activity suffered. The chart below displays showing activity, with the green line tracking showings in 2020 and the blue representing 2019. Despite very strong showing activity well above last year in the first couple of months, contract activity was constrained by the lack of available inventory. Once the COVID shut down started, showing activity dropped considerably, hitting its low spot in early April. To a large extent, showings returned to their preCOVID levels by early May, but the damage was done. There was a 15% drop in the number of newly ratified contracts from mid-March through the end of June.

MARKET SHARE BY TYPE

2019 First Half vs. 2020 First Half

2020

7000 6500

$0-$299K

$300K-$499K

$500K-$749K

6000

$750K-$999K

$1M-$1.49M

$1.5M+

5500 5000 4500

2800

4000 3500

2600

2,692

3000

2,475

The shortage of inventory is another part of the story, and it started before the pandemic. Beginning in the second half of 2019, the number of homes on the market has been steadily trending downhill. On average, there were 25% fewer homes on the market in the last six months of 2019 compared to 2018, and that accelerated in the first half of 2020. There has been a 32% decline in the number of available homes on the market so far this year.

2400

2,423

Jun 29

Jun 22

Jun 15

Jun 08

Jun 01

May 25

May 18

May 11

Apr 27

May 04

Apr 20

Apr 13

Apr 06

Mar 30

Mar 23

Mar 16

Mar 09

Mar 02

Feb 24

Feb 17

Feb 10

Jan 27

Feb 03

Jan 20

Jan 13

Jan 06

2500

2200

2000

1,786

1800

1600

1400

1200

While buyers have started to return to the market, not nearly as many sellers have.

So, despite the market contraction brought on by COVID-19, overall supply is actually tighter in Prince George’s County than this time last year, and that will keep some upward pressure on home prices. At least for now, that is great for sellers and a bit challenging for buyers.

1000

800

600

496

400

372

MONTH-END AVAILABLE INVENTORY

1500

1000

500

Jan 17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 19 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20 Feb Mar Apr May Jun

0

40

2020 FIRST HALF MARKET REPORT

4

0

0

0

1H2020

1H2019

1H2020

32

1H2019

33 1H2020

1H2019

1H2020

1H2019

1H2020

1H2019

2000

1H2020

200

1H2019

January 2017-June 2020 – Prince George’s County 2500

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

PRINCE GEORGE’S COUNTY First Half 2019

First Half 2020

% Change

Number of Units Sold

3,664

3,105

-15.26%

Average Days on Market

51.0

43.6

-14.51%

Average Sold Price

$346,188

$380,861

10.02%

Average Original List Price

$355,165

$387,131

9.00%

97.5%

98.4%

0.92%

Lowest Price Home

$44,625

$60,000

34.45%

Highest Price Home

$1,225,000

$962,450

-21.43%

Number of Units Sold

1,524

1,282

-15.88%

Average Days on Market

42.3

33.3

-21.28%

Average Sold Price

$280,662

$296,036

5.48%

Average Original List Price

$285,256

$298,964

4.81%

98.4%

99.0%

0.61%

Lowest Price Home

$51,775

$62,500

20.71%

Highest Price Home

$850,000

$740,000

-12.94%

Number of Units Sold

388

350

-9.79%

Average Days on Market

39.9

35.9

-10.03%

Average Sold Price

$145,785

$158,719

8.87%

Average Original List Price

$150,325

$163,484

8.75%

97.0%

97.1%

0.10%

Lowest Price Home

$34,000

$41,200

21.18%

Highest Price Home

$752,000

$619,900

-17.57%

Number of Units Sold

5,576

4,737

-15.05%

Average Days on Market

47.8

40.3

-15.69%

Average Sold Price

$314,334

$341,491

8.64%

Average Original List Price

$321,804

$346,745

7.75%

97.7%

98.5%

0.82%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

41

2020 FIRST HALF MARKET REPORT

M c E N E A R N E Y A S S O C I AT E S

L U X U RY LISTINGS SHOWCASE

42

2020 FIRST HALF MARKET REPORT

43

2020 FIRST HALF MARKET REPORT

1126 BASIL ROAD $6,895,000 McLean, VA 22101 7 Bedrooms | 7 Full & 3 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAFX1103076

217 S FAIRFAX STREET $4,950,000 Alexandria, VA 22314 6 Bedrooms | 6 Full & 1 Half Baths Exclusively Represented by MaryEllen Rotondo, 703.472.5454 BrightMLS# VAAX233488

1215 MOTTRAM DRIVE $4,895,000 McLean, VA 22101 5 Bedrooms | 6 Full & 3 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAFX1141330

44

2020 FIRST HALF MARKET REPORT

1834 CONNECTICUT AVENUE NW $3,995,000 Washington, DC 20009 10 Bedrooms | 4 Full & 3 Half Baths Exclusively Represented by Gerry Gretschel, 202.494.7918 BrightMLS# DCDC466178

4805 ROCK SPRING ROAD $3,600,000 Arlington, VA 22207 5 Bedrooms | 6 Full & 2 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAAR162732

1201 KEY DRIVE $3,250,000 Alexandria, VA 22302 6 Bedrooms | 7 Full Baths Exclusively Represented by Jodie Burns, 571.228.5790 BrightMLS# VAAX244836

45

2020 FIRST HALF MARKET REPORT

27884 DIXON CREEK LANE $2,795,000 Easton, MD 21601 3 Bedrooms | 3 Full & 1 Half Baths Exclusively Represented by Joan Reimann, 703.505.5626 BrightMLS# MDTA138488

211 PRINCE STREET $2,499,500 Alexandria, VA 22314 4 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Kate Patterson, 703.627.2166 BrightMLS# VAAX242658

317 S SAINT ASAPH STREET $2,275,000 Alexandria, VA 22314 5 Bedrooms | 3 Full & 1 Half Baths Exclusively Represented by Babs Beckwith, 703.627.5421 BrightMLS# VAAX226672

46

2020 FIRST HALF MARKET REPORT

19729 RIDGESIDE ROAD $2,250,000 Bluemont, VA 20135 10 Bedrooms | 8 Full & 2 Half Baths Exclusively Represented by June Hambrick, 540.878.8220 BrightMLS# VALO384618

511 S LEE STREET $2,195,000 Alexandria, VA 22314 5 Bedrooms | 3 Full & 2 Half Baths Exclusively Represented by Lauren Bishop, 202.361.5079 BrightMLS# VAAX242788

40850 ROBIN CIRCLE $2,149,000 Leesburg, VA 20175 6 Bedrooms | 6 Full & 2 Half Baths Exclusively Represented by Bay Buchanan, 703.994.2323 BrightMLS# VALO413184

47

2020 FIRST HALF MARKET REPORT

3542 N DICKERSON STREET $1,965,000 Arlington, VA 22207 5 Bedrooms | 5 Full & 1 Half Baths Exclusively Represented by Chamberlin Brothers, 703.738.4449 BrightMLS# VAAR165276

466 S UNION STREET $1,950,000 Alexandria, VA 22314 3 Bedrooms | 3 Full & 2 Half Baths Exclusively Represented by Babs Beckwith, 703.627.5421 BrightMLS# VAAX247098

723 S UNION STREET $1,950,000 Alexandria, VA 22314 3 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by The BBZ Group, 703.989.9779 BrightMLS# VAAX249012

48

2020 FIRST HALF MARKET REPORT

3465 N EMERSON STREET $1,899,000 Arlington, VA 22207 6 Bedrooms | 5 Full & 1 Half Baths Exclusively Represented by Betsy Twigg, 703.967.4391 BrightMLS# VAAR164174

6811 CLIFTON ROAD $1,895,000 Clifton, VA 20124 7 Bedrooms | 6 Full & 1 Half Baths Exclusively Represented by Peter Crouch, 703.244.4024 BrightMLS# VAFX1145084

27 E MASONIC VIEW AVENUE $1,895,000 Alexandria, VA 22301 5 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by HayesWood Homes, 703.447.6138 BrightMLS# VAAX245390

49

2020 FIRST HALF MARKET REPORT

472 S UNION STREET $1,895,000 Alexandria, VA 22314 4 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Babs Beckwith, 703.627.5421 BrightMLS# VAAX243374

315 S LEE STREET $1,885,000 Alexandria, VA 22314 5 Bedrooms | 2 Full & 2 Half Baths Exclusively Represented by Sally Z Harper, 703.517.2849 BrightMLS# VAAX244998

3823 N RANDOLPH COURT $1,875,000 Arlington, VA 22207 4 Bedrooms | 3 Full & 2 Half Baths Exclusively Represented by Ann Nichols, 703.624.9122 BrightMLS# VAAR161600

50

2020 FIRST HALF MARKET REPORT

8720 PLYMOUTH ROAD $1,784,000 Alexandria, VA 22308 5 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Tracy Dunn, 571.212.3658 BrightMLS# VAFX1137686

201 N QUAKER LANE $1,750,000 Alexandria, VA 22304 3 Bedrooms | 3 Full Baths Exclusively Represented by Gordon Wood, 703.447.6138 BrightMLS# VAAX241762

3818 N RANDOLPH COURT $1,750,000 Arlington, VA 22207 5 Bedrooms | 5 Full & 2 Half Baths Exclusively Represented by Betsy Twigg, 703.967.4391 BrightMLS# VAAR165366

51

2020 FIRST HALF MARKET REPORT

3401 N KENSINGTON STREET $1,725,000 Arlington, VA 22207 6 Bedrooms | 5 Full & 1 Half Baths Exclusively Represented by Betsy Twigg, 703.967.4391 BrightMLS# VAAR164178

206 N ROYAL STREET $1,649,000 Alexandria, VA 22314 4 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Sally Z Harper, 703.517.2849 BrightMLS# VAAX247508

3205 MCKINLEY STREET NW $1,575,000 Washington, DC 20015 6 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by The Stokes Group, 202.270.1081 BrightMLS# DCDC479044

52

2020 FIRST HALF MARKET REPORT

8732 PLYMOUTH ROAD $1,500,000 Alexandria, VA 22308 5 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Sandy McMaster, 571.259.2673 BrightMLS# VAFX1138720

405 S HENRY STREET $1,399,000 Alexandria, VA 22314 3 Bedrooms | 2 Full & 1 Half Baths Exclusively Represented by Lisa Groover, 703.919.4426 BrightMLS# VAAX247166

1200 CRYSTAL DRIVE #1413-1414 $1,399,000 Arlington, VA 22202 3 Bedrooms | 3 Full Baths Exclusively Represented by Janet Caterson Price, 703.622.5984 BrightMLS# VAAR164484

53

2020 FIRST HALF MARKET REPORT

3510 GEORGES LANE $1,398,999 Falls Church, VA 22044 5 Bedrooms | 6 Full & 2 Half Baths Exclusively Represented by Deirdre McNulty, 202.602.8253 BrightMLS# VAFX1129204

4512 DOLPHIN LANE $1,397,000 Alexandria, VA 22309 3 Bedrooms | 3 Full Baths Exclusively Represented by Kate Patterson, 703.627.2166 BrightMLS# VAFX1138036

5694 & 5695 WINTER WOOD LANE $1,350,000 Bealeton, VA 22712 3 Bedrooms | 3 Full Baths Exclusively Represented by Jonathan Kennedy, 202.750.4050 BrightMLS# VAFQ166346

54

2020 FIRST HALF MARKET REPORT

1904 BELLE HAVEN ROAD $1,335,000 Alexandria, VA 22307 4 Bedrooms | 3 Full & 1 Half Baths Exclusively Represented by Susan Craft, 703.216.4501 BrightMLS# VAFX1117002

6516 LAKEVIEW DRIVE $1,299,000 Falls Church, VA 22043 4 Bedrooms | 3 Full Baths Exclusively Represented by Susan Tull O’Reilly, 703.509.7222 BrightMLS# VAFX1136794

13201 HARPERS FERRY ROAD $1,200,000 Purcellville, VA 20132 5 Bedrooms | 3 Full Baths Exclusively Represented by Jonathan Kennedy, 202.750.4050 BrightMLS# VALO417132

55

2020 FIRST HALF MARKET REPORT

56

2020 FIRST HALF MARKET REPORT

M c E N E A R N E Y A S S O C I AT E S

Leadership Management Team

MAUREEN McENEARNEY DUNN

DAVID HOWELL

President mdunn@mcenearney.com tel. 703.790.9090

Chief Information Officer EVP & Principal Broker, DC & MD dhowell@mcenearney.com tel. 202.552.5610

DAVE HAWKINS

CANDICE BOWER

Chief Operating Officer EVP & Principal Broker, VA Managing Broker, Alexandria dhawkins@mcenearney.com tel. 703.286.1285

Executive Vice President Managing Broker, Leesburg & Middleburg cbower@mcenearney.com tel. 703.738.8260

MICHAEL DAY

ANDY HILL

Executive Vice President Managing Broker, Alexandria mday@mcenearney.com tel. 703.549.9292

Executive Vice President Managing Broker, DC & MD ahill@mcenearney.com tel. 202.552.5619

GLENN LEWIS

JON WOLFORD

Executive Vice President Managing Broker, Arlington glewis@mcenearney.com tel. 703.717.6311

Executive Vice President Managing Broker, McLean jwolford@mcenearney.com tel. 703.738.9516

JEANNE CHOI

DENIZ ARTEMEL

Vice President & Chief Marketing Officer jchoi@mcenearney.com tel. 703.738.9568

Vice President, Professional Development dartemel@mcenearney.com tel. 202.552.5629

TRUDY MCCULLOUGH

MIKE MCENEARNEY

Vice President, Director, Relocation tmccullough@mcenearney.com tel. 703.537.3342

57

2020 FIRST HALF MARKET REPORT

Executive Vice President, Director, Property Management mmcenearney@mcenearney.com tel.703.537.3330

14TH STREET

ALEXANDRIA

ARLINGTON

1803 14th Street, NW Washington, D.C. 20009 Tel. 202.903.2200 Tel. 866.792.8975

109 S Pitt Street Alexandria, VA 22314 Tel. 703.549.9292 Tel. 800.549.9299

4720 Lee Highway Arlington, VA 22207 Tel. 703.525.1900 Tel. 800.826.1612

KENSINGTON

LEESBURG

MCLEAN

3804 Howard Avenue Kensington, MD 20895 Tel. 301.979.7270 Tel. 866.762.8975

107 N King Street Leesburg, VA 20176 Tel. 703.738.8282 Tel. 800.548.9080

1320 Old Chain Bridge Road McLean, VA 22101 Tel. 703.790.9090 Tel. 800.548.9080

MIDDLEBURG

SPRING VALLEY

VIENNA

7 W Washington Street Middleburg, VA 20118 Tel. 540.687.5490 Tel. 800.548.9080

4315 50th Street, NW Washington, DC 20016 Tel. 202.552.5600 Tel. 866.762.8975

374 Maple Avenue, E #202 Vienna, VA 22180 Tel. 703.839.8200 Tel. 800.548.9080

www.McEnearney.com

58 Copyright 2020 - McEnearney Associates, Inc. REALTORS. Source: Brightâ„¢ MLS. Data deemed reliable, but not guaranteed. Equal Housing Opportunity.

2020 FIRST HALF MARKET REPORT