McEnearney Associates 2021 DC-MD-VA First Half Market Report

2021 FIRST HALF

Market Report DC

MD

VA

Table of Contents

4

Q&A with Maureen McEnearney Dunn

5

What Does Full Market Exposure Mean?

8

Washington, DC Review

12

City of Alexandria, Virginia Review

16

Arlington County & Falls Church City, Virginia Review

20

Fairfax County & Fairfax City, Virginia Review

24

Loudoun County, Virginia Review

28

Prince William County, Virginia Review

32

Fauquier County, Virginia Review

36

Montgomery County, Maryland Review

40

Prince George’s County, Maryland Review

42

Luxury Listings Showcase

52

McEnearney Associates’ Leadership Team

2 2021 FIRST HALF MARKET REPORT

3

Front Cover: 10814 BELMONT BLVD Lorton, VA | $2,250,000 | MLS# VAFX1191194

2021 FIRST HALF MARKET REPORT

Q&A with Maureen McEnearney Dunn Halfway through 2021, how is the market stacking up?

The real estate market throughout the region is very healthy — at least from a seller’s perspective. Throughout most of our region there is a significant imbalance between supply — the number of listings on the market — and demand — the number of purchasers hoping to buy. We’re continuing to see multiple offers on attached and detached homes, though that is starting to cool just a bit. The condo market in DC and the close-in suburbs isn’t quite as strong, as there is plenty of inventory, especially for smaller, older units. But as great as this market is for most sellers, it remains a challenging one for purchasers. We are sensing a little buyer fatigue and frustration, but most are still in the game. With mortgage interest rates still below 3%, it’s hard to sit on the sidelines.

Are there any big trends we should keep an eye on?

There are two important ones. I just mentioned the first: mortgage interest rates. There isn’t a single economist we follow that projected that rates would still be south of 3% at this point in the year, and these continuing low rates are helping offset the impact of higher home prices. While we continue to believe rates can’t stay this low much longer, we thought that six months ago. The second is inventory and lack thereof. The low inventory isn’t just because of COVID — available inventory has been declining for years, here and nationally. In our area, inventory is just one third of the 16-year average from 2003 - 2018. People are simply staying in their homes longer, and there aren’t enough homes being built to keep up with household formation. This isn’t going to get significantly better any time soon, And, there is one other factor to consider — a lot of homeowners have locked in these low interest rates for years to come. When rates rise to more normal levels of 4% - 6%, homeowners are going to be reluctant to sell their home with the great mortgage rate in order to buy their next home with a higher rate.

Is COVID’s impact on the real estate market in the rearview mirror?

Mostly — at least we hope so. We have moved from rebound to recovery, but we also know there are still plenty of people who are unemployed. There are lots of people who might otherwise have been looking to buy a home but haven’t been able to because of COVID’s impact on their lives. That should improve as the economy improves. But there are two wildcards — the COVID Delta variant and emerging concerns about inflation because of the spending stimulus injected into the economy to counter the economic impact of COVID. What do you think the market will look like the rest of the year?

Much of this Market Report is a recap of what has already happened, and while the stats tell a story, they are only part of the info. Our regional multiple listing system — BrightMLSTM — recently partnered with T3 to produce the first-in-the-nation Housing Demand Index. Bright and T3 have gathered info on what agents and their buyers are searching for, and takes info on lockbox activity and showing information to a forward-looking index of where the hot sports and cool spots are likely going to be in the region. We have used that info along with our own team’s research to make some specific projections in the commentary that accompanies each section of this report. We hope that’s helpful!

4 2021 FIRST HALF MARKET REPORT

What Does Full Market Exposure Mean?

Full market exposure means that every qualified buyer has full access to every home on the market for sale, because property listings are in BrightMLS™ - our region’s Multiple Listing Service. With the MLS and our affiliation with Leading Real Estate Companies of the World®, your home instantly distributes to more than 50,000 websites regionally and around the world. No matter the listing brokerage, your benefit is much greater if you publicly market your home.

At McEnearney Associates, our responsibility is to represent our clients with honesty, integrity, and professionalism. We took an oath with the National Association of Realtors® to uphold this promise. We strongly believe it is in the best interests of our clients to provide equal access to all homes to all qualified buyers - not only to protect equal housing opportunities, but to ensure that our clients maximize their investments in a time of record-low inventory. We are proud to be the trusted real estate advisor for more than forty years by making our clients’ best interests our number one priority.

5 2021 FIRST HALF MARKET REPORT

611 QUEEN STREET Alexandria, VA | SOLD

6 2021 FIRST HALF MARKET REPORT

7 2021 FIRST HALF MARKET REPORT

Washington, DC

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

Worthy of a Charles Dickens novel, DC was a tale of two markets in the first half of 2021.

First Half 2020

Continuing the trend we saw since the market began to recover after the COVID-related shutdowns in the spring of 2020, in general, the inventory of detached and attached homes remained low throughout the first six months of the year. The number of detached homes that sold rose 16% and attached home sales were up 30%. With low supply, that increase in demand pushed the average sales price considerably higher and, on average, these homes sold 1% above their list price.

First Half 2021

36.32%

12.54%

Condominiums

48.72%

33.81%

53.65%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+ 160

1,528

150 140 130

1,366 1,133

10 10

1,022

While Washington, DC continues to have a healthy real estate market, it is softer than its suburban neighbors in large measure because of the overhang of condo inventory.

120

1,126

It was a different story for condos and co-operatives. Even though the number of units sold increased by 53%, the number of units on the market more than doubled. There were considerably more owners who wanted to sell than there were buyers for those units. Because of that imbalance, condos and co-ops sold, at an average of, about 2% less than list price. More importantly, the relative abundance of inventory kept a lid on price appreciation, with almost no change in the average sales price compared to the first half of 2020. In fact, the market for smaller condos and co-ops was one of the few in the entire DC Metro area where buyers had some negotiating leverage.

14.97%

Attached Homes

90 80

8 2021 FIRST HALF MARKET REPORT

718

60

40

425

30

274

434

380

529

50

20

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

10

First Half 2021

• New contracts exceeded new listings in just 4 of the first 26 weeks of 2021.

• As a result, and compared to any other submarket in the region, DC has the most supply relative to demand for all three property types — detached, attached, and condos/co-ops.

• We expect this to continue for the rest of the year, with supply continuing to expand. More sellers are returning to the market and buyers will have (relatively) more choices than last year.

• While we still characterize DC as a seller’s market, pricing pressures will moderate for attached and detached homes. Whereas the first half of the year saw those prices climb 22%, we would expect much more moderate — and sustainable — increases in the range of 8% - 10%.

• For condos and co-ops, there won’t be the same big increases in new listings we have seen over the last year and some of the existing, ample inventory will be bought by purchasers who are finding relative bargains.

As such, we expect there to be modest price appreciation in the seond half of the year in the range of 2% - 4%.

• DC has had — and will continue to have — the steadiest market in the region. The wild inventory swings we have seen in the surburan markets haven’t happened in DC. • Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, the hottest areas in DC will likely be Logan Circle, AU Park/Spring Valley, and Adams Morgan.

First Half 2020

Among the metrics McEnearney Associates keeps an eye on is the relationship of new listings coming on the market compared to the number of homes going under contract. When listings exceed contracts, overall supply grows and buyers have more choices. With that in mind...

70

761

What’s Ahead for the Second Half of the Year

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

WASHINGTON, DC First Half 2020

First Half 2021

% Change

Number of Units Sold

607

707

16.47%

Average Days on Market

47.8

26.2

-45.19%

Average Sold Price

$1,129,308

$1,386,940

22.81%

Average Original List Price

$1,158,892

$1,367,623

18.01%

97.4%

101.4%

4.11%

Lowest Price Home

$140,000

$185,000

32.14%

Highest Price Home

$17,750,000

$11,492,000

-35.26%

Number of Units Sold

1,473

1,907

29.46%

Average Days on Market

35.1

24.4

-30.48%

Average Sold Price

$800,978

$979,863

22.33%

Average Original List Price

$812,157

$966,338

18.98%

98.6%

101.4%

2.84%

Lowest Price Home

$59,950

$145,000

141.87%

Highest Price Home

$4,000,000

$7,000,000

75.00%

Number of Units Sold

1,976

3,026

53.14%

Average Days on Market

39.6

43.2

9.09%

Average Sold Price

$567,066

$570,240

0.56%

Average Original List Price

$577,884

$577,690

-0.03%

98.1%

98.7%

0.61%

Lowest Price Home

$55,000

$33,388

-39.29%

Highest Price Home

$3,900,000

$5,400,000

38.46%

Number of Units Sold

4,056

5,640

39.05%

Average Days on Market

39.2

34.7

-11.48%

Average Sold Price

$736,157

$811,119

10.18%

Average Original List Price

$749,914

$808,122

7.76%

98.2%

100.4%

2.24%

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 2021 FIRST HALF MARKET REPORT

323 MANSION DRIVE Alexandria, VA | SOLD

10 2021 FIRST HALF MARKET REPORT

11 2021 FIRST HALF MARKET REPORT

City of Alexandria

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

40.00%

42.12%

First Half 2021 14.93%

41.80%

43.27%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+ 400 375

365

325 300

273

275

12 2021 FIRST HALF MARKET REPORT

250 225

It’s important to point out the first half of last year was the aberration, with a significant drop in activity due to COVID. While the rebound in the market is encouraging, in many respects it represents a return to more normal levels of buying activity. As one example, there were just as many detached homes that sold in the first half of 2017 as the first half of this year. The market looks and feels hotter because of the lack of inventory for attached and detached homes.

199

200

175

175 150 125

87

103

100 75 50 25

First Half 2021

34 First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

• We expect buying activity to continue to improve — modestly — through the rest of the year.

• While the abundance of condo inventory will gradually be absorbed, there will continue to be relative bargains available to purchasers of smaller units.

• Continuing a trend from the last couple of months, there will be marginally more new listings coming on the market than homes going under contract. That will gradually begin to ease the very tight supply of attached and detached homes.

• Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, almost every area of the City will be in the “high demand” category, signaling a healthy second half of the year.

• The area with the highest demand will likely be the West End. • By price range, we will likely see detached homes priced between $700,000 and $1,250,000 continue to be exceptionally strong. For attached homes, the hottest price range will be $500,000 - $1,000,000. In both cases, these will be what we consider “extreme” seller’s markets.

• For condos, the hottest part of the market will be for units priced between $500,000 and $800,000, but that price range will not be as strong as the market for attached and detached homes.

350

250

253

What’s Ahead for the Second Half of the Year

$0-$299K

315

The reason for the big difference in the time on the market boils down to one word: inventory. On average, there were more than twice as many condos on the market in Alexandria as the same time last year, and for smaller studio and 1-bedroom units there was triple the inventory. Historically, condos make up about 40% of all the homes on the market at any given time in Alexandria, but during the first half of the year condos made up close to 60% of all homes on the market. That meant that buyers had plenty of choices and there was no rush to purchase. And one other item of note: the 12% increase in the average sold price of condos is both mathematically accurate and a bit misleading. A smaller proportion of less expensive condos sold compared to larger, more expensive units, and that fact alone skewed the average price higher.

17.88%

357

Attached homes fared best, with a 52% increase in the number of units sold, and those homes sold in an average of just 16 days and for almost 1% above list price. Detached homes sold in an average of 21 days and slightly above list price. Condos, on the other hand, took almost twice as long to sell as attached homes.

Condominiums

First Half 2020

360

The City of Alexandria’s real estate market saw substantial improvement in the first half of 2021, but it would have been stunning had it turned out any other way given the doldrums of the COVID market during the spring of 2020.

Attached Homes

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

CITY OF ALEXANDRIA First Half 2020

First Half 2021

% Change

Number of Units Sold

202

245

21.29%

Average Days on Market

37.1

21.3

-42.59%

Average Sold Price

$1,004,812

$1,153,694

14.82%

Average Original List Price

$1,019,916

$1,150,132

12.77%

98.5%

100.3%

1.83%

Lowest Price Home

$472,000

$450,000

-4.66%

Highest Price Home

$2,300,000

$5,000,000

117.39%

Number of Units Sold

452

686

51.77%

Average Days on Market

24.0

16.0

-33.33%

Average Sold Price

$742,181

$802,158

8.08%

Average Original List Price

$744,122

$795,302

6.88%

99.7%

100.9%

1.20%

Lowest Price Home

$308,500

$240,000

-22.20%

Highest Price Home

$3,200,000

$3,325,000

3.91%

Number of Units Sold

476

710

49.16%

Average Days on Market

17.8

36.0

102.25%

Average Sold Price

$338,309

$378,865

11.99%

Average Original List Price

$339,253

$385,221

13.55%

99.7%

98.4%

-1.30%

Lowest Price Home

$125,000

$120,000

-4.00%

Highest Price Home

$1,615,000

$4,509,000

179.20%

Number of Units Sold

1,130

1,641

45.22%

Average Days on Market

23.7

25.4

7.17%

Average Sold Price

$619,002

$671,499

8.48%

Average Original List Price

$622,877

$670.851

7.70%

99.4%

100.1%

0.70%

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 2021 FIRST HALF MARKET REPORT

1506 N NICHOLAS ST Arlington, VA | PENDING

14 2021 FIRST HALF MARKET REPORT

15 2021 FIRST HALF MARKET REPORT

Arlington County & Falls Church City

MARKET SHARE BY TYPE - ARLINGTON 2020 First Half vs. 2021 First Half Detached Homes

Attached Homes

Condominiums

First Half 2020 35.18%

Arlington County

21.14%

43.68%

First Half 2021 35.89%

The real estate market in Arlington has recovered well — and unevenly.

Buyer activity was up substantially for all three property types — detached, attached, and condos/co-ops — compared to the first six months of 2020. But last year was anything but normal, so the more relevant comparisons are to 2019 and earlier. The number of units sold in the last six months was 15% higher than the three-year average of 2017-2019, so the market is undeniably strong.

As is the case in Washington, DC and the City of Alexandria, the condo market in Arlington is considerably softer than the market for detached and attached homes.

While detached and attached homes sold, on average, just above their original list price, and also sold relatively quickly (24 days and 16 days respectively), condos sold 2% below list price and took an average of six weeks to sell. Inventory is the reason. There are four times as many condos on the market than “normal,” and the disparity is even greater for smaller units. There are six times as many studio and 1-bedroom condos on the market. While detached and attached home inventory remains comparable to or below normal levels, buyers of condos in Arlington have plenty of choices, and that is keeping a lid on prices.

19.83%

44.29%

MARKET SHARE BY TYPE - FALLS CHURCH CITY 2020 First Half vs. 2021 First Half Detached Homes

Attached Homes

Condominiums

First Half 2020 60.87%

15.94%

23.19%

First Half 2021 48.96%

26.04%

25.00%

MARKET SHARE BY PRICE - ARLINGTON 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

Falls Church City 450

Although the number of transactions in Falls Church is small compared to its neighbors, the market in the City was quite strong during the last six months.

Detached and attached homes sold, on average, in less than 10 days, and sold considerably above list price. Yet the condo market mirrored that of Arlington, with those units taking more than a month to sell and closing more than 2% below list price.

300

296

200

163

153

50

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

150 100

85

As we discussed in our commentary about the market in Washington, DC, McEnearney Associates keeps an eye on the relationship of new listings coming on the market compared to the number of homes going under contract. Over the last three months in Arlington and Falls Church, new listings have exceeded new contracts, and that will impact the market through the rest of the year.

250

237

248

264

307

387

350

189

153

What’s Ahead for the Second Half of the Year

MARKET SHARE BY PRICE - FALLS CHURCH CITY 2020 First Half vs. 2021 First Half

2021 FIRST HALF MARKET REPORT

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

29

30

25

25

16

15

5

10

10

12

5

11

15

15

19

20

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

3 First Half 2021

16

$0-$299K

First Half 2020

• There were 50% more condo listings than new condo contracts, adding to the excess of condo inventory. We do not expect much progress in clearing that inventory over the next several months.

• Condo buyers, especially those interested in smaller units, will have negotiating leverage not enjoyed by buyers of attached and detached homes.

• Arlington and Falls Church City will still be in a sellers’ market for attached and detached homes.

• Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, the hottest areas in Arlington will likely be in Country Club Hills as well as the Clarendon/Courthouse area. There is also an uptick in demand in the National Landing area as Amazon gets closer to bringing substantial numbers of employees to the office.

• The heart of the detached home market will be for homes priced between $700,000 and $1,000,000. For attached homes it will be $400,000 $800,000. While considerably weaker than the attached and detached home markets, the strongest part of the condo market will be between $400,000 and $700,000.

408

400

5

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

ARLINGTON COUNTY

FALLS CHURCH CITY

First Half 2020

First Half 2021

% Change

First Half 2020

First Half 2021

% Change

Number of Units Sold

401

628

56.61%

42

47

11.90%

Average Days on Market

33.7

23.8

-29.38%

22.1

7.0

-68.33%

Average Sold Price

$1,126,870

$1,235,262

9.62%

$1,106,286

$1,200.816

8.54%

Average Original List Price

$1,143,307

$1,228,279

7.43%

$1,105,801

$1,187,800

7.42%

98.6%

100.6%

2.03%

100.0%

101.1%

1.14%

Lowest Price Home

$350,000

$495,000

41.43%

$575,000

$775,000

34.78%

Highest Price Home

$3,350,00

$3,275,000

-2.24%

$1,785,000

$1,923,000

7.73%

Number of Units Sold

241

347

43.98%

11

25

127.27%

Average Days on Market

14.3

16.3

13.99%

6.1

8.7

42.62%

Average Sold Price

$677,958

$726,339

7.14%

$646,749

$777,069

20.15%

Average Original List Price

$677,542

$721,972

6.56%

$632,891

$750,476

18.58%

100.1%

100.6%

0.50%

102.2%

103.5%

1.27%

Lowest Price Home

$275,000

$325,000

18.81%

$410,000

$458,500

11.83%

Highest Price Home

$1,875,000

$1,600,000

-14.67%

$1,255,000

$1,350,000

7.57%

Number of Units Sold

498

775

55.62%

16

24

50.00%

Average Days on Market

20.9

42.1

101.44%

8.9

32.3

262.92%

Average Sold Price

$467,559

$454,363

-2.82%

$413,002

$443,263

7.33%

Average Original List Price

$469,581

$462,487

-1.51%

$410,781

$454,558

10.66%

99.6%

98.2%

-1.41%

100.5%

97.5%

-2.99%

Lowest Price Home

$90,000

$100,000

11.11%

$266,000

$172,800

-35.04%

Highest Price Home

$2,880,000

$2,580,000

-10.42%

$633,115

$830,000

31.10%

Number of Units Sold

1,140

1,750

53.51%

69

96

39.13%

Average Days on Market

24.0

30.4

26.67%

16.5

13.8

-16.36%

Average Sold Price

$743,954

$788,523

5.99%

$872,264

$901,077

3.30%

Average Original List Price

$750,531

$788,749

5.09%

$869,245

$890,603

2.46%

99.1%

100.0%

0.91%

99.7%

101.2%

1.50%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

17 2021 FIRST HALF MARKET REPORT

6316 BARRISTER PLACE Alexandria, VA | SOLD

18 2021 FIRST HALF MARKET REPORT

19 2021 FIRST HALF MARKET REPORT

Fairfax County & Fairfax City

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

Attached Homes

Condominiums

First Half 2020 51.81%

48.80%

31.83%

19.37%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+ 3400

20 2021 FIRST HALF MARKET REPORT

2,727

2600 2400

2,203

2000

1,982

2,060

2200

1800 1600 1400 1200

800

902

971

1,110

1000

490

400

First Half 2021

First Half 2020

200

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

474

197

686

600

First Half 2021

First Half 2020

• We expect this to continue for the balance of the year as more sellers return to the market. Nonetheless, the supply of attached and detached homes will continue to lag well below historic norms.

• That modest increase in supply will help lower the rate of price appreciation to 5% - 8%.

• For condos and co-ops, there won’t be the same big increases in new listings we have seen over the last year and some of the existing, ample inventory will be bought by purchasers who are finding relative bargains.

We expect there to be modest price appreciation in the second half of the year in the range of 2% - 4%.

• Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, the hottest areas in Fairfax will likely be Burke, Centreville, South Alexandria, and Reston.

3000 2800

What’s Ahead for the Second Half of the Year As we discussed in other commentaries, the relationship of new listings coming on the market compared to the number of homes going under contract is an important indicator of the direction of the market. For almost nine months from mid-2020 through March 2021 the number of new monthly contracts exceeded the number of new listings coming on the market. As a result, the overall supply of homes continued to shrink. However, in 11 of the last 12 weeks the reverse was true.

3200

3,294

Detached homes sold in an average of 20 days, down almost two weeks from the first half of last year, and sold for an average of almost 2% above list price.

Attached homes sold even faster — an average of just 11 days — and sold 2.6% above list price. But even though the number of condos sold rose 56%, they took much longer to sell (31 days) and sold at a discount to the list price (1.2% off list). And that’s because there were plenty of condos on the market and buyers had far more choices. Overall condo inventory more than doubled, and for 1-bedroom units inventory tripled.

First Half 2021

As one would expect given the COVID-induced dip in the market last spring, almost all metrics were substantially better in the first half of the year compared to 2020. The total number of homes sold rose almost 36%, but compared to previous years the increase is more modest. We looked at the number of sales in the first six months of 2017 through 2019. With that as the point of comparison, condo sales rose 6%, detached home sales rose 11%, and attached home sales rose 19% in the first half of 2021.

16.86%

First Half 2021

First Half 2020

Fairfax County and City outperformed Washington, DC and the closer-in Virginia suburbs in the first half of 2020, but also shared some of the same challenges in the condo/co-op market.

31.33%

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DEATTACHED HOMES

FAIRFAX COUNTY & FAIRFAX CITY First Half 2020

First Half 2021

% Change

Number of Units Sold

3,758

4,803

27.81%

Average Days on Market

34.5

20.3

-41.16%

Average Sold Price

$818,909

$957,786

16.96%

Average Original List Price

$831,258

$939,709

13.05%

98.5%

101.9%

3.45%

Lowest Price Home

$265,000

$240,000

-9.43%

Highest Price Home

$8,250,000

$11,000,000

33.33%

Number of Units Sold

2,273

3,133

37.84%

Average Days on Market

18.0

11.2

-37.78%

Average Sold Price

$495,548

$542,826

9.54%

Average Original List Price

$494,375

$529,025

7.01%

100.2%

102.6%

2.40%

Lowest Price Home

$145,000

$165,000

13.79%

Highest Price Home

$1,600,000

$2,276,500

42.28%

Number of Units Sold

1,223

1,906

55.85%

Average Days on Market

19.9

30.8

54.77%

Average Sold Price

$321,234

$342,050

6.48%

Average Original List Price

$322,994

$346,159

7.17%

99.5%

98.8%

-0.70%

Lowest Price Home

$85,000

$128,000

50.59%

Highest Price Home

$1,657,900

$2,245,000

35.41%

Number of Units Sold

7,254

9,842

35.68%

Average Days on Market

26.9

19.4

-27.88%

Average Sold Price

$633,680

$706,449

11.48%

Average Original List Price

$640,006

$694,029

8.44%

99.0%

101.8%

2.83%

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 2021 FIRST HALF MARKET REPORT

14416 LOYALTY ROAD Leesburg, VA | SOLD

22 2021 FIRST HALF MARKET REPORT

23 2021 FIRST HALF MARKET REPORT

Loudoun County

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

Extraordinary. That’s the best way to summarize the real estate market in Loudoun County.

First Half 2020

Along with its neighbor Prince William County, Loudoun has the strongest market in the DC Metro area. It’s a great time to be a seller and a challenging one for purchasers. And unlike the closer-in areas of the region, the condo market has held up just as well as the market for detached and attached homes.

Through the first half of the year, every key indicator pointed in the sellers’ favor, as homes sold in an average of two weeks or less, and sold well above the original list price.

First Half 2021

Attached Homes

48.56%

47.71%

Condominiums

33.95%

17.49%

34.51%

17.78%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

1,593

1600 1500 1400 1300

1000

The biggest constraint in Loudoun County in the months ahead will continue to be the lack of inventory. But there are some signs that purchasers will see a few more choices.

24 2021 FIRST HALF MARKET REPORT

800 700 600 500

461

400

341

300

First Half 2021

First Half 2020

First Half 2021

21

71

83 First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

190

185 First Half 2021

200

First Half 2020

• In the first quarter of 2021, the number of new listings was roughly equal to the number of newly ratified contracts. But in the second quarter there were roughly 15% more new listings than new contracts.

• That means we will likely see a very modest increase in the supply of homes, with a change from the current 0.4 months to perhaps as “much” as 0.7 months by the end of the year.

• That still means buyers will be in competition with each other for the relatively small number of listings, but that competition won’t be quite as intense as earlier in the year.

• While almost every area of Loudoun will continue to be a strong seller’s market, these will likely lead the way: • Ashburn: detached homes priced between $600,000 and $1,000,000; attached homes priced between $400,000 and $800,000; condos priced between $200,000 and $400,000.

• Eastern Loudoun: detached homes priced between $400,000 and $900,000; attached homes priced between $300,000 and $600,000; condos priced between $200,000 and $400,000.

• Western Loudoun: detached homes priced between $300,000 and $100,000,000; attached homes priced between $400,000 and $700,000; condos priced between $400,000 and $500,000.

• Leesburg: detached homes priced between $500,000 and $800,000; attached homes priced between $400,000 and $600,000; condos priced between $400,000 and $600,000.

900

935

What’s Ahead for the Second Half of the Year

1,172

1,201

1200

1,093

This isn’t just a strong market in comparison to last year’s COVID-induced slump. It’s a strong market compared to previous years. In the first half of 2016 through 2019, the average number of homes on the market at the end of the month was 1,220. In the first half of 2021, it was 288. With a 20% increase in the number of newly ratified contracts, Loudoun’s market is characterized by high demand and very little supply. For the first half of 2016, the average supply of homes in Loudoun County was 2.5 months, in 2017 it was 1.9 months, in 2018 it was 1.6, in 2019 it was 1.4 and in 2020 it dropped to 1.1 months. At the end of June 2021, the overall supply was just 0.4 months — a twelve-day supply!

100

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

LOUDOUN COUNTY First Half 2020

First Half 2021

% Change

Number of Units Sold

1,519

2,013

32.52%

Average Days on Market

31.2

14.1

-54.81%

Average Sold Price

$711,203

$852,890

19.92%

Average Original List Price

$721,070

$829,560

15.05%

98.6%

102.8%

4.26%

Lowest Price Home

$175,000

$129,000

-26.29%

Highest Price Home

$9,500,000

$5,500,000

-42.11%

Number of Units Sold

1,062

1,456

37.10%

Average Days on Market

20.9

6.8

-67.46%

Average Sold Price

$493,984

$563,914

14.16%

Average Original List Price

$494,378

$544,682

10.18%

99.9%

103.5%

3.60%

Lowest Price Home

$179,964

$188,680

4.84%

Highest Price Home

$1,387,000

$1,475,000

6.34%

Number of Units Sold

547

750

37.11%

Average Days on Market

23.7

14.9

-37.13%

Average Sold Price

$354,424

$386,000

8.91%

Average Original List Price

$357,759

$381,226

6.56%

99.1%

101.3%

2.22%

Lowest Price Home

$130,000

$106,015

-18.45%

Highest Price Home

$794,300

$810,000

1.98%

Number of Units Sold

3,128

4,219

34.88%

Average Days on Market

26.4

11.7

-55.68%

Average Sold Price

$575,063

$670,165

16.54%

Average Original List Price

$580,572

$651,548

12.23%

99.1%

102.9%

3.83%

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 2021 FIRST HALF MARKET REPORT

10814 PERRIN CIRCLE Spotsylvania, VA | SOLD

26 2021 FIRST HALF MARKET REPORT

27 2021 FIRST HALF MARKET REPORT

Prince William County

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

White Hot. That’s the current state of the real estate market in Prince William County.

First Half 2020

Along with its neighbor Loudoun County, Prince William has the strongest market in the DC Metro area. As is true in Loudoun, and unlike the closer-in areas of the region, the condo market is exceptionally strong, almost as healthy as the market for detached and attached homes. The average number of days on the market for condos that sold in the first half of 2021 was just 14.5 — that’s one third the time on the market for condos in Washington, DC. Attached and detached homes sold ever more rapidly — an average of just 9 days for detached homes and 10 days for attached homes. And overall, homes in Prince William sold for an average of 3.2% above the original list price. It’s a good time to be a seller in Prince William County.

First Half 2021

Attached Homes

Condominiums 4.65%

55.45%

39.90%

54.35%

40.73%

4.92%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+ 2500

This isn’t just a strong market in comparison to last year’s COVID-induced slump. It’s a strong market compared to previous years. In the first half of 2016 through 2019, the average number of homes on the market at the end of the month was 1,410. In the first half of 2021, it was just 504. With a 25% increase in the number of newly ratified contracts, Prince William’s market is characterized by high demand and very little supply. For the first half of 2016, the average supply of homes in Prince William County was 1.7 months, in 2017 it was 1.6 months, in 2018 is was 1.6, in 2019 it was 1.3, and in 2020 it dropped to 0.6 months. At the end of June 2021, the overall supply was just 0.5 months — a fifteen-day supply.

2,410

2400 2300 2200

2,105

2100 2000 1900 1800 1700 1600 1500

1,573

What’s Ahead for the Second Half of the Year

1400

The biggest constraint in Prince William County in the months ahead will continue to be the lack of inventory. But there are signs that supply is rising— slightly — and purchasers will see a few more choices.

1300

• In the first quarter of 2021, the number of new listings was about 3% more than the number of newly ratified contracts. But in the second quarter there were roughly 15% more new listings than new contracts.

• That means we will likely see a very modest increase in the supply of homes relative to the demand, with a change from the current 0.5 months to perhaps as “much” as 0.8 months by the end of the year.

• That still means buyers will be in competition with each other for the relatively small number of listings, but that competition won’t be quite as intense as earlier in the year.

• While almost every area of Prince William will continue to be a strong seller’s market, these will likely lead the way: • Haymarket, especially for detached homes.

• Gainesville, especially for detached homes.

• Woodbridge, especially for attached homes.

• Bristow, especially for detached homes.

900

28 2021 FIRST HALF MARKET REPORT

1200

932

1000

800

698

700 600

491

500 400

357

300

2

3 First Half 2021

100

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

16

69

97

200

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

PRINCE WILLIAM COUNTY First Half 2020

First Half 2021

% Change

Number of Units Sold

2,135

2,665

24.82%

Average Days on Market

31.7

8.8

-72.24%

Average Sold Price

$501,499

$589,908

17.63%

Average Original List Price

$507,154

$570,090

12.41%

98.9%

103.5%

4.65%

Lowest Price Home

$105,000

$185,000

76.19%

Highest Price Home

$1,562,000

$2,300,000

47.25%

Number of Units Sold

1,536

1,997

30.01%

Average Days on Market

22.3

9.9

-55.61%

Average Sold Price

$340,199

$384,257

12.95%

Average Original List Price

$341,303

$373,157

9.33%

99.7%

103.0%

3.31%

Lowest Price Home

$150,000

$160,000

6.67%

Highest Price Home

$650,000

$819,000

26.00%

Number of Units Sold

179

241

34.64%

Average Days on Market

18.4

14.5

-21.20%

Average Sold Price

$247,190

$267,535

8.23%

Average Original List Price

$250,342

$265,443

6.03%

98.7%

100.8%

2.13%

Lowest Price Home

$122,000

$135,000

10.66%

Highest Price Home

$535,000

$575,000

7.48%

Number of Units Sold

3,850

4,903

27.35%

Average Days on Market

27.3

9.5

-65.20%

Average Sold Price

$425,323

$490,300

15.28%

Average Original List Price

$429,046

$474,905

10.69%

99.1%

103.2%

4.14%

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 2021 FIRST HALF MARKET REPORT

614 G STREET 1159 ORLO NE DRIVE Washington, | SOLD | MLS# VAFX1188650 City, State | DC SOLD

30

2021 FIRST HALF MARKET REPORT

31 2021 FIRST HALF MARKET REPORT

Fauquier County

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

Fauquier County is the most rural of the communities we profile, and has benefitted from those seeking more elbow room as the region adapted to the impact of COVID-19.

As we have noted in some of our other commentaries about the region’s real estate market, the suburbs have fared a bit better than the city center. While it was by no means a mass migration, the normally constant and consistent Fauquier market picked up considerably.

Attached Homes

Condominiums

First Half 2020

7.73% 87.50% 4.77% 8.89%

First Half 2021 87.22%

3.89%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

320 300

311

Almost 90% of the market is for detached homes, and they sold in an average of 26 days, less than half the time than a year ago. They also sold very close to their original list price. Although representing a much smaller slice of the overall market, attached homes and condos sold even faster than detached homes — just 6.3 days for attached homes and 7.4 for condos. They also sold, on average, above list price.

280

282

Prior to COVID, the average month-end inventory was very predictable and steady. From 2016 – 2019, there were typically about 450 homes on the market in Fauquier, and the supply relative to demand was very stable as well. It ranged from 3.2 months to 3.9 months during that four-year period of time. In the first half of last year, average inventory dropped to 200, and new contract activity rose about 30% compared to pre-COVID levels, and that dropped supply to just 1.2 months. Over the last six months, month-end inventory dropped another 40%, resulting in overall supply of just 0.7 months.

260

248

240 220 200 180

164

160 140 120

What’s Ahead for the Second Half of the Year

32 2021 FIRST HALF MARKET REPORT

113

60

15

12

First Half 2021

First Half 2020

20

First Half 2021

24

8

40

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

29

56

66 First Half 2021

We expect that the current 0.7 months of supply will likely rise to a full month by the end of the year. While that’s a higher supply, it’s also much lower than historical trends.

100 80

First Half 2020

Almost 85% of all contract activity in Fauquier County is in Warrenton, and we don’t see any reason that will change. And as we have seen in much of the DC region, there are signs that the tight inventory situation is beginning to loosen a bit. In the first quarter of 2021, there were 6% more new listings coming on the market than there were new contracts. In the second quarter, that disparity rose to 19%, so inventory (new listings) compared to demand (new contracts) is rising.

DETACHED HOMES

FAUQUIER COUNTY First Half 2020

First Half 2021

% Change

Number of Units Sold

532

628

18.05%

Average Days on Market

61.6

25.8

-58.12%

Average Sold Price

$535,709

$628,429

17.31%

Average Original List Price

$561,498

$630,653

12.32%

95.4%

99.6%

4.40%

Lowest Price Home

$75,100

$115,000

53.13%

Highest Price Home

$9,000,000

$6,650,000

-26.11%

47

64

36.17%

25.6

6.3

-75.39%

Average Sold Price

$279,527

$315,084

12.72%

Average Original List Price

$282,660

$309,115

9.36%

98.9%

101.9%

3.03%

Lowest Price Home

$140,000

$185,000

32.14%

Highest Price Home

$400,000

$475,000

18.75%

29

28

-3.45%

52.1

7.4

-85.80%

Average Sold Price

$246,627

$266,243

7.95%

Average Original List Price

$254,227

$262,286

3.17%

97.0%

101.5%

4.64%

Lowest Price Home

$110,000

$130,000

18.18%

Highest Price Home

$394,500

$499,999

26.74%

Number of Units Sold

608

720

18.42%

Average Days on Market

58.3

23.3

-60.03%

Average Sold Price

$502,117

$586,491

16.80%

Average Original List Price

$525,287

$587,747

11.89%

95.6%

99.8%

4.39%

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 2021 FIRST HALF MARKET REPORT

5304 SUNSET LANE Chevy Chase, MD | SOLD

34 2021 FIRST HALF MARKET REPORT

35 2021 FIRST HALF MARKET REPORT

Montgomery County

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes First Half 2020 55.17%

27.21%

17.62%

First Half 2021 51.75%

28.17%

20.08%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

The reason condos took longer to sell was the substantial increase in the number of smaller, lower-priced condos on the market. There was a 30% increase in the number of condos priced less than $500,000 on the market, so buyers had plenty of choices. In contrast, every price category of detached and attached homes had noticeable reductions in the number of homes on the market.

2,097

2100 2000

1,901

1,998

Given the fact that we are comparing first half of 2021 numbers to those of the time period most impacted by the COVID pandemic, the market looks a lot better. Detached and attached homes were on the market half the time as last year, and sold on average over 2% above the original list price. The number of attached and detached homes sold rose 18%. While condos/co-ops did sell a bit more rapidly than last year, they took twice as long to sell as detached and attached homes, and, on average, sold almost 3% below their listed price.

Condominiums

This isn’t just a strong market in comparison to last year’s COVID-induced slump. It’s a strong market compared to previous years. For the first half of 2016, the average supply of homes in Montgomery County was 2.0 months, in 2017 it was 1.8 months, in 2018 is was 1.7, in 2019 it was 1.6, and in 2020 it dropped to 1.3 months. At the end of June 2021, the overall supply was just 0.7 months — a twenty-one day supply.

1900 1800 1700 1600 1500 1400

1,316

What’s Ahead for the Second Half of the Year

1300

1,367

Montgomery County fared better than Washington, DC, shared some of the same challenges as DC experienced in the condo market, and did not do as well as Virginia’s outer suburbs.

Attached Homes

1200

36 2021 FIRST HALF MARKET REPORT

996

1000 900 800 700

631

646

600

335

422

500 400 300

100

First Half 2021

First Half 2020

170

200

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

The biggest headwind in Montgomery County in the months ahead will continue to be the lack of inventory of attached and detached homes, but there is a discernible shift toward more inventory coming on the market.

• In the first quarter of 2021, the number of new listings was 7% greater than the number of newly ratified contracts. In the second quarter there were 18% more new listings than new contracts.

• That means we will likely see a very modest increase in the supply of homes, with a change from the current 0.7 months to a full month by the end of the year, and for condos, the supply will likely approach 1.5 months.

• That still means detached and attached home buyers will be in competition with each other for the relatively small number of listings, but that competition won’t be quite as intense as earlier in the year.

• Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, we expect these areas, property types, and price ranges to be strongest in Montgomery in the second half of 2021: • Bethesda/Chevy Chase: detached homes priced between $700,000 and $1,500,000.

• Silver Spring: detached homes priced between $400,000 and $900,000; attached homes priced between $300,00 and $500,000; condos priced between $100,000 and $400,000.

• Rockville: attached homes priced between $300,000 and $800,000.

1,112

1100

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

MONTGOMERY COUNTY First Half 2020

First Half 2021

% Change

Number of Units Sold

3,043

3,868

27.11%

Average Days on Market

39.2

18.7

-52.30%

Average Sold Price

$734,874

$884,582

20.37%

Average Original List Price

$752,602

$858,151

14.02%

97.6%

103.1%

5.64%

Lowest Price Home

$140,000

$150,000

7.14%

Highest Price Home

$10,000,000

$8,500,000

-15.00%

Number of Units Sold

1,501

2,106

40.31%

Average Days on Market

33.4

16.6

-50.30%

Average Sold Price

$410,278

$467,639

13.98%

Average Original List Price

$415,303

$457,756

10.22%

98.8%

102.2%

3.44%

Lowest Price Home

$129,605

$160,000

23.45%

Highest Price Home

$1,980,589

$2,296,500

15.95%

Number of Units Sold

972

1,501

54.42%

Average Days on Market

41.3

38.6

-6.54%

Average Sold Price

$285,923

$307,395

7.51%

Average Original List Price

$295,614

$315,785

6.82%

96.7%

97.3%

0.62%

Lowest Price Home

$58,000

$67,000

15.52%

Highest Price Home

$2,515,300

$3,375,000

34.18%

Number of Units Sold

5,516

7,475

35.51%

Average Days on Market

39.2

22.1

-43.62%

Average Sold Price

$734,874

$651,212

-11.38%

Average Original List Price

$752,602

$636,435

-15.44%

97.6%

102.3%

4.82%

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

Average Sold Price vs. List Price

37 2021 FIRST HALF MARKET REPORT

10421 OAKLYN DRIVE Potomac, MD | SOLD

38 2021 FIRST HALF MARKET REPORT

39 2021 FIRST HALF MARKET REPORT

Prince George’s County

MARKET SHARE BY TYPE 2020 First Half vs. 2021 First Half Detached Homes

Prince George’s County’s real estate market continues to benefit from having the most affordable housing in the DC Metro area, but prices are climbing.

First Half 2020

Detached homes sold in an average of 18 days, 26 days faster than the first half of 2020, and they sold for an average of 2% above their original list price. Attached homes took an average of 22 days to sell, almost twice as fast as last year, and for a little more than 1% above list price. Mirroring much of the DC Metro area, condos/co-ops took longer to sell than attached and detached homes, and sold for a little more than 1% below list price. Perhaps most importantly, the average sales price of all three property types rose considerably, with the overall average rising by 13%.

First Half 2021

Attached Homes

Condominiums 7.39%

65.55%

27.06% 9.14%

62.71%

28.15%

MARKET SHARE BY PRICE 2020 First Half vs. 2021 First Half $0-$299K

$300K-$499K

$500K-$749K

$750K-$999K

$1M-$1.49M

$1.5M+

This isn’t just a strong market in comparison to last year’s COVID-induced slump. It’s a strong market compared to previous years. For the first half of 2016, 2017, and 2018 the average supply of homes in Prince George’s County was 1.5 months, and that is remarkably consistent. In 2019 it dropped slightly to 1.4 months, and during the worst of COVID last year it dropped to 1.1 months.

However, at the end of June 2021, the overall supply was just 0.5 months — a fourteen-day supply. This is simply a stronger market than anything Prince George’s has experienced.

3,198

3200 3100 3000 2900 2800 2700

What’s Ahead for the Second Half of the Year

2600 2500

2,423

2400 2300 2200 2100 2000 1900

1,786

1800 1700 1600 1500

1,540

1400 1300 1200 1100 1000

963

The biggest factor in Prince George’s County will continue to be the very tight supply, but we have reached the point where there are more new listings coming on the market than newly ratified contracts.

• In the first half of 2021, the number of new listings was 14% greater than the number of newly ratified contracts. However, that disparity was not evenly distributed across the three property types — there were 25% more condo listings than condo contracts.

• That means we will likely see a very modest increase in the supply of homes, with a change from the current 0.5 months to 0.8 months by the end of the year, and for condos, the supply will likely approach 1.2 months.

• That still means detached and attached home buyers will be in competition with each other for the relatively small number of listings, but that competition won’t be quite as intense as earlier in the year.

• Based on our own projections and the BrightMLSTM forward-looking Home Demand Index, we expect these areas, property types, and price ranges to be strongest in Prince George’s in the second half of 2021: • Laurel: detached homes priced between $300,000 and $500,000.

• Bowie: detached homes priced between $400,000 and $700,000.

• Hyattsville: detached homes priced between $300,000 and $400,000; attached homes priced between $200,000 and $400,000.

• Upper Marlboro: detached homes priced between $300,000 and $600,000; attached homes priced between $200,000 and $500,000; condos priced between $200,000 and $300,000.

900 800 700 600

496

500 400 300

2021 FIRST HALF MARKET REPORT

97

11

0

0

First Half 2020

First Half 2021

100

First Half 2021

0 First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

First Half 2020

First Half 2021

40

First Half 2020

32

200

ALL PROPERTIES

CONDOMINIUMS

ATTACHED HOMES

DETACHED HOMES

PRINCE GEORGE’S COUNTY First Half 2020

First Half 2021

% Change

Number of Units Sold

3,105

3,643

17.33%

Average Days on Market

43.6

17.6

-59.63%

Average Sold Price

$380,861

$435,693

14.40%

Average Original List Price

$387,131

$426,282

10.11%

98.4%

102.2%

3.86%

Lowest Price Home

$60,000

$100,000

66.67%

Highest Price Home

$962,450

$1,200,000

24.68%

Number of Units Sold

1,282

1,635

27.54%

Average Days on Market

33.3

20.7

-37.84%

Average Sold Price

$296,036

$335,250

13.25%

Average Original List Price

$298,964

$330,478

10.54%

99.0%

101.4%

2.42%

Lowest Price Home

$62,500

$83,000

32.80%

Highest Price Home

$740,000

$924,900

24.99%

Number of Units Sold

350

531

51.71%

Average Days on Market

35.9

27.3

-23.96%

Average Sold Price

$158,719

$182,178

14.78%

Average Original List Price

$163,484

$184,460

12.83%

97.1%

98.8%

1.75%

Lowest Price Home

$41,200

$40,000

-2.91%

Highest Price Home

$619,900

$840,000

35.51%

Number of Units Sold

4,737

5,809

22.63%

Average Days on Market

40.3

19.4

-51.86%

Average Sold Price

$341,491

$384,249

12.52%

Average Original List Price

$346,745

$377,212

8.79%

98.5%

101.9%

3.45%

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 2021 FIRST HALF MARKET REPORT

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

LU X URY LISTINGS SHOWCASE

1159 ORLO DRIVE McLean, VA | $3,695,000 | MLS# VAFX1188650

42

2021 FIRST HALF MARKET REPORT

43 2021 FIRST HALF MARKET REPORT

6804 Hampshire Road $4,500,000 McLean, VA 5 Bedrooms | 5 Full + 3 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAFX1181606

1834 Connecticut Avenue NW $3,995,000 Washington, DC 10 Bedrooms | 4 Full + 3 Half Baths Exclusively Represented by Gerry Gretschel, 202.494.7918 BrightMLS# DCDC466178

3a N Ridgeview Road $3,800,000 Arlington, VA 5 Bedrooms | 6 Full + 1 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAAR168476

44 2021 FIRST HALF MARKET REPORT

1159 Orlo Drive $3,695,000 McLean, VA 5 Bedrooms | 7 Full + 1 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAFX1188650

1770 Kirby Road $3,350,000 McLean, VA 5 Bedrooms | 4 Full + 2 Half Baths Exclusively Represented by Sandy Chee, 703.597.1671 BrightMLS# VAFX1195498

4a N Ridgeview Road $3,200,000 Arlington, VA 5 Bedrooms | 6 Full + 1 Half Baths Exclusively Represented by Lisa Joy, 703.408.3450 BrightMLS# VAAR168366

45 2021 FIRST HALF MARKET REPORT

830 Herbert Springs Road $2,953,000 Alexandria, VA 5 Bedrooms | 4 Full + 2 Half Baths Exclusively Represented by Susan Taylor, 703.927.3000 BrightMLS# VAFX2002182

3619 N Vernon Street $2,899,999 Arlington, VA 7 Bedrooms | 5 Full + 1 Half Baths Exclusively Represented by Taylor Chamberlin, 571.228.1249 BrightMLS# VAAR183318

1011 N Washington Street $2,595,000 Alexandria, VA 5 Bedrooms | 4 Full & 1 Half Baths Exclusively Represented by Kate Patterson, 703.627.2166 BrightMLS# VAAX255096

46 2021 FIRST HALF MARKET REPORT

38780 Chelten Lane $2,425,000 Middleburg, VA 4 Bedrooms | 4 Full + 4 Half Baths Exclusively Represented by Bradley Clarke, 703.220.5707 BrightMLS# VALO385602

6115 Vernon Terrace $2,395,000 Alexandria, VA 6 Bedrooms | 4 Full + 2 Half Baths Exclusively Represented by Janet Caterson Price, 703.622.5984 BrightMLS# VAFX2009358

1904 Mallinson Way $2,195,000 Alexandria, VA 4 Bedrooms | 4 Full + 2 Half Baths Exclusively Represented by Tracy Dunn, 571.212.3658 BrightMLS# VAFX1198758

47 2021 FIRST HALF MARKET REPORT

609 Oakley Place $1,874,000 Alexandria, VA 6 Bedrooms | 4 Full + 1 Half Baths Exclusively Represented by Kate Patterson, 703.627.2166 BrightMLS# VAAX260922

1480 Evans Farm Drive #301 $1,750,000 McLean, VA 3 Bedrooms | 3 Full + 1 Half Baths Exclusively Represented by Marilyn Cantrell, 703.860.2096 BrightMLS# VAFX2010122

523 Duke Street $1,725,000 Alexandria, VA 3 Bedrooms | 2 Full + 1 Half Baths Exclusively Represented by Colleen Coopersmith, 703.338.2930 Lauren Bishop, 202.361.5079 BrightMLS# VAAX2001106 48 2021 FIRST HALF MARKET REPORT

88 V Street SW #801 $1,668,888 Washington, DC 2 Bedrooms | 2 Full + 1 Half Baths Exclusively Represented by Bob Johnson, 703.822.1550 BrightMLS# DCDC514482

608 Malcolm Place $1,525,000 Alexandria, VA 4 Bedrooms | 4 Full + 1 Half Baths Exclusively Represented by Susan Anthony, 703.795.9536 BrightMLS# VAAX2001908

201 Gibbon Street $1,520,000 Alexandria, VA 4 Bedrooms | 3 Full + 1 Half Baths Exclusively Represented by Susan Anthony, 703.795.9536 BrightMLS# VAAX2001576

49 2021 FIRST HALF MARKET REPORT

711 Fords Landing Way $1,199,999 Alexandira, VA 3 Bedrooms | 3 Full + 1 Half Baths Exclusively Represented by Kristen Jones, 703.851.2556 BrightMLS# VAAX260600

42A Wolfe Street $1,195,000 Alexandria, VA 2 Bedrooms | 2 Full + 1 Half Baths Exclusively Represented by Babs Beckwith, 703.627.5421 BrightMLS# VAAX2001232

6424 10th Street $1,100,000 Alexandria, VA 5 Bedrooms | 4 Full Baths Exclusively Represented by Chris Hayes & Gordon Wood, 703.944.7737 BrightMLS# VAFX2007686

50 2021 FIRST HALF MARKET REPORT

456 S Union Street $1,099,000 Alexandria, VA 2 Bedrooms | 1 Full + 1 Half Baths Exclusively Represented by Colleen Coopersmith, 703.338.2930 BrightMLS# VAAX259984

5501 11th Street N $1,075,000 Arlington, VA 5 Bedrooms | 3 Full Baths Exclusively Represented by Betsy Twigg, 703.967.4391 BrightMLS# VAAR2002046

2801 New Mexico Avenue NW #208 $1,059,000 Washington, DC 2 Bedrooms | 2 Full + 1 Half Baths Exclusively Represented by Yolanda Mamone, 202.262.4391 BrightMLS# DCDC526624

51 2021 FIRST HALF MARKET REPORT

Leadership 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 & Clarendon glewis@mcenearney.com Tel. 703.717.6311

Executive Vice President Managing Broker, McLean & Vienna 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

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

52

2021 FIRST HALF MARKET REPORT

We have found our new home in Middleburg.

Let McEnearney help you find yours.

McEnearney Associates 11 West Washington Street, Middleburg, VA 20118 I Tel. 540.687.5490 I McEnearney.com 14th Street I Alexandria I Arlington I Clarendon I Kensington 53 I Leesburg I McLean I Middleburg I Spring Valley I Vienna 2021 FIRST HALF MARKET REPORT

Equal Housing Opportunity

14TH STREET

ALEXANDRIA

NORTH 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

CLARENDON

KENSINGTON

LEESBURG

3033 Wilson Boulevard Arlington, VA 22201 Tel. 703.525.1900 Tel. 800.826.1612

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

MCLEAN

MIDDLEBURG

SPRING VALLEY

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

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

4910 Massachusetts Avenue, NW Washington, DC 20016 Tel. 202.552.5600 Tel. 866.762.8975

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

www.McEnearney.com

54 Copyright 2021 - McEnearney Associates, Inc. REALTORS. Source: Bright™ MLS. Data deemed reliable, but not guaranteed. Equal Housing Opportunity.

2021 FIRST HALF MARKET REPORT