2022 FIRST HALF Market Report DC | MD | VA
2022 FIRST HALF MARKET REPORT 2 Table of Contents Q&A with Maureen McEnearney Dunn Washington, DC Review The City of Alexandria, Virginia Review Arlington County & the City of Falls Church, Virginia Review Fairfax County & the City of Fairfax, Virginia Review Loudoun County, Virginia Review Prince William County, Virginia Review Fauquier County, Virginia Review Montgomery County, Maryland Review Prince George’s County, Maryland Review Luxury Listings Showcase McEnearney Associates’ Leadership Team5242393531272319151174
Front Cover: 15451 OLD DORY LANE Leesburg, VA | $2,700,000 | MLS# VALO2026556
It certainly has! When 2022 started, 30-year fixed mortgage rates were near historic lows at a little over 3%. In March, they climbed about a percent and a half and even got close to 6% at one point in June. Added to that were concerns over inflation, more COVID uncertainties, and even a ground war in Ukraine. And there was plenty of hyperbolic chatter about the coming “crash” of the real estate market—which simply isn’t true, by the way. Through it all, the DC metro area’s real estate market has fared well: much better than elsewhere in the country.
Every time we look at the data, we are reminded about how local real estate truly is. What goes on in Prince George’s County, Maryland can be really different than neighboring Montgomery County, and the suburban Virginia markets probably saw the most change. But there is a common thread throughout the region: rising mortgage rates have had a discernible impact on affordability, and contract activity is off as much as 20% from the same time last year. But as the reader will see in the community-specific commentaries in the Market Report, that’s not a fair or perhaps relevant comparison. 2021 was the hottest market in this region’s history, and almost any market data will pale in comparison. The fact remains that, despite the drop in contract activity we have seen over the last few months, there still isn’t enough inventory to satisfy even this weaker demand. Home prices held up remarkably well. What’s ahead for the second half of 2022 and beyond?
Our regional multiple listing service, BrightMLS™, does an exceptional job of forecasting. For the DC region, they expect unit sales to be down almost 8% in the third quarter compared to the third quarter of 2021, and down just 3% in the fourth quarter. And they expect a modest 3% increase in unit sales in 2023. And for home prices—which have seen double-digit increases in 2020 and 2021—Bright is projecting median price increase of 6% in the third quarter and 4.6% in the fourth quarter. Those forecasts certainly conform to our expectations.
2022 has been quite a roller coaster so far, hasn’t it?
2022 FIRST HALF MARKET REPORT 4 Q&A MaureenwithMcEnearney
Dunn
How did the market fare over the last six months?
We won’t see anything like the overheated market of the last two years. Over the past few months, the market has started resetting to something a little closer to “normal.” There are some clear headwinds pushing this transition, including ongoing and appropriate concerns about where mortgage rates are headed and the impact on affordability. Inflation in consumer prices impacts the real estate market because many households simply have less income to devote to housingrelated expenses. And let’s face it, there is a level of consumer anxiety that is hard to quantify but is nonetheless real. Yet as far as the region’s real estate market goes, there are two fundamental elements that always drive the direction of the market: supply (listing inventory) and demand (contract activity). We go into considerable detail in each of our community sections, but throughout our region, there still isn’t enough supply to meet even the lower level of contract activity. That will keep modest upward pressure on home prices. We expect the rest of 2022, and into 2023, will look a lot like 2018 and 2019. And by any measure other than 2020 and 2021, those were very good years.
4607 27TH STREET N Arlington, VA | SOLD
214 WOLFE STREET Alexandria, VA | SOLD
Washington, DC
2022 FIRST HALF MARKET REPORT 8 1,6001,5001,4001,3001,2001,1001,000900800700600500400300200100 MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 434 2022HalfFirst418 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 1,366 1,222 1,528 1,267 1,022 941 761 665 529 489 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condos/Co-ops First Half 2021 First Half 202212.20%12.54% 33.47%33.81% 54.34%53.65% Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun SUPPLYMONTHS’ 1432 WASHINGTON, DC MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY There continues to be a fairly wide gap in the performance of Washington, DC’s condo market versus that of the detached and attached home markets. At the onset of COVID in the spring of 2020, the inventory of condos and co-ops on the market soared almost overnight, and demand fell as well. In much of the DC region, condo sales improved as COVID-related concerns eased. But that was not the case in The District. Condo sales fell a little more than 10% in the first half of this year—but that was actually a little better than sales of attached homes (down 12.2%) and detached homes (down 13.7%). However, condo sales still make up over half of all real estate activity in DC. Despite the decrease in sales, home prices rose for all three property types, and as we’ll discuss in our forecast below, it’s because of the lack of inventory. It’s still a sellers’ market. And as is also true throughout the region, today’s lower level of sales activity is lower only in comparison to the white-hot market of 2020 and 2021. It is on par with sales in 2018 and 2019. What’s ahead for the second half of 2022? We have always considered a market with 4-6 months of supply—the relationship between inventory and contract activity—to be in balance when home prices are fairly stable. The supply of condos on the market has come fairly close to that 4-month threshold a couple of times over the last two years, reaching 3.6 months in September of last year. In fact, DC’s condo market has been the softest of any property category in the region during that time period. Even so, condo supply has remained in the “sellers’ market” range. Since interest rates rose quickly and unexpectedly in March, the relative supply of homes on the market has risen for all three property types. For condos, it has gone from 1.7 months at the end of March to 2.9 months at the end of June. For attached homes, it has gone from 0.9 months to 1.7 months, and detached homes from 1.2 months to 1.7 months. As long as supply stays below 4 months, we expect prices to continue to hold up well, but the rate of appreciation will slow as that threshold approaches. We fully expect the supply of attached and detached homes to stay below 4 months throughout the rest of the year, while condos will get pretty close to that line before year’s end.
2022 FIRST HALF MARKET REPORT 9 WASHINGTON, DC First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 707 610 -13.72% Average Days on Market 26.2 28.6 9.16% Average Sold Price $1,386,940 $1,539,593 11.01% Average Original List Price $1,367,623 $1,548,503 13.23% Average Sold Price vs. List Price 101.40% 99.42% -1.95% Lowest Price Home $185,000 $135,000 -27.03% Highest Price Home $11,492,000 $11,500,000 0.07% HOMESATTACHED Number of Units Sold 1,907 1,674 -12.22% Average Days on Market 24.4 26.8 9.84% Average Sold Price $979,863 $1,019,087 4.00% Average Original List Price $966,338 $1,026,470 6.22% Average Sold Price vs. List Price 101.40% 99.28% -2.09% Lowest Price Home $145,000 $200,000 37.93% Highest Price Home $7,000,000 $5,500,000 -21.43% CONDOMINIUMS Number of Units Sold 3,026 2,718 -10.18% Average Days on Market 43.2 47.2 9.26% Average Sold Price $570,240 $616,427 8.10% Average Original List Price $577,690 $603,972 4.55% Average Sold Price vs. List Price 98.70% 102.06% 3.40% Lowest Price Home $33,388 $67,000 100.67% Highest Price Home $5,400,000 $11,000,000 103.70% PROPERTIESALL Number of Units Sold 5,640 5,002 -11.31% Average Days on Market 34.7 38.1 9.80% Average Sold Price $811,119 $863,765 6.49% Average Original List Price $808,122 $860,555 6.49% Average Sold Price vs. List Price 100.40% 100.37% -0.03%
2314 N KENMORE STREET Arlington, VA | SOLD
We have no doubt that supply will rise over the second half of the year, and that will ease the upward pressure on home prices; additionally, it is likely that homes will take a bit longer to sell, but it will continue to be a sellers’ market.
2022 FIRST HALF MARKET REPORT 12 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2021 14.93% 41.80% 43.27% First Half 2022 13.79% 29.51% 56.70% 375350325300275250225200175150125100755025 MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 360 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 357357 356 365 298 273 266 199 184 87 98 343 Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun SUPPLYMONTHS’ 1432 CITY OF ALEXANDRIA MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Largely driven by the rise in mortgage interest rates (which began in early March and impacted affordability), unit sales slipped by almost 6% in the first half of 2022 compared to the first half of 2021. Yet, we’ll note here and throughout our Market Report that this comparison is skewed because 2021 was the hottest real estate market this region has ever seen. Overall, home prices rose significantly for all three property types—detached homes, attached homes, and condos—and the average number of days homes were on the market before going under contract was about three days quicker than the first half of 2021. Despite the overall market frenzy in 2021, condos were the weakest sector of Alexandria’s market last year. That changed in the first half of 2022, with a 22% increase in unit sales. Detached and attached unit sales were down 13% and 34%, What’srespectively.aheadforthe
City of Alexandria
second half of 2022? While we expect contract activity to be lower in the second half of 2022 compared to the same period last year, activity will be comparable to the pre-COVID years of 2018 and 2019. Despite that drop in demand, the City is still in a sellers’ market and will be through at least the rest of the year. And that’s because there isn’t enough inventory to meet even the lower level of buyer activity. Historically, markets are considered to be in equilibrium when the supply of homes on the market—simply, available listings divided by contracts—is between 4 and 6 months. At those levels, prices are stable. As the chart indicates, we’re a long way from even that lowest threshold of equilibrium. At the end of June 2022, the supply of attached home was just over one month, while supply of condos and detached homes was less than a month. Inventory would have to rise in unexpected and dramatic ways to reach a balanced market.
2022 FIRST HALF MARKET REPORT 13 CITY OF ALEXANDRIA First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 245 213 -13.06% Average Days on Market 21.3 16.6 -22.07% Average Sold Price $1,153,694 $1,234,081 6.97% Average Original List Price $1,150,132 $1,252,974 8.94% Average Sold Price vs. List Price 100.30% 98.49% -1.80% Lowest Price Home $450,000 $460,000 2.22% Highest Price Home $5,000,000 $3,350,000 -33.00% HOMESATTACHED Number of Units Sold 686 456 -33.53% Average Days on Market 16.0 12.8 -20.00% Average Sold Price $802,158 $921,865 14.92% Average Original List Price $795,302 $938,877 18.05% Average Sold Price vs. List Price 100.90% 98.19% -2.69% Lowest Price Home $240,000 $430,000 79.17% Highest Price Home $3,325,000 $5,100,000 53.38% CONDOMINIUMS Number of Units Sold 710 876 23.38% Average Days on Market 36.0 28.6 -20.56% Average Sold Price $378,865 $438,379 15.71% Average Original List Price $385,221 $438,331 13.79% Average Sold Price vs. List Price 98.40% 100.01% 1.64% Lowest Price Home $120,000 $138,000 15.00% Highest Price Home $4,509,000 $4,509,000 0.00% PROPERTIESALL Number of Units Sold 1,641 1,545 -5.85% Average Days on Market 25.4 22.3 -12.20% Average Sold Price $671,499 $690,777 2.87% Average Original List Price $670,851 $698,375 4.10% Average Sold Price vs. List Price 100.10% 98.91% -1.19%
4762 NEPTUNE DRIVE Alexandria, VA | SOLD
Arlington County & the City of Falls Church MARKET SHARE BY TYPE ARLINGTON COUNTY & FALLS CHURCH CITY 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2021 - Falls Church City (Top) & Arlington County (Bottom) First Half 2022 - Falls Church City (Top) & Arlington County (Bottom)48.96%53.25% 26.04%16.88% 29.87%25.00% 32.49% 10.04% 57.47% 35.89% 19.83% 44.29%
What’s ahead for the second half of 2022? As is true throughout the metro DC region, contract activity will be lower in the second half of 2022 compared to the same period last year as the market feels the combined impact of higher mortgage interest rates, rising home prices, and consumer inflation. This is simply a reset to a more normal market. But it is still a sellers’ market, as the chart on the next page clearly shows. (Because of the small number of transactions in the City of Falls Church, we have combined their info with Arlington’s in this chart.) We have traditionally viewed markets with 4-6 months’ supply (listing inventory divided by contract activity) to be balanced when there is little upward pressure on home prices. In the Arlington/Falls Church market, condo supply briefly edged near the lower end of that threshold in the early days of COVID, but for most of the last two years, supply has been below one month for attached and detached homes. As a result, we have seen a significant increase in home prices. Since interest rates began a steep rise in March, supply has risen—but it is still at or below two months for all three property types. It is undeniably a sellers’ market, but it’s not as overheated as it was earlier in the year. While the trend toward higher supply levels will ease the pace of home price appreciation, we’re still a long way from a balanced market.
2022 FIRST HALF MARKET REPORT 16 MARKET SHARE BY PRICE - ARLINGTON 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 45040035030025020015010050193189 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 350387 408 370 307 261 296 255 144163 Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun SUPPLYMONTHS’ 1432 MARKET SHARE BY PRICE - FALLS CHURCH CITY 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 30252015105 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 15 10 12 9 29 22 25 20 10 125 4 ARLINGTON COUNTY & FALLS CHURCH CITY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Arlington County The wildly overheated market of 2021—largely fueled by historically low interest rates—had to cool off, and it did. Unit sales fell by a little over 10% in the first half of 2022 compared to the first half of 2021 as affordability took a hit because of rising interest rates. However, the number of condo sales actually rose by almost 17%. Purchasers who avoided condo living during the worst parts of the COVID pandemic seemed more comfortable buying as conditions improved. Overall, homes in Arlington County took a couple of days longer to sell in the first half of the year. The City of Falls Church Because the number of transactions in the City of Falls Church is small compared to its neighbors’, a handful of sales can really change the percentages. As an example, the 13 townhomes that sold in the first half of the year represented a 48% decrease from the first half of 2021, but the average attached home sales price rose by 34%. It’s tough to draw firm conclusions from this small data set, but the continuing low inventory of homes has kept the City in the sellers’ market category.
2022 FIRST HALF MARKET REPORT 17 ARLINGTON COUNTY FALLS CHURCH CITY First Half 2021 First Half 2022 % Change First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 628 511 -18.63% 47 41 -12.77% Average Days on Market 23.8 20.5 -13.87% 7.0 41.8 497.14% Average Sold Price $1,235,262 $1,294,440 4.79% $1,200,816 $1,277,262 6.37% Average Original List Price $1,228,279 $1,332,306 8.47% $1,187,800 $1,305,472 9.91% Average Sold Price vs. List Price 100.60% 97.16% -3.42% 101.1% 97.84% -3.22% Lowest Price Home $495,000 $450,000 -9.09% $775,000 $505,000 -34.84% Highest Price Home $3,275,000 $4,150,000 26.72% $1,923,000 $2,200,000 14.40% HOMESATTACHED Number of Units Sold 347 158 -54.47% 25 13 -48.00% Average Days on Market 16.3 27.7 69.94% 8.7 6.2 -28.74% Average Sold Price $726,339 $877,283 20.78% $777,069 $962,569 23.87% Average Original List Price $721,972 $895,804 24.08% $750,476 $985,062 31.26% Average Sold Price vs. List Price 100.60% 97.93% -2.65% 103.50 97.72% -5.58% Lowest Price Home $325,000 $300,000 -7.69% $458,500 $795,000 73.39% Highest Price Home $1,600,000 $2,048,000 28.00% $1,350,000 $1,420,000 5.19% CONDOMINIUMS Number of Units Sold 775 904 16.65% 24 23 -4.17% Average Days on Market 42.1 39.7 -5.70% 32.3 23.0 -28.79% Average Sold Price $454,363 $516,169 13.60% $443,263 $519,470 17.19% Average Original List Price $462,487 $511,532 10.60% $454,558 $518,913 14.16% Average Sold Price vs. List Price 98.20% 100.91% 2.76% 97.50% 100.11% 2.68% Lowest Price Home $100,000 $51,000 -49.00% $172,800 $200,000 15.74% Highest Price Home $2,580,000 $3,175,000 23.06% $830,000 $995,000 19.88% PROPERTIESALL Number of Units Sold 1,750 1,573 -10.11% 96 77 -19.79% Average Days on Market 30.4 32.2 5.92% 13.8 30.1 118.12% Average Sold Price $788,523 $805,268 2.12% $901,077 $997,779 10.73% Average Original List Price $788,749 $816,765 3.55% $890,603 $1,016,431 14.13% Average Sold Price vs. List Price 100.00% 98.59% -1.41% 101.20% 98.16% -3.00%
1512 CRESTWOOD LANE McLean, VA | SOLD
2022 FIRST HALF MARKET REPORT 20 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 202148.80% 31.83% 19.37% First Half 202249.15% 27.50% 23.36% 3,4003,2003,0002,8002,6002,4002,2002,0001,8001,6001,4001,2001,000800600400200 MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 971 2022HalfFirst787 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2,203 1,711 3,294 2,820 1,982 1,697 902 809 490 486 Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun SUPPLYMONTHS’ 1432 FAIRFAX COUNTY & FAIRFAX CITY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Fairfax County & the City of Fairfax
We have long considered a market with 4-6 months’ supply (the number of listings divided by the number of contracts) to be in equilibrium. Throughout the pandemic, supply of attached and detached homes has stayed under one month, and condo supply occasionally flirted with two months. And even though supply started to head up in March as interest rates rose, all three property types ended the first half of 2022 with less than one and a half months of supply. We’re well below the threshold for a balanced market, so we absolutely believe the second half of 2022 will still be a sellers’ market. As supply rises, the pace of home price appreciation will slow a bit, homes will take a little longer to sell, and buyers will have a much better chance of negotiating contingencies than they did in the overheated market of the past two years.
An expected—and perhaps overdue—market reset is underway in Fairfax County. Record-low interest rates combined with COVID-induced migration moved a healthy market in 2018 and 2019 to one that was clearly overheated and unsustainable. Double-digit price increases can only last for so long, and the rapid rise in mortgage interest rates kicked off the reset. Unit sales fell by almost 16% in the first half of 2022, and all of that decrease was concentrated in attached homes (down 27%) and detached homes (down 15%). Condo sales were up almost 2%. But a drop in the number of sales has not translated into lower home prices as all three property categories saw healthy increases in the average sales price. And despite the decrease in buyer activity, homes actually sold a little quicker than last year. Even with higher mortgage interest rates, consumer price inflation, and higher home prices, contract activity looks a lot like that of 2018 and 2019.
What’s ahead for the second half of 2022? We are often asked whether home prices are going to drop as more buyers have been priced out of the market. The short answer is no. Pricing isn’t just dependent on buyer activity: the number of homes on the market matters just as much. And the chart below shows just how far away the Fairfax County market is from a balanced supply that would flatten or lower home prices.
2022 FIRST HALF MARKET REPORT 21 FAIRFAX COUNTY & FAIRFAX CITY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 4,803 4,084 -14.97% Average Days on Market 20.3 16.9 -16.75% Average Sold Price $957,786 $1,027,654 7.29% Average Original List Price $939,709 $1,060,573 12.86% Average Sold Price vs. List Price 101.90% 96.90% -4.91% Lowest Price Home $240,000 $300,000 25.00% Highest Price Home $11,000,000 $11,000,000 0.00% HOMESATTACHED Number of Units Sold 3,133 2,285 -27.07% Average Days on Market 11.2 10.6 -5.36% Average Sold Price $542,826 $587,185 8.17% Average Original List Price $529,025 $607,898 14.91% Average Sold Price vs. List Price 102.60% 96.59% -5.86% Lowest Price Home $165,000 $200,000 21.21% Highest Price Home $2,276,500 $2,600,000 14.21% CONDOMINIUMS Number of Units Sold 1,906 1,941 1.84% Average Days on Market 30.8 24.3 -21.10% Average Sold Price $342,050 $367,701 7.50% Average Original List Price $346,159 $368,997 6.60% Average Sold Price vs. List Price 98.80% 99.65% 0.86% Lowest Price Home $128,000 $144,000 12.50% Highest Price Home $2,245,000 $2,800,000 24.72% PROPERTIESALL Number of Units Sold 9,842 8,310 -15.57% Average Days on Market 19.4 16.9 -12.89% Average Sold Price $706,449 $752,390 6.50% Average Original List Price $694,029 $774,567 11.60% Average Sold Price vs. List Price 101.80% 97.14% -4.58%
3109 WHIMBRELL COURT Oakton, VA | SOLD
2022 FIRST HALF MARKET REPORT 24 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 202147.71% 34.51% 17.78% First Half 202247.07% 34.07% 18.85% 1,6001,5001,4001,3001,2001,000900800700600500400300200100 MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 185 2022HalfFirst127 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 1,093 697 1,593 1,181 935 803 341 71 112 411 SUPPLYMONTHS’ LOUDOUN COUNTY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun 0.53.52.51.52341 EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Loudoun County Along with Prince William County, Loudoun County had the hottest market in the DC metro area during the past two years, and the pace of sales and rising home prices was both abnormal and unsustainable. The resetting of Loudoun’s market started in the first half of 2022. Along with the rest of the region, rising mortgage rates really impacted buyers in Loudoun, as did much higher home prices. As a result, unit sales of attached and detached homes fell 22% and condo sales fell 16%, but those homes sold on average one day faster than even last year’s red-hot pace. But it is important to keep these numbers in context. The unit sales now are right back where they were in 2018 and 2019, and that’s a good thing. It was a sellers’ market then and it’s a sellers’ market now—it just isn’t the insane one we experienced over the last 24 What’smonths.ahead for the second half of 2022?
Loudoun County’s recent market has been characterized by very high demand and exceptionally low inventory. As we noted above, demand—contract activity and unit sales—is down, and inventory is up. But once again, that inventory increase is relative. Even though inventory is double that of this time last year, it’s still much less than half of its historic norms. A market with at least 4 months of supply is considered balanced when home prices become relatively stable. Throughout most of the last two years, the months’ supply—which is simply the listing inventory divided by the number of contracts—has been roughly two weeks. But the onset of higher interest rates hit contract activity hard, so supply has steadily climbed during the last three months and now stands at a little over one month. And while we expect supply will continue to rise, that 4-month market equilibrium is long way off. Loudoun home prices will continue to rise, albeit at a slower pace than we have seen over the last two years. Price appreciation between 5% and 7% is a reasonable expectation, but the higher inventory and fewer buyers will give purchasers who are still in the market some opportunities to negotiate contingencies. They haven’t had that in more than two years.
2022 FIRST HALF MARKET REPORT 25 LOUDOUN COUNTY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 2,013 1,568 -22.11% Average Days on Market 14.1 11.4 -19.15% Average Sold Price $852,890 $962,240 12.82% Average Original List Price $829,560 $986,497 18.92% Average Sold Price vs. List Price 102.80% 97.54% -5.12% Lowest Price Home $129,000 $310,000 140.31% Highest Price Home $5,500,000 $4,100,000 -25.45% HOMESATTACHED Number of Units Sold 1,456 1,135 -22.05% Average Days on Market 6.8 9.7 42.65% Average Sold Price $563,914 $616,762 9.37% Average Original List Price $544,682 $637,058 16.96% Average Sold Price vs. List Price 103.50% 96.81% -6.46% Lowest Price Home $188,680 $257,000 36.21% Highest Price Home $1,475,000 $1,900,000 28.81% CONDOMINIUMS Number of Units Sold 750 628 -16.27% Average Days on Market 14.9 11.4 -23.49% Average Sold Price $386,000 $421,470 9.19% Average Original List Price $381,226 $428,705 12.45% Average Sold Price vs. List Price 101.30% 98.31% -2.95% Lowest Price Home $106,015 $120,000 13.19% Highest Price Home $810,000 $954,995 17.90% PROPERTIESALL Number of Units Sold 4,219 3,331 -21.05% Average Days on Market 11.7 10.8 -7.69% Average Sold Price $670,165 $742,570 10.80% Average Original List Price $651,548 $762,268 16.99% Average Sold Price vs. List Price 102.90% 97.42% -5.33%
16272 HAMILTON STATION ROAD Waterford, VA | SOLD
2022 FIRST HALF MARKET REPORT 28 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2021 54.35% 40.73% 4.92% First Half 2022 55.68% 31.39% 12.94% MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 491 2022HalfFirst258 2022HalfFirst 2,5002,4002,3002,2002,1002,0001,9001,8001,7001,6001,5001,4001,3001,2001,000900800700600500400300200100 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2,410 1,639 1,573 1,343 357 396 3 12 69 86 SUPPLYMONTHS’ PRINCE WILLIAM COUNTY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun 3.52.51.50.51234 EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY
Prince William County Along with Loudoun County, Prince Williams County had the hottest market in the DC region since the onset of the COVID pandemic. Supply was startlingly low, sellers had all the leverage and buyers were more often than not in competition with other buyers. Those conditions started to shift in the first half of Mortgage2022. rates jumped by almost two full percentage points in February and March, and that cooled buyer activity. Unit sales fell by 24% and homes, on average, took longer to sell. But homes prices still rose by an average of 10%. It is important to remember that these are all comparisons to the hottest market in Prince William County’s history. Unit sales for the first half of this year are very much in line with the market activity in 2018 and 2019, but inventory is much, much lower. It was a sellers’ market then and it’s a sellers’ market now—it’s just not as hot as last year. What’s ahead for the second half of 2022? Since the onset of the COVID pandemic, Prince William County’s real estate market has been characterized by very high demand and exceptionally low inventory. Apart from a small blip at the end of 2021, the supply of homes on the market for all three property types—condos, detached homes, and attached homes—has been about a half month. Considering that it takes 4 months of supply to reach the lowest threshold of a balanced market where prices are fairly stable, the Prince William real estate market will be a sellers’ market through the rest of this year and well into 2023. While it’s likely we will see some continued moderation in buyer activity because of higher interest rates, there still won’t be enough inventory to meet the demand. Prices won’t go up as fast, homes will take a little longer to sell, and the scales will continue to be tilted in favor of sellers.
2022 FIRST HALF MARKET REPORT 29 PRINCE WILLIAM COUNTY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 2,665 2,079 -21.99% Average Days on Market 8.8 35.0 297.73% Average Sold Price $589,908 $644,757 9.30% Average Original List Price $570,090 $664,032 16.48% Average Sold Price vs. List Price 103.50% 97.10% -6.18% Lowest Price Home $185,000 $160,000 -13.51% Highest Price Home $2,300,000 $2,000,000 -13.04% HOMESATTACHED Number of Units Sold 1,997 1,172 -41.31% Average Days on Market 9.9 10.3 4.04% Average Sold Price $384,257 $434,850 13.17% Average Original List Price $373,157 $450,285 20.67% Average Sold Price vs. List Price 103.00% 96.57% -6.24% Lowest Price Home $160,000 $215,000 34.38% Highest Price Home $819,000 $835,000 1.95% CONDOMINIUMS Number of Units Sold 241 483 100.41% Average Days on Market 14.5 10.5 -27.59% Average Sold Price $267,535 $342,466 28.01% Average Original List Price $265,443 $350,614 32.09% Average Sold Price vs. List Price 100.80% 97.68% -3.10% Lowest Price Home $135,000 $140,000 3.70% Highest Price Home $575,000 $950,000 65.22% PROPERTIESALL Number of Units Sold 4,903 3,734 -23.84% Average Days on Market 9.5 24.1 153.68% Average Sold Price $490,300 $539,771 10.09% Average Original List Price $474,905 $556,401 17.16% Average Sold Price vs. List Price 103.20% 97.01% -6.00%
12913 PERCHERON LANE Oak Hill, VA | SOLD
Even though overall supply (simply the number of listings divided by the number of contracts) has more than doubled since interest rates started to climb in March, it’s still just over one month. That is well below even the 4-month supply, which is the lowest threshold for a balanced market. That will keep modest upward pressure on home prices.
2022 FIRST HALF MARKET REPORT 32 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2021 87.22% 8.89%3.89%2.62%First Half 2022 91.96% 5.42% MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 66 38 113 2022HalfFirst 2022HalfFirst 32030028026024022020018016014012010080604020 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 311 202 248 182 56 80 15 24 18 15 FAUQUIER COUNTY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 All Homes Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun SUPPLYMONTHS’ 4321 EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Fauquier County As we saw throughout the region, Fauquier County’s real estate market slowed in the first half of 2022 and especially in the second quarter. While Fauquier benefited from the COVID-induced mini-migration to the region’s more suburban and rural communities, buyer activity now more closely resembles 2018 and 2019. It was a modest sellers’ market then, and it looks like that today. As the most rural jurisdiction we look at in our region, attached homes and condos represent only 8% of the total market in Fauquier. Both of those property categories saw decreases of 50% in unit sales. Detached homes in Fauquier were down almost 22%. But despite those decreases, homes still sold very quickly compared to historic norms and actually sold a little closer to list price than in the first half of 2021. What’s ahead for the second half of 2022? As we discuss in each of our area commentaries, there is a market reset underway as we transition from the overheated, low interest environment of the last two years. But the reason Fauquier still has a sellers’ market, despite the drop in buyer activity, is continuing low inventory. In the first half of 2022, there was an average of just 88 homes on the market in the County, less than one third of historic norms. That simply means that there isn’t enough supply to meet the lower demand, as the chart clearly indicates. (For clarity, we combined attached home and condo numbers with detached homes for this chart because there are so few attached and condo listings and contracts).
2022 FIRST HALF MARKET REPORT 33 FAUQUIER COUNTY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 628 492 -21.66% Average Days on Market 25.8 27.9 8.14% Average Sold Price $628,429 $731,564 16.41% Average Original List Price $630,653 $725,679 15.07% Average Sold Price vs. List Price 99.60% 100.81% 1.21% Lowest Price Home $115,000 $122,900 6.87% Highest Price Home $6,650,000 $23,500,000 253.38% HOMESATTACHED Number of Units Sold 64 29 -54.69% Average Days on Market 6.3 9.0 42.86% Average Sold Price $315,084 $325,707 3.37% Average Original List Price $309,115 $336,683 8.92% Average Sold Price vs. List Price 101.90% 96.74% -5.06% Lowest Price Home $185,000 $229,000 23.78% Highest Price Home $475,000 $440,000 -7.37% CONDOMINIUMS Number of Units Sold 28 14 -50.00% Average Days on Market 7.4 12.3 66.22% Average Sold Price $266,243 $287,900 8.13% Average Original List Price $262,286 $291,036 10.96% Average Sold Price vs. List Price 101.50% 98.92% -2.54% Lowest Price Home $130,000 $160,000 23.08% Highest Price Home $499,999 $500,000 0.00% PROPERTIESALL Number of Units Sold 720 535 -25.69% Average Days on Market 23.3 26.4 13.30% Average Sold Price $586,491 $697,955 19.01% Average Original List Price $587,747 $693,219 17.95% Average Sold Price vs. List Price 99.80% 100.68% 0.88%
7828 HAMPDEN LANE Bethesda, MD | SOLD
2022 FIRST HALF MARKET REPORT 36 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2022 50.83% 22.05% 27.12% First Half 2021 51.75% 28.17% 20.08% MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 2022HalfFirst 2022HalfFirst 1,059 1,316 210020001900180017001600150014001300120011001000900800700600500400300200100 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2,097 1,811 1,998 1,818 996 931 422 359 646 552 SUPPLYMONTHS’ MONTGOMERY COUNTY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun 4321 EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY Montgomery County Montgomery County enjoyed a very robust sellers’ market from late spring 2020 through March of this year. By the second quarter of 2022, that exceptionally hot market began a shift to something closer to historic norms. Overall unit sales fell by almost 13%, led by a 32% drop in the number of attached homes that sold. Detached homes dropped by 14%. However, the condo market enjoyed a nice rebound in sales. As the COVID pandemic spread in 2020 and 2021, many purchasers chose townhomes or detached homes over the relatively close quarters of condo living, but as COVID fears waned and interest rates rose, the more affordable condos became increasingly attractive. The number of condo sales rose 18%. Often a drop in buyer demand translates into longer times on the market, and that simply wasn’t the case in Montgomery County. The average days on the market fell compared to the first half of 2022 for all three property types, and home prices rose as well. An expected—and perhaps overdue—market reset is underway in Montgomery County. Record-low interest rates combined with COVID-induced migration moved a healthy market in 2018 and 2019 to one that was clearly overheated and unsustainable. Double-digit price increases can only last for so long, and the rapid rise in mortgage interest rates kicked off the reset. As we noted in our opening Q&A, the comparison to the market performance of 2021 is perhaps a bit misleading. Last year was the hottest market in the County’s history. In the first half of 2022, the key market metrics compare very favorably to those of 2018 and 2019. It was a sellers’ market in those years, and it still is today. It’s simply not as hot as last year. What’s ahead for the second half of 2022? With the lower level of sales and contract activity, should we expect home prices to fall? For prices to fall—or even stay flat—there needs to be at least 4 months of supply. (And supply is simply the listing inventory divided by the number of contracts). As the chart indicates, the supply of homes in Montgomery County is well below that threshold. Throughout the pandemic, the supply of attached and detached homes has been less than one month, and condo supply has varied between one and a half and two months. In fact, supply was well under one month for all three property types in March of this year. As interest rates rose and buyer demand eased up, supply began to rise. For example, the supply of detached homes was 0.9 months, up from just 0.4 months at the end of March. Attached home supply rose from 0.3 months to 0.8, and condo supply rose from 0.6 months to 1.1 months. Those supply levels will keep modest upward pressure on home prices through the rest of the year, even if contract activity continues to fall a bit.
2022 FIRST HALF MARKET REPORT 37 MONTGOMERY COUNTY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 3,868 3,319 -14.19% Average Days on Market 18.7 15.0 -19.79% Average Sold Price $884,582 $915,245 3.47% Average Original List Price $858,151 $955,205 11.31% Average Sold Price vs. List Price 103.10% 95.82% -7.06% Lowest Price Home $150,000 $210,000 40.00% Highest Price Home $8,500,000 $8,350,000 -1.76% HOMESATTACHED Number of Units Sold 2,106 1,440 -31.62% Average Days on Market 16.6 15.9 -4.22% Average Sold Price $467,639 $515,530 10.24% Average Original List Price $457,756 $530,211 15.83% Average Sold Price vs. List Price 102.20% 97.23% -4.86% Lowest Price Home $160,000 $185,990 16.24% Highest Price Home $2,296,500 $1,850,000 -19.44% CONDOMINIUMS Number of Units Sold 1,501 1,771 17.99% Average Days on Market 38.6 31.6 -18.13% Average Sold Price $307,395 $344,467 12.06% Average Original List Price $315,785 $342,680 8.52% Average Sold Price vs. List Price 97.30% 100.52% 3.31% Lowest Price Home $67,000 $75,000 11.94% Highest Price Home $3,375,000 $4,475,000 32.59% PROPERTIESALL Number of Units Sold 7,475 6,530 -12.64% Average Days on Market 22.1 19.7 -10.86% Average Sold Price $651,212 $672,299 3.24% Average Original List Price $636,435 $695,362 9.26% Average Sold Price vs. List Price 102.30% 96.68% -5.49%
6137 LONG MEADOW ROAD McLean, VA | SOLD
What’s ahead for the second half of 2022?
Because of higher mortgage interest rates, higher home prices, and overall consumer price inflation, we expect that contract activity in Prince George’s County will continue to moderate compared to last year. And that’s a good thing for homebuyers who are still in the market. During the past two years of an overheated market, buyers had little to no negotiating leverage, but they will at least have a chance to get some seller concessions, even though it will still be a sellers’ market. It’s all about supply—the relationship between the number of listings on the market and contract activity. Over the last two years, record-high contract activity combined with incredibly low inventory which kept supply below one month for all three property types—condos, attached and detached homes. And since the threshold for a balanced market where prices are stable is four months, prices will continue to rise, even if contract activity moderates as we expect. Even though inventory has increased slightly, consider this: at the end of June 2022, there were 650 homes on the market in PG County. At the end of June 2019 there were almost 1,700. There is still an enormous listing inventory deficit and that doesn’t change overnight. It’s going to be a sellers’ market—although a more modest one—through the rest of the year and into 2023.
Prince George’s County Prince George’s County continues to enjoy the region’s most affordable housing stock, but that also means it is the most vulnerable to changes in mortgage interest rates. Through the first three months of 2022, PG was the only jurisdiction in the metro DC area with an increase in contract activity, but when rates jumped by 2+ percentage points, contract activity fell. In the second quarter, condos, attached and detached homes saw double-digit decreases in sales. Despite that drop in contract activity, the average home price rose by 8%. Homes took, on average, 4 days longer to sell. Unlike last year, when homes sold on average for more than their list price, homes in the first half of 2022 sold about 1% less than their original asking price. And as we have noted in our other area commentaries, the pace of sales is well below that of the overheated markets of 2020 and 2021. It is very much in line with the sales activity of 2018 and 2019.
2022 FIRST HALF MARKET REPORT 40 MARKET SHARE BY TYPE 2021 FIRST HALF VS. 2022 FIRST HALF Detached Homes Attached Homes Condominiums First Half 2021 62.71% 28.15% 9.14% First Half 2022 58.72% 26.08% 15.19% MARKET SHARE BY PRICE 2021 FIRST HALF VS. 2022 FIRST HALF $750K-$999K$0-$299K $1M-$1.49M$300K-$499K $1.5M+$500K-$749K 1,540 2022HalfFirst1,199 2022HalfFirst 3,2003,1003,0002,9002,8002,7002,6002,5002,4002,3002,2002,1002,0001,9001,8001,7001,6001,5001,4001,3001,2001,1001,000900800700600500400300200100 2022HalfFirst 2022HalfFirst 2022HalfFirst 2022HalfFirst2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 2021HalfFirst 3,198 3,198 963 1,010 97 0 011 29 110 SUPPLYMONTHS’ PRINCE GEORGE’S COUNTY MONTHS’ SUPPLY JULY 2020 - JUNE 2022 Detached Homes Attached Homes Condos/Co-ops Jul ‘20 Aug Sept Oct Nov Dec Jan ‘21 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan ‘22 Feb Mar Apr May Jun 3.52.51.50.51234 EQUILIBRIUM MARKET - 4 MONTHS’ SUPPLY
2022 FIRST HALF MARKET REPORT 41 PRINCE GEORGE’S COUNTY First Half 2021 First Half 2022 % Change HOMESDETACHED Number of Units Sold 3,643 3,177 -12.79% Average Days on Market 17.6 20.0 13.64% Average Sold Price $435,693 $473,417 8.66% Average Original List Price $426,282 $480,424 12.70% Average Sold Price vs. List Price 102.20% 98.54% -3.58% Lowest Price Home $100,000 $90,000 -10.00% Highest Price Home $1,200,000 $2,000,000 66.67% HOMESATTACHED Number of Units Sold 1,635 1,411 -13.70% Average Days on Market 20.7 29.7 43.48% Average Sold Price $335,250 $386,369 15.25% Average Original List Price $330,478 $390,906 18.29% Average Sold Price vs. List Price 101.40% 98.84% -2.52% Lowest Price Home $83,000 $110,500 33.13% Highest Price Home $924,900 $910,000 -1.61% CONDOMINIUMS Number of Units Sold 531 822 54.80% Average Days on Market 27.3 24.7 -9.52% Average Sold Price $182,178 $240,924 32.25% Average Original List Price $184,460 $239,541 29.86% Average Sold Price vs. List Price 98.80% 100.58% 1.80% Lowest Price Home $40,000 $65,000 62.50% Highest Price Home $840,000 $1,000,000 19.05% PROPERTIESALL Number of Units Sold 5,809 5,410 -6.87% Average Days on Market 19.4 23.3 20.10% Average Sold Price $384,249 $415,389 8.10% Average Original List Price $377,212 $420,476 11.47% Average Sold Price vs. List Price 101.90% 98.79% -3.05%
1122 LITTON LANE McLean, VA | SOLD
Luxury Listings Showcase McENEARNEY ASSOCIATES
2022 FIRST HALF MARKET REPORT 44 1122 Litton Lane $9,250,000McLean,VA 7 Bedrooms | 9 Full & 3 Half Baths BrightMLS# VAFX2052492 Exclusively Represented by Lisa Joy, 703.408.3450 1155 Daleview Drive $4,850,000McLean,VA 6 Bedrooms | 8 Full & 1 Half Baths BrightMLS# VAFX2074764 Exclusively Represented by Lisa Joy, 703.408.3450 601 & 607 Oronoco Street Alexandria,$5,400,000VA 6 Bedrooms | 4 Full & 2 Half Baths BrightMLS# VAAX2003726 Exclusively Represented by Lauren Bishop, 202.361.5079 6804 Hampshire Road $4,650,000McLean,VA 6 Bedrooms | 6 Full & 3 Half Baths BrightMLS# VAFX1181606 Exclusively Represented by Lisa Joy, 703.408.3450 Luxury Listings Showcase
2022 FIRST HALF MARKET REPORT 45 1404 N Hudson Street $3,899,999Arlington,VA 7 Bedrooms | 7 Full & 1 Half Baths BrightMLS# VAAR2016868 Exclusively Represented by Taylor Chamberlin, 571.228.1249 1834 Connecticut Avenue NW Washington,$3,650,000DC 10 Bedrooms | 4 Full & 3 Half Baths BrightMLS# DCDC2021700 Exclusively Represented by Gerry Gretschel, 202.494.7918 1446 Woodacre Drive $3,695,000McLean,VA 6 Bedrooms | 6 Full & 2 Half Baths BrightMLS# VAFX2054582 Exclusively Represented by Maureen Sloan, 703.930.9324 126 S Fairfax Street Alexandria,$2,850,000VA 9 Bedrooms | 4 Full & 2 Half Baths BrightMLS# VAAX2004044 Exclusively Represented by Lauren Bishop, 202.361.5079 Luxury Listings Showcase
2022 FIRST HALF MARKET REPORT 46 727 N Highland Street $2,649,333Arlington,VA 7 Bedrooms | 5 Full & 1 Half Baths BrightMLS# VAAR2018796 Exclusively Represented by Clayton Chamberlin, 571.243.8831 15451 Old Dory Lane Leesburg,$2,700,000VA20176 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VALO2026556 Exclusively Represented by Connie Street-Jager, 301.312.9647 4913 33rd Road N $2,499,999Arlington,VA 6 Bedrooms | 5 Full & 1 Half Baths BrightMLS# VAAR2016672 Exclusively Represented by Clayton Chamberlin, 571.243.8831 Luxury Listings Showcase 722 N Highland Street $2,500,000Arlington,VA 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAAR2013948 Exclusively Represented by Clayton Chamberlin, 571.243.8831
2022 FIRST HALF MARKET REPORT 47 4914 25th Road N $2,350,000Arlington,VA 6 Bedrooms | 5 Full & 1 Half Baths BrightMLS# VAAR2018706 Exclusively Represented by Betsy Twigg, 703.967.4391 1011 N Washington Street Alexandria,$2,295,000VA 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAAX2003304 Exclusively Represented by Kate Patterson, 703.627.2166 Luxury Listings Showcase 1718 N Monroe Street $2,199,999Arlington,VA 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAAR2013944 Exclusively Represented by Clayton Chamberlin, 571.243.8831 3509 25th Street N $2,195,000Arlington,VA 5 Bedrooms | 5 Full & 1 Half Baths BrightMLS# VAAR2019866 Exclusively Represented by Leslie Wilder, 703.798.7226
2022 FIRST HALF MARKET REPORT 48 1701 16th Street N #327 $1,750,000Arlington,VA 2 Bedrooms | 2 Full & 1 Half Baths BrightMLS# VAAR2019698 Exclusively Represented by Eric Kutch, 703.919.8202 1636 6th Street NW Washington,$1,599,000DC 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# DCDC2055926 Exclusively Represented by Rachael Remuzzi, 703.609.8462 601 S Lee Street Alexandria,$1,650,000VA 3 Bedrooms | 2 Full & 1 Half Baths BrightMLS# VAAX2015644 Exclusively Represented by Babs Beckwith, 703.627.5421 Luxury Listings Showcase 540 Second Street #401 Alexandria,$1,650,000VA 3 Bedrooms | 2 Full & 1 Half Baths BrightMLS# VAAX2015644 Exclusively Represented by Babs Beckwith, 703.627.5421
2022 FIRST HALF MARKET REPORT 49 9508 Shelly Krasnow Lane $1,545,000Fairfax,VA 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAFC2001680 Exclusively Represented by Linda French, 571.213.4685 7928 Tire Swing Road Dunn$1,550.000Loring,VA 5 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAFX2084338 Exclusively Represented by Sarah King, 703.864.5050 300 8th Street NE #PH 408 Washington,$1,474,000DC 2 Bedrooms | 2 Full & 1 Half Baths BrightMLS# DCDC2055034 Exclusively Represented by Phillip Allen, 301.807.5045 558 N Norwood Street $1,550,000Arlington,VA 5 Bedrooms | 3 Full & 1 Half Baths BrightMLS# VAAR2020230 Exclusively Represented by Betsy Twigg, 703.967.4391 Luxury Listings Showcase
2022 FIRST HALF MARKET REPORT 50 1803 4th Street NW Washington,$1,332,500DC 4 Bedrooms | 3 Full & 1 Half Baths BrightMLS# DCDC2056920 Exclusively Represented by Josue Pinto, 240.888.4225 5016 Nebraska Avenue NW Washington,$1,250,000DC 3 Bedroom | 3 Full Baths BrightMLS# DCDC2058470 Exclusively Represented by Joan Caton Cromwell, 202.441.8912 422 Oronoco Street Alexandria,$1,300,000VA 3 Bedrooms | 3 Full & 1 Half Baths BrightMLS# VAAX2015600 Exclusively Represented by Charlene Schaper, 703.217.3666 Luxury Listings Showcase 4029 Guinea Road Annandale,$1,399.900VA 6 Bedrooms | 6 Full Baths BrightMLS# VAFX2083932 Exclusively Represented by Betsy Twigg, 703.967.4391
2022 FIRST HALF MARKET REPORT 51 1640 N George Mason Drive $1,150,000Arlington,VA 1 Bedrooms | 2 Full & 1 Half Baths BrightMLS# VAAR2015468 Exclusively Represented by Jodie Burns, 571.228.5790 2071 Madrillon Road $1,100,000Vienna,VA 4 Bedrooms | 3 Full & 1 Half Baths BrightMLS# VAFX2073668 Exclusively Represented by Joan Reimann, 703.505.5626 1615 Sherwood Hall Lane Alexandria,$1,250,000VA 6 Bedrooms | 4 Full & 1 Half Baths BrightMLS# VAFX2079190 Exclusively Represented by Tracy Dunn, 571.212.3658 1178 N Pitt Street Alexandria,$1,049,000VA 3 Bedrooms | 2 Full & 1 Half Baths BrightMLS# VAAX2014898 Exclusively Represented by Annette Hinaman, 571.216.4411 Luxury Listings Showcase
2022 FIRST HALF MARKET REPORT 52 MAUREEN McENEARNEY DUNN Tel.mdunn@mcenearney.comPresident703.790.9090 GLENN LEWIS Executive Vice President Managing Broker, Arlington & Tel.glewis@mcenearney.comClarendon703.717.6311 DAVID HOWELL Chief Information Officer EVP & Principal Broker, DC & MD Tel.dhowell@mcenearney.com202.552.5610 JON WOLFORD Executive Vice President Managing Broker, McLean & Tel.jwolford@mcenearney.comVienna703.738.9516 DAVE HAWKINS Chief Operating Officer EVP & Principal Broker, VA Managing Broker, Tel.dhawkins@mcenearney.comAlexandria703.286.1285 JEANNE CHOI Vice President & Chief Marketing Tel.jchoi@mcenearney.comOfficer703.738.9568 CANDICE BOWER Executive Vice President Managing Broker, Leesburg & Tel.cbower@mcenearney.comMiddleburg703.738.8260 MICHAEL DAY Executive Vice President Managing Broker, Tel.mday@mcenearney.comAlexandria703.549.9292 ANDY HILL Executive Vice President Managing Broker, DC & MD Tel.ahill@mcenearney.com202.552.5619 DENIZ ARTEMEL Vice Tel.dartemel@mcenearney.comProfessionalPresident,Development202.552.5629 TRUDY MCCULLOUGH Vice Tel.tmccullough@mcenearney.comDirector,President,Relocation703.537.3342 MIKE MCENEARNEY Executive Vice President, Director, Property Tel.703.537.3330mmcenearney@mcenearney.comManagement Leadership Team McENEARNEY ASSOCIATES
2022 FIRST HALF MARKET REPORT 53 ALEXANDRIA OFFICE KENSINGTON OFFICE LEESBURG OFFICE McLEAN OFFICE ARLINGTON OFFICE CLARENDON OFFICE 109 S. Pitt St, Alexandria, VA 22314 703.549.9292 | 800.549.9299 3804 Howard Ave, Kensington, MD 20895 301.979.7270 | 866.762.8975 10 W Market St, Leesburg, VA 20176 703.738.8282 | 800.548.9080 1320 Old Chain Bridge Rd, McLean, VA 22101 703.790.9090 | 800.548.9080 4720-D Langston Blvd, Arlington, VA 22207 703.525.1900 | 800.826.1612 3033 Wilson Blvd, Arlington, VA 22201 703.525.1900 | 800.826.1612 Office Locations McENEARNEY ASSOCIATES MIDDLEBURG OFFICE 14TH STREET OFFICE COMMERCIAL PROPERTY MANAGEMENT SPRING VALLEY OFFICE VIENNA OFFICE 11 W Washington St, Middleburg, VA 20118 540.687.5490 | 800.548.9080 1803 14th St, NW, Washington, DC 20009 202.903.2200 | 866.762.8975 501 King St, #505, Alexandria, VA 22314 703.683.2700 | 877.624.9322 4910 Mass Ave, Washington, DC 20016 202.554.5600 | 866.762.8975 374 Maple Ave, E, #202, Vienna, VA 22180 703.839.8200 | 800.548.9080 1320 Old Chain Bridge Rd, McLean, VA 22101 703.537.3340 | 800.548.9080
2022 FIRST HALF MARKET REPORT 54 www.McEnearney.com Copyright 2022 - McEnearney Associates, Inc. REALTORS. Source: Bright™ MLS. Data deemed reliable, but not guaranteed. Equal Housing Opportunity. McENEARNEY ASSOCIATES INC., REALTORS 109 S Pitt Street, Alexandria, VA 22314 Tel. 703.549.9292 | Tel. 800.549.9299