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2019 Mid-Year Market Report


Above: 1810 15th Street NW #1 | Logan Circle, Washington DC Cover: 1388 Crenshaw Road | Upperville, Virginia


Contents S I NG L E FA M I LY H O M ES P G 3 -7

NORTHW EST D C

P G 9 -1 1

D OW NTOW N & NORTHE AST D C

P G 13 -1 5

NORTHE R N V IRGINIA

P G 17-19

V IRGINIA’S HORSE & W INE COUNTRY

P G 2 1- 23

MONTGOME RY COUNTY MARYL AND

P G 2 5 - 27

CHESAP E AKE BAY R EGION

CO ND O & CO - O PS P G 2 9 -3 3

WASHINGTON D C

P G 3 5 -37

NORTHE R N V IRGINIA

P G 3 9 - 4 1

MONTGOME RY COUNTY MARYL AND

©2019 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned And Operated. SIR1


Northwest DC S I N GL E FA M I LY H O M ES

In the first half of 2019 the Georgetown real estate market has remained flat compared to the same period in 2018 for single-family homes in the $1 million to $2 million range, which makes up half of the market. Sales of homes over $2 million are off 35% from 2018, due more to a lack of inventory than a lack of demand. The Georgetown condo market under $1 million has been quite active, with a 5% increase, but the upper end has suffered with only three condo sales over $1 million in the first six months of the year. The overall average days-on-market is up 10%, reflecting the longer marketing times in the upper brackets.

5304 Dorsett Place NW, Palisades


3


Top: 3601 Newark Street NW, Cleveland Park Bottom Left: 2303 Bancroft Place NW, Kalorama Bottom Right: 1759 Lamont Street NW, Mount Pleasant


M I D -Y E A R R E P O R T 2 0 1 9

Northwest DC S I N GL E FA M I LY H O M ES

Cleveland Park

Kalorama

$3,185000

$1,591,857

15%

Average Sold Price

Average Sold Price

6

Home Sold

74%

103

Avg. Days on Market

51%

Home Sold

8%

31

Avg. Days on Market

9%

32%

24

Avg. Days on Market

14%

4

Home Sold

0%

101

Avg. Days on Market

40%

Mount Pleasant

$1,576,500

$1,192,547

14%

65%

12%

Average Sold Price

Average Sold Price

Home Sold

9%

Average Sold Price

Forest Hills

6

Home Sold

$3,985,050

5%

Average Sold Price

92

21

Mass. Ave Heights

Chevy Chase, DC

$1,250,286

2%

79

Avg. Days on Market

76%

32

Home Sold

0%

25

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

22%

5


Northwest DC (continued) S I N GL E FAM I LY H O M ES

Georgetown

American University

$1,133,713

$2,069,931

1%

Average Sold Price

Average Sold Price

34

Home Sold

28%

13

Avg. Days on Market

52%

Home Sold

11%

37

Avg. Days on Market

147%

Home Sold

21%

68

Avg. Days on Market

55%

11%

23

Home Sold

5%

53

Avg. Days on Market

15%

Palisades

$1,284,268

10%

5%

Average Sold Price

Average Sold Price

17

18%

Average Sold Price

Wesley Heights

$1,677,088

Home Sold

$2,058,674

14%

Average Sold Price

34

60

Spring Valley

Glover Park/Burleith

$1,053,566

1%

75

Avg. Days on Market

525%

23

Home Sold

35%

42

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

68%


M I D -Y E A R R E P O R T 2 0 1 9

Top Left: 3722 R Street NW, Georgetown Top Right: 1928 35th Place NW, Burleith Bottom: 4347 Forest Lane NW, Wesley Heights

7


Downtown & Northeast DC S I N GL E FA M I LY H O M ES

The Downtown market has been vibrant the first quarter of 2019. Sub-markets such as Logan, Shaw and Petworth have seen a slight increase in sales price for single-family homes. Condos have seen a slight decrease in price per square foot. The downtown market continues to be very strong and thriving. There are many new projects slated for Fall 2019 for Downtown DC, including The Hill and SW Waterfront. The changes in the Downtown neighborhoods are appealing for most generations with vibrant entertainment venues, stunning outdoor spaces, inspiring cuisine and diverse culture.

1715 Q Street NW, Dupont Circle


9


Top: 209 11th Street NE, Capitol Hill Bottom Left: 1831 19th Street NW, Dupont Circle Bottom Right: 902 E Capitol Street NE, Capitol Hill


M I D -Y E A R R E P O R T 2 0 1 9

Downtown & Northeast Washington S I N GL E FA M I LY H O M ES

Logan

Dupont

$1,470,830

$1,496,673

6%

Average Sold Price

33

Home Sold

65%

36

Avg. Days on Market

44%

Shaw

50%

$1,103,139

13

Avg. Days on Market

13%

21

Avg. Days on Market

58%

11%

9%

202

Home Sold

22%

30

Avg. Days on Market

36%

Petworth

$706,825

0%

Average Sold Price

Home Sold

30%

Average Sold Price

Bloomingdale / LeDroit Park

41

Home Sold

$1,118,294

16%

Average Sold Price

Home Sold

26

Capitol Hill

$1,119,106 24

15%

Average Sold Price

5%

Average Sold Price

25

Avg. Days on Market

19%

164

Home Sold

18%

34

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

6%

11


Northern Virginia S I N GL E FA M I LY H O M ES

Despite market activity being slightly down in pockets of Northern Virginia, demand for properly priced homes in desirable neighborhoods remains strong. In Arlington, the first half 2019 has seen a significant low inventory environment with the pace of new listings down 22% compared to the first six months of 2018. This lack of inventory has resulted in fewer closed sales in 2019, but with demand for Arlington properties still very high, there has been an upward trend in home values with prices up 7.25% on average compared to the first half of 2018.

6126 Franklin Park Road, McLean


13


Northern Virginia S I N GL E FAM I LY H O M ES

Alexandria

Arlington

$996,423

$580,190

4%

Average Sold Price

Average Sold Price

670

Home Sold

1%

36

Avg. Days on Market

24%

Home Sold

2%

49

Avg. Days on Market

2%

Home Sold

8%

Avg. Days on Market

26%

3%

84

Home Sold

4%

54

Avg. Days on Market

23%

Great Falls

$1,222,141

3%

8%

Average Sold Price

Average Sold Price

429

34

Average Sold Price

Falls Church

$724,027

Home Sold

$1,421,706

17%

Average Sold Price

231

1,182 2%

McLean (22102)

McLean (22101)

$1,332,173

5%

31

Avg. Days on Market

7%

136

Home Sold

27%

81

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

13%


M I D -Y E A R R E P O R T 2 0 1 9

Vienna

$905,122

1%

Average Sold Price

426

Home Sold

6%

25

Avg. Days on Market

26%

Left: 817 Vicar Street, Alexandria Top Right: 3516 N Valley Street, Arlington Bottom Right: 1933 Rockingham Street, McLean

15


Virginia’s Horse & Wine Country S I N GL E FA M I LY H O M ES

Virginia’s horse and wine country has experienced a strong and stable residential market in the first half of 2019. The market in Loudoun and Fauquier counties remains a slight seller’s market as the demand from buyers has remained steady, but number of homes for sale has dropped. The result is that the average days on market for listed properties in 2019 is significantly below last year.

8362 Holtzclaw Road Warrenton, Virginia


17


Top: 22876 Foxcroft Road, Middleburg Bottom Left: 12473 Crest Hill Road, Hume, Virginia Bottom Right: 1388 Crenshaw Road Upperville, Virginia


M I D -Y E A R R E P O R T 2 0 1 9

Virginia’s Horse & Wine Country S I N GL E FA M I LY H O M ES

Middleburg

The Plains

$798,930

$1,335,950

17%

Average Sold Price

27

Home Sold

8%

100

Avg. Days on Market

11%

Marshall

13%

247

Avg. Days on Market

37%

101%

90

Avg. Days on Market

41%

5

Home Sold

25%

164

Avg. Days on Market

119%

Warrenton

$576,550

$457,197

8%

Average Sold Price

Home Sold

71%

Average Sold Price

Purcellville

128

Home Sold

$1,159,400

24%

Average Sold Price

Home Sold

12

Upperville

$522,265 52

54%

Average Sold Price

20%

2%

Average Sold Price

52

Avg. Days on Market

4%

285

Home Sold

1%

51

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

34%

19


Montgomery County, Maryland S I N GL E FA M I LY H O M ES

The Montgomery County market continues to be energetic although slow sales at the top end of the market could signal growing concern about the economy. The County median sales price in June was 2.2% higher than last year and is the highest for the past 10 years. June’s tally of 1,306 closed sales fell below last year’s level by 7.6% and below the five-year June average by 8.8%. The supply of homes for sale continues to be low and, for now, still represents a seller’s market.

7 E Kirke Street, Chevy Chase


21


Montgomery County S I N GL E FAM I LY H O M ES

Chevy Chase, MD

Bethesda

$1,138,305

$1,351,370

0%

Average Sold Price

Average Sold Price

451

Home Sold

6%

3%

55

Avg. Days on Market

31%

146

Home Sold

15%

47

Avg. Days on Market

Potomac

$1,042,465

0%

Average Sold Price

281

Home Sold

8%

64

Avg. Days on Market

28%

Silver Spring

$487,141

1%

Average Sold Price

988

Home Sold

3%

40

Avg. Days on Market

33%

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

27%


M I D -Y E A R R E P O R T 2 0 1 9

Top: 3911 Bradley Lane, Chevy Chase Bottom Left: 5211 Hampden Lane, Bethesda Bottom Right: 11008 Picasso Lane, Potomac

23


Chesapeake Bay Region S I N GL E FA M I LY H O M ES

The Chesapeake Bay region continues to see strong market demand for waterfront homes. In addition, the area has a large equestrian community. These homes are attracting local entrepreneurs as well as purchasers from cities moving for a more relaxed lifestyle.

1291 Hollywood Avenue, Annapolis


25


Top: 3302 Kenney Court, Edgewater Bottom Left: 24528 Beverly Road, Saint Michaels Bottom Right: 1156 River Bay Road,Annapolis


M I D -Y E A R R E P O R T 2 0 1 9

Chesapeake Bay Region S I N GL E FA M I LY H O M ES

Annapolis

Severna Park

$583,994

$609,201

7%

Average Sold Price

616

Home Sold

0%

75

Avg. Days on Market

17%

Edgewater

7%

62

Avg. Days on Market

13%

1%

79

Avg. Days on Market

34%

98

Home Sold

14%

101

Avg. Days on Market

26%

Saint Michaels

$470,278

$644,030

11%

Average Sold Price

Home Sold

1%

Average Sold Price

Easton

160

Home Sold

$430,428

2%

Average Sold Price

Home Sold

193

Stevensville

$478,535 197

5%

Average Sold Price

14%

7%

Average Sold Price

102

Avg. Days on Market

0%

43

Home Sold

10%

148

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

24%

27


Washington DC COND O & CO-OPS

1810 15th St NW #1, Logan Circle

29


Condos & Co-Ops WAS H I N GTO N D C

Dupont

Downtown

$563,083

$651,287

0%

Average Sold Price

Average Sold Price

77

Home Sold

7%

45

Avg. Days on Market

25%

$708,479 13%

42

Avg. Days on Market

40%

7%

33

Avg. Days on Market

18%

31

Home Sold

19%

20

Avg. Days on Market

29%

Petworth

$529,478

$485,422

4%

28%

3%

Average Sold Price

Average Sold Price

Home Sold

5%

Average Sold Price

Capitol Hill

93

Home Sold

$689,969

6%

Average Sold Price

Home Sold

267

Shaw

Logan

151

2%

31

Avg. Days on Market

82%

69

Home Sold

35%

29

Avg. Days on Market

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

21%


M I D -Y E A R R E P O R T 2 0 1 9

Top Left: 3014 Sherman Ave NW #1, Columbia Heights Top Right: 911 T Street NW #4, Shaw Bottom: 1401 Church St NW #522, Logan Circle

31


Top: 525 Water St SW #110, The Wharf Bottom Left: 3150 South Street NW #ph2d, Georgetown Bottom Right: 1111 24th NW #ph105, West End


M I D -Y E A R R E P O R T 2 0 1 9

Condos & Co-Ops WAS H I N GTO N D C

Navy Yard

The Wharf

$523,164

$433,629

2%

Average Sold Price

26

Home Sold

225% 17

Avg. Days on Market

70%

Foggy Bottom / West End

$662,167 Home Sold

10%

49

Home Sold

14%

35

Avg. Days on Market

36%

Georgetown

$635,120

12%

Average Sold Price

91

36%

Average Sold Price

32%

Average Sold Price

52

Avg. Days on Market

73%

42

Home Sold

7%

53

Avg. Days on Market

9%

Kalorama

$745,156

23%

Average Sold Price

74

Home Sold

9%

30

Avg. Days on Market

30%

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

33


Northern Virginia COND O & CO-OPS

1881 N Nash Street #ts01, Arlington

35


Northern Virginia CO N D O & CO - O PS

Alexandria

Arlington

$440,779

$273,728

0%

Average Sold Price

Average Sold Price

749

Home Sold

15%

33

Avg. Days on Market

0%

$416,767

Home Sold

8%

$281,521

4%

30

Avg. Days on Market

11%

10%

47

Avg. Days on Market

12%

256

Home Sold

2%

36

Avg. Days on Market

Fairfax City

$321,205

1%

Average Sold Price

239

Home Sold

23%

Average Sold Price

Average Sold Price

Home Sold

334

Fall Church City

McLean

132

7%

19%

31

Avg. Days on Market

35%

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

6%


M I D -Y E A R R E P O R T 2 0 1 9

Top Left: 2210 Potomac Ave #102, Alexandria Top Right: 1312 Skipwith Road, McLean Bottom: 1881 N Nash Street #1702, Arlington

37


Montgomery County, Maryland COND O & CO-OPS

5500 Friendship Blvd #1214n Chevy Chase, Maryland

39


Montgomery County CO N D O & CO - O PS

Chevy Chase, MD

Bethesda

$435,952

$552,130

8%

Average Sold Price

Average Sold Price

157

Home Sold

7%

6%

68

Avg. Days on Market

36%

82

Home Sold

3%

70

Avg. Days on Market

Silver Spring

$229,140

4%

Average Sold Price

394

Home Sold

8%

46

Avg. Days on Market

2%

Mid-year comparison based on 1/1/19 - 7/1/19 vs. 1/1/18 - 7/1/18. Source Bright MLS. Data deemed reliable, but not guaranteed

4%


M I D -Y E A R R E P O R T 2 0 1 9

Top: 5500 Friendship Blvd #1214n, Chevy Chase Bottom Right: 9601 Dewitt Drive #c1, Silver Spring Bottom Left: 5600 Wisconsin Ave #1-1509 Chevy Chase

41


Profile for TTR Sotheby's International Realty

2019 Mid-Year Market Report | Presented by TTR Sotheby's International Realty  

A comprehensive analysis of the residential real estate market.

2019 Mid-Year Market Report | Presented by TTR Sotheby's International Realty  

A comprehensive analysis of the residential real estate market.