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