Market Review
The first half of 2023 witnessed a shifting market...
from the boom years of 2020, 2021 and the first half of 2022.
Throughout the Washington D.C. metro area, stubbornly high mortgage rates affected both buyers and sellers. Buyers found affordability to be the primary issue, with the costs of purchasing and maintaining a home to be significantly higher than in recent years.
PREFACE 2023 MID YEAR MARKET REVIEW
On the other hand, many sellers were able to lock in low mortgage rates before inflation and the end of quantitative easing sent rates soaring in mid 2022.
For example, 62% of US homeowners have a mortgage rate below 4%, and 24% have a rate below 3%. Homeowners are reluctant to give up their low mortgages, and as a result are staying in their current homes much longer. This has kept the inventory of homes for sale at five-year lows in 2023 across the DMV.
PREFACE 2023 MID YEAR MARKET REVIEW
The scarcity of homes for sale in the first half of 2023 had two major effects. First, prices have remained steady even though demand has ebbed slightly. While there are variations across each individual submarket, prices across the metro area remained flat in the first half of 2023 when compared to the same period in 2022. Second, with less inventory as noted above, the total number of transactions fell 25% in the first half of the year.
PREFACE 2023 MID YEAR MARKET REVIEW
The second half of 2023 will, for the most part, be contingent on mortgage rates and the strength of the regional economy. Inflation appears to be moderating, and this will lead to lower mortgage rates and an increase in inventory over time.
With that said, assuming the regional economy remains healthy, there is still pentup demand from buyers who are holding out for lower rates.
2023 MID YEAR MARKET REVIEW
PREFACE
With the power of one of the world’s most recognized brands, exceptional marketing, and an expansive footprint both globally and across the Washington, DC region, the professionals at TTR Sotheby’s International Realty are well prepared to guide you through this dynamic market. CONTINUE TO
2023 MID YEAR MARKET
PREFACE
REVIEW
THE REPORT
Contents SINGLE FAMILY HOMES WASHINGTON DC NORTHWEST DOWNTOWN / NE VIRGINIA NORTHERN VA HORSE & WINE COUNTRY MARYLAND MONTGOMERY COUNTY CHESAPEAKE BAY REGION CONDO & CO-OP WASHINGTON DC VIRGINIA MARYLAND Tap below to navigate directly to desired location On the cover: 135 N Edgewood Steet, Arlington
Single Family Homes 2023 MID-YEAR MARKET REVIEW 1409 44TH STREET NW PALISADES, WASHINGTON DC
KALORAMA $2,924,500 Median Sold Price 26% 12 Homes Sold 14% 24 Avg. Days on Market 14% NORTHWEST DC MARKET REVIEW CLEVELAND PARK $2,160,000 Median Sold Price 16% 12 Homes Sold 52% 31 Avg. Days on Market 244% CHEVY CHASE (DC) $1,631,000 Median Sold Price 5% 72 Homes Sold 10% 12 Avg. Days on Market 33%
MASS. AVE HEIGHTS $7,625,000 Median Sold Price 75% 2 Homes Sold 33% 42 Avg. Days on Market 79% NORTHWEST DC MARKET REVIEW FOREST HILLS $2,340,000 Median Sold Price 12% 9 Homes Sold 50% 12 Avg. Days on Market 0% MOUNT PLEASANT $1,400,000 Median Sold Price 13% 25 Homes Sold 17% 8 Avg. Days on Market 38%
AU PARK $1,431,000 Median Sold Price 7% 25 Homes Sold 40% 20 Avg. Days on Market 25% NORTHWEST DC MARKET REVIEW GEORGETOWN $1,897,500 Median Sold Price 16% 64 Homes Sold 27% 50 Avg. Days on Market 43% GLOVER PARK/BURLEITH $1,392,500 Median Sold Price 1% 26 Homes Sold 45% 13 Avg. Days on Market 13%
SPRING VALLEY $2,500,000 Median Sold Price 31% 15 Homes Sold 21% 7 Avg. Days on Market 63% NORTHWEST DC MARKET REVIEW WESLEY HEIGHTS $2,500,000 Median Sold Price 6% 21 Homes Sold 31% 46 Avg. Days on Market 8% PALISADES $1,678,750 Median Sold Price 8% 20 Homes Sold 13% 33 Avg. Days on Market 200%
LOGAN $1,775,000 Median Sold Price 5% 16 Homes Sold 6% 33 Avg. Days on Market 57% DOWNTOWN & NE DC MARKET REVIEW DUPONT $2,024,000 Median Sold Price 15% 24 Homes Sold 41% 42 Avg. Days on Market 35% SHAW $1,000,000 Median Sold Price 18% 15 Homes Sold 53% 19 Avg. Days on Market 6%
CAPITOL HILL $1,150,750 Median Sold Price 5% 133 Homes Sold 37% 25 Avg. Days on Market 32% DOWNTOWN & NE DC MARKET REVIEW BLOOMINGDALE / LEDROIT PARK $1,060,000 Median Sold Price 4% 39 Homes Sold 34% 30 Avg. Days on Market 20% PETWORTH $837,500 Median Sold Price 5% 120 Homes Sold 8% 30 Avg. Days on Market 43%
Single Family Homes 1311 ALEXANDRIA AVE, ALEXANDRIA 2023 MID-YEAR MARKET REVIEW
CITY OF ALEXANDRIA $885,000 Median Sold Price 2% 487 Homes Sold 29% 24 Avg. Days on Market 100% NORTHERN VA MARKET REVIEW ALEXANDRIA (FAIRFAX COUNTY) $683,000 Median Sold Price 1% 882 Homes Sold 26% 22 Avg. Days on Market 144% ARLINGTON $1,130,767 Median Sold Price 3% 525 Homes Sold 25% 23 Avg. Days on Market 35%
MCLEAN (22101) $1,565,000 Median Sold Price 12% 192 Homes Sold 21% 29 Avg. Days on Market 15% NORTHERN VA MARKET REVIEW MCLEAN (22102) $1,650,000 Median Sold Price 18% 67 Homes Sold 29% 23 Avg. Days on Market 50% GREAT FALLS $1,562,500 Median Sold Price 1% 100 Homes Sold 37% 22 Avg. Days on Market 8%
FALLS CHURCH $807,000 Median Sold Price 2% 381 Homes Sold 18% 22 Avg. Days on Market 29% NORTHERN VA MARKET REVIEW VIENNA $1,100,000 Median Sold Price 2% 309 Homes Sold 26% 22 Avg. Days on Market 57% RESTON $673,000 Median Sold Price 0% 302 Homes Sold 28% 15 Avg. Days on Market 67%
MIDDLEBURG $1,225,000 Median Sold Price 24% 19 Homes Sold 27% 110 Avg. Days on Market 293% HORSE & WINE COUNTRY MARKET REVIEW THE PLAINS $735,000 Median Sold Price 6% 10 Homes Sold 0% 79 Avg. Days on Market 155% MARSHALL $527,000 Median Sold Price 11% 29 Homes Sold 31% 63 Avg. Days on Market 80%
UPPERVILLE $938,000 Median Sold Price 61% 4 Homes Sold 56% 62 Avg. Days on Market 65% HORSE & WINE COUNTRY MARKET REVIEW PURCELLVILLE $770,500 Median Sold Price 40% 89 Homes Sold 36% 16 Avg. Days on Market 167% WARRENTON $613,750 Median Sold Price 2% 204 Homes Sold 27% 27 Avg. Days on Market 125%
2023 MID-YEAR MARKET REVIEW
6702 BROOKVILLE RD, CHEVY CHASE
Single Family Homes
BETHESDA $1,375,000 Median Sold Price 1% 358 Homes Sold 23% 22 Avg. Days on Market 69% MONTGOMERY CO. MARKET REVIEW CHEVY CHASE (MD) $1,612,500 Median Sold Price 1% 106 Homes Sold 18% 20 Avg. Days on Market 33% POTOMAC $1,312,500 Median Sold Price 5% 226 Homes Sold 31% 18 Avg. Days on Market 38%
THE KENTLANDS $799,000 Median Sold Price 4% 35 Homes Sold 41% 20 Avg. Days on Market 122% MONTGOMERY CO. MARKET REVIEW GAITHERSBURG $599,000 Median Sold Price 4% 359 Homes Sold 36% 20 Avg. Days on Market 43% SILVER SPRING $595,000 Median Sold Price 1% 733 Homes Sold 31% 19 Avg. Days on Market 58%
ANNAPOLIS $615,000 Median Sold Price 5% 503 Homes Sold 24% 23 Avg. Days on Market 35% CHESAPEAKE BAY REGION MARKET REVIEW SEVERNA PARK $652,500 Median Sold Price 2% 142 Homes Sold 33% 25 Avg. Days on Market 56% EDGEWATER $575,000 Median Sold Price 10% 145 Homes Sold 27% 32 Avg. Days on Market 33%
STEVENSVILLE $493,000 Median Sold Price 4% 94 Homes Sold 24% 31 Avg. Days on Market 48% CHESAPEAKE BAY REGION MARKET REVIEW EASTON $420,000 Median Sold Price 5% 149 Homes Sold 21% 31 Avg. Days on Market 16% SAINT MICHAELS $759,000 Median Sold Price 17% 27 Homes Sold 40% 44 Avg. Days on Market 83%
1401 CHURCH ST NW #303 LOGAN CIRCLE, DC 2023 MID-YEAR MARKET REVIEW Condos & Co-ops
DC $454,950 Median Sold Price 13% 148 Units Sold 40% 34 Avg. Days on Market 21% DC CONDO / CO-OP MARKET REVIEW DUPONT $415,000 Median Sold Price 8% 141 Units Sold 43% 24 Avg. Days on Market 17% LOGAN $678,000 Median Sold Price 8% 87 Units Sold 30% 34 Avg. Days on Market 62%
DOWNTOWN
SHAW $799,500 Median Sold Price 21% 32 Units Sold 57% 46 Avg. Days on Market 70% DC CONDO / CO-OP MARKET REVIEW CAPITOL HILL $505,000 Median Sold Price 20% 65 Units Sold 31% 29 Avg. Days on Market 45% PETWORTH $615,000 Median Sold Price 24% 82 Units Sold 27% 31 Avg. Days on Market 0%
NAVY YARD $565,000 Median Sold Price 10% 29 Units Sold 31% 33 Avg. Days on Market 10% DC CONDO / CO-OP MARKET REVIEW THE WHARF $605,000 Median Sold Price 4% 36 Units Sold 31% 31 Avg. Days on Market 6% FOGGY BOTTOM / WEST END $550,000 Median Sold Price 8% 105 Units Sold 27% 83 Avg. Days on Market 28%
GEORGETOWN $625,000 Median Sold Price 3% 31 Units Sold 52% 44 Avg. Days on Market 5% DC CONDO / CO-OP MARKET REVIEW KALORAMA $576,000 Median Sold Price 1% 58 Units Sold 17% 32 Avg. Days on Market 10% NOMA $637,450 Median Sold Price 12% 32 Units Sold 49% 36 Avg. Days on Market 29%
1111 19TH STREET N #2401 ARLINGTON, VA 2023 MID-YEAR MARKET REVIEW
Co-ops
Condos &
ARLINGTON $435,000 Median Sold Price 3% 685 Units Sold 25% 32 Avg. Days on Market 3% NORTHERN VA CONDO / CO-OP MARKET REVIEW MCLEAN $449,500 Median Sold Price 3% 140 Units Sold 27% 43 Avg. Days on Market 26% FALLS CHURCH $320,000 Median Sold Price 7% 168 Units Sold 44% 15 Avg. Days on Market 52%
ALEXANDRIA CITY $392,000 Median Sold Price 13% 607 Units Sold 32% 20 Avg. Days on Market 9% NORTHERN VA CONDO / CO-OP MARKET REVIEW ALEXANDRIA (FAIRFAX COUNTY) $325,000 Median Sold Price 3% 278 Units Sold 26% 14 Avg. Days on Market 18% FAIRFAX $402,000 Median Sold Price 4% 175 Units Sold 38% 17 Avg. Days on Market 21%
Condos & Co-ops
8551 CONNECTICUT AVENUE #313 CHEVY CHASE 2023 MID-YEAR MARKET REVIEW
BETHESDA $329,750 Median Sold Price 6% 142 Units Sold 32% 28 Avg. Days on Market 39% MARYLAND CONDO / CO-OP MARKET REVIEW CHEVY CHASE (MD) $512,500 Median Sold Price 10% 76 Units Sold 28% 40 Avg. Days on Market 18% SILVER SPRING $250,000 Median Sold Price 1% 388 Units Sold 24% 32 Avg. Days on Market 23%
Data courtesy of BRIGHT MLS, Comparison based on 1/1/23 - 7/1/23. vs. 1/1/22 - 7/1/22. Data deemed reliable, but not guaranteed. © 2023 TTR Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. TTR Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. You’re invited to imagine what’s next. explore our properties