2023 Market Review by TTR Sotheby's International Realty

The 2023 Annual

Market Review

P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W

2023 presented a challenging landscape, defying predictions made by industry experts.

Contrary to expectations of easing mortgage rates and a subsequent rebound in property inventory and sales, the first half of the year saw a steady climb in mortgage rates, peaking at 8% in October. This unexpected rise deterred potential buyers, and led sellers to delay listing their homes.

P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W

The Washington, DC metropolitan area witnessed a significant 22% decrease in home sales throughout the year. The scarcity of available homes drove up prices, with the median transaction price experiencing a 3% increase in 2023. Fortunately, the end of the year saw a decline in mortgage rates, encouraging both buyers and sellers to participate in the market.

P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W

As we step into 2024, market forecasters anticipate a more robust real estate landscape. Mortgage rates are expected to continue their descent, potentially settling between 5.8% and 6.2% by year’s end. This decrease in rates is predicted to prompt more sellers to list their properties.

P R E FAC E 2 0 2 3 A N N U A L M A R K E T R E V I E W

While inventories will remain historically tight, there will be a notable increase in available homes for sale in 2024. Lower mortgage rates are poised to invigorate pent-up buyer demand, with sales projected to surge by 10% or more this year. Additionally, prices are forecasted to experience a modest 1-2% increase in 2024.

P R E FAC E 2 0 2 3 M I D Y E A R M A R K E T R E V I E W

Leveraging the strength of one of the world’s most recognized brands, exceptional marketing strategies, and a vast global and regional presence, our professional associates at TTR Sotheby’s International Realty are well-equipped to navigate this dynamic market. Whether you’re interested in buying or selling regionally or globally, we eagerly anticipate the opportunity to provide our top-notch service.

C O N T I N U E TO T H E R E P O R T

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S I N G L E FA M I LY H O M E S WA S H I N GTO N D C N O R T H W E ST D O W N TO W N / N E V I R G I N I A N O R T H E R N VA H O R S E & W I N E C O U N T RY M A R Y L A N D M O N TG O M E R Y C O U N T Y C H E S A P E A K E B AY R EG I O N

CONDO & CO-OP WA S H I N GTO N D C VIRGINIA M A R Y L A N D

On the cover: 911 M Street NW – Shaw, Washington DC

2023 ANNUAL MARKET REVIEW

Single Family Homes

1 6 6 2 3 4 T H ST N W, G EO R G E TO W N

NORTHWEST DC MARKET REVIEW

K A LO R A M A

$3,000,000 29% Median Sold Price

25

4%

Homes Sold

44

132%

Avg. Days on Market

C L E V E L A N D PA R K

$2,200,000 19% Median Sold Price

25

47%

Homes Sold

19

58%

Avg. Days on Market

CHEVY CHASE (DC)

$1,450,000 1% Median Sold Price

124 19%

12

20%

Homes Sold

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

M A S S . AV E H E I G H TS

$9,00,000

39%

Median Sold Price

3

40%

Homes Sold

28

83%

Avg. Days on Market

F O R E ST H I L L S

$2,340,000 17% Median Sold Price

17

48%

Homes Sold

51

325%

Avg. Days on Market

MOUNT PLEASANT

$1,410,000 1% Median Sold Price

48 Homes Sold

27%

12

14%

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

A U PA R K

$1,495,000 1% Median Sold Price

54

28%

Homes Sold

19

19%

Avg. Days on Market

G EO R G E TOW N

$2,025,000 1% Median Sold Price

108 23%

49 40%

Homes Sold

Avg. Days on Market

G LOV E R PA R K / B U R L E I T H

$1,364,000 1% Median Sold Price

56 Homes Sold

19%

16

14%

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

S P R I N G VA L L E Y

$2,500,000 19% Median Sold Price

33

11%

Homes Sold

21

5%

Avg. Days on Market

W E S L E Y H E I G H TS

$2,195,000

22%

Median Sold Price

35

13%

Homes Sold

42

40%

Avg. Days on Market

PA L I S A D E S

$1,600,000 6% Median Sold Price

36 Homes Sold

10%

31

121%

Avg. Days on Market

D OWNTOWN & NE D C MARKET REVIEW

LO G A N

$1,800,000 4% Median Sold Price

27

10%

Homes Sold

42

68%

Avg. Days on Market

DUPONT

$1,875,000

7%

Median Sold Price

52

16%

Homes Sold

36

24%

Avg. Days on Market

S H AW

$1,000,000 9% Median Sold Price

29 Homes Sold

48%

28

33%

Avg. Days on Market

D OWNTOWN & NE D C MARKET REVIEW

CA P I TO L H I L L

$1,125,000

2%

Median Sold Price

260 33%

25

25%

Homes Sold

Avg. Days on Market

B LO O M I N G DA L E / L E D R O I T PA R K

$1,100,000 2% Median Sold Price

65

33%

Homes Sold

29 32% Avg. Days on Market

P E T WO R T H

$791,400

7%

Median Sold Price

201 14%

30 20%

Homes Sold

Avg. Days on Market

2023 ANNUAL MARKET REVIEW

Single Family Homes

T H E R E S I D E N C E S AT S A L A M A N D E R MIDDLEBURG, VIRGINIA

N O R T H E R N VA MARKET REVIEW

CITY OF ALEXANDRIA

$879,500

1%

Median Sold Price

892

18% 22

Homes Sold

38%

Avg. Days on Market

A L E X A N D R I A ( FA I R FA X C O U N T Y )

$685,000

3%

Median Sold Price

1,650 18% 21 Homes Sold

50%

Avg. Days on Market

A R L I N GTO N

$1,150,000

7%

Median Sold Price

1,023 15% 22 Homes Sold

5%

Avg. Days on Market

N O R T H E R N VA MARKET REVIEW

MCLEAN (22101)

$1,550,000 4% Median Sold Price

353 14%

29 6%

Homes Sold

Avg. Days on Market

MCLEAN (22102)

$1,600,000 14% Median Sold Price

131 9%

22

39%

Homes Sold

Avg. Days on Market

G R E AT FA L L S

$1,602,500 3% Median Sold Price

192 21%

23

4%

Homes Sold

Avg. Days on Market

N O R T H E R N VA MARKET REVIEW

FA L L S C H U R C H

$849,000

2%

Median Sold Price

697 16%

21

11%

Homes Sold

Avg. Days on Market

VIENNA

$1,122,500

6%

Median Sold Price

564 23%

22

16%

Homes Sold

Avg. Days on Market

R E STO N

$705,000

5%

Median Sold Price

550 23%

13

0%

Homes Sold

Avg. Days on Market

HORSE & WINE COUNTRY MARKET REVIEW

MIDDLEBURG

$1,225,000

33%

Median Sold Price

39

30%

Homes Sold

76

138%

Avg. Days on Market

THE PLAINS

$705,000

10%

Median Sold Price

19

17%

Homes Sold

55

8%

Avg. Days on Market

MARSHALL

$629,000

8%

Median Sold Price

76 Homes Sold

13%

41

37%

Avg. Days on Market

HORSE & WINE COUNTRY MARKET REVIEW

UPPERVILLE

$938,000

15%

Median Sold Price

12

8%

Homes Sold

62 51% Avg. Days on Market

P U R C E L LV I L L E

$778,000

4%

Median Sold Price

172 30%

17

13%

Homes Sold

Avg. Days on Market

WA R R E N TO N

$639,950

5%

Median Sold Price

398 18%

26 73%

Homes Sold

Avg. Days on Market

2023 ANNUAL MARKET REVIEW

Single Family Homes

5 2 1 6 A B I N G D O N R OA D, B E T H E S DA

M O N T G O M E R Y C O. MARKET REVIEW

B E T H E S DA

$1,400,000 1% Median Sold Price

684 19%

21

31%

Homes Sold

Avg. Days on Market

CHEVY CHASE (MD)

$1,560,500

1%

Median Sold Price

207 13%

24

41%

Homes Sold

Avg. Days on Market

P OTO M AC

$1,292,500

3%

Median Sold Price

443 22%

21

24%

Homes Sold

Avg. Days on Market

M O N T G O M E R Y C O. MARKET REVIEW

THE KENTLANDS

$812,000

3%

Median Sold Price

62

44%

Homes Sold

17

13%

Avg. Days on Market

GAITHERSBURG

$585,000

0%

Median Sold Price

721

29% 17

Homes Sold

6%

Avg. Days on Market

S I LV E R S P R I N G

$600,000

3%

Median Sold Price

1,426 24% 18 Homes Sold

13%

Avg. Days on Market

C H E S A P E A K E B AY R E G I O N MARKET REVIEW

ANNAPOLIS

$624,000

8%

Median Sold Price

993

18% 22

Homes Sold

16%

Avg. Days on Market

S E V E R N A PA R K

$674,450

4%

Median Sold Price

272 25%

21

17%

Homes Sold

Avg. Days on Market

E D G E WAT E R

$579,950

10%

Median Sold Price

268 23%

26 4%

Homes Sold

Avg. Days on Market

C H E S A P E A K E B AY R E G I O N MARKET REVIEW

ST E V E N SV I L L E

$530,000

12%

Median Sold Price

173 22%

31

29%

Homes Sold

Avg. Days on Market

E A STO N

$459,500

18%

Median Sold Price

284 19%

34

3%

Homes Sold

Avg. Days on Market

SAINT MICHAELS

$754,500

16%

Median Sold Price

54 Homes Sold

32%

39

34%

Avg. Days on Market

2023 ANNUAL MARKET REVIEW

Condos & Co-ops

1 1 1 1 2 4 T H ST R E E T N W 9 0 3 W E ST E N D, D C

DC CONDO / CO-OP MARKET REVIEW

D OW N TO W N D C

$452,450

9%

Median Sold Price

258 38%

32

10%

Units Sold

Avg. Days on Market

DUPONT

$420,000

6%

Median Sold Price

259 36%

23

26%

Units Sold

Avg. Days on Market

LO G A N

$676,500

7%

Median Sold Price

162 24%

32

45%

Units Sold

Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

S H AW

$770,750

15%

Median Sold Price

58

46%

Units Sold

43

54%

Avg. Days on Market

CA P I TO L H I L L

$505,000

14%

Median Sold Price

105 22%

30 11%

Units Sold

Avg. Days on Market

P E T WO R T H

$469,900

4%

Median Sold Price

145 12%

44

22%

Units Sold

Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

N AV Y YA R D

$556,500

7%

Median Sold Price

64

21%

Units Sold

32

0%

Avg. Days on Market

THE WHARF

$412,500

11%

Median Sold Price

94

2%

Units Sold

42

11%

Avg. Days on Market

F O G GY B OT TO M / W E ST E N D

$545,000

17%

Median Sold Price

197 20%

70 1%

Units Sold

Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

G EO R G E TOW N

$665,000

3%

Median Sold Price

72

31%

Units Sold

45

15%

Avg. Days on Market

K A LO R A M A

$586,000

4%

Median Sold Price

112 8%

28

8%

Units Sold

Avg. Days on Market

NOMA

$629,900

11%

Median Sold Price

51 Units Sold

39%

33

14%

Avg. Days on Market

2023 ANNUAL MARKET REVIEW

Condos & Co-ops

1 8 8 1 N N A S H ST R E E T U N I T TS 0 2 , A R L I N G TO N

N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW

A R L I N GTO N

$435,000

3%

Median Sold Price

1,207 19% 30 0% Units Sold

Avg. Days on Market

MCLEAN

$460,000

9%

Median Sold Price

271 11%

50 13%

Units Sold

Avg. Days on Market

FA L L S C H U R C H

$306,600

2%

Median Sold Price

385 24%

15

46%

Units Sold

Avg. Days on Market

N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW

ALEXANDRIA CITY

$388,000

13%

Median Sold Price

1,173 21% 20 13% Units Sold

Avg. Days on Market

A L E X A N D R I A ( FA I R FA X C O U N T Y )

$304,300

2%

Median Sold Price

542 22%

15

21%

Units Sold

Avg. Days on Market

FA I R FA X

$396,000

2%

Median Sold Price

333 35%

14

22%

Units Sold

Avg. Days on Market

2023 ANNUAL MARKET REVIEW

Condos & Co-ops

8 5 5 1 C O N N EC T I C U T AV E N U E # 3 1 3 CHEVY CHASE

MA RYLA ND COND O / CO-OP MARKET REVIEW

B E T H E S DA

$335,750

0%

Median Sold Price

285

7%

Units Sold

24

37%

Avg. Days on Market

CHEVY CHASE (MD)

$550,000

8%

Median Sold Price

165 11%

37

14%

Units Sold

Avg. Days on Market

S I LV E R S P R I N G

$249,000

0%

Median Sold Price

794 13%

29 12%

Units Sold

Avg. Days on Market

You’re invited to imagine what’s next. explore our properties

Data courtesy of BRIGHT MLS, Comparison based on 1/1/23 - 12/31/23. vs. 1/1/22 - 12/31/22. Data deemed reliable, but not guaranteed. © 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.