NAVY YARD

Submarket Statistics 2022 Recap

A trio of condo buildings are wrapping up sales in Navy Yard. eNvy, Jair Lynch’s 127-unit project with views into Nationals Park, is finishing the strongest, with the most sales and the highest price per square foot in 2022. 43% of Navy Yard’s new construction sales were at eNvy, with another 30% at Avidian and 27% at Kennedy on L. These projects maintained strong pricing as they close out the last of their inventory. Navy Yard is still relatively new as a residential destination, and this is reflected in the low volume and high prices of resale units—there aren’t very many and they aren’t very old. The rental market has more than tripled in size since 2016 and bounced back quickly since the pandemic, with vacancy at 11.4% in Q4 2022. Rents are at pre-pandemic levels.

Select Condo Project Snapshots

Average Sales Price

Average Sales Price

Price Per Square Foot

UP OUTLOOK WHAT’S NEXT…

With no new projects under construction, Urban Pace sees opportunity for more for-sale development in Navy Yard. Over the next 12 months, the region’s combination of low inventory, high pricing, and yet higher demand will lead many developers to identify higher and better uses for underperforming properties. Considering the success of Navy Yard’s recent new construction projects, some operators may be prompted to convert existing rental and commercial buildings to for-sale condominiums over the next several years.