Petworth To Takoma

Average Sales Price

Sales Volume

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The Brooks

Urban Atlantic, Hines and Triden Delivered, Selling

Total Units - 89 Pace - 1st Half 2022: 3.2/Month 2nd Half 2022: .8/Month

Average Size - 875 SF Projected Sellout - Low $700s PSF

Price Per Square Foot

The Emery

925–927 Kennedy Inc. Delivered, Selling

Total Units - 22 Units Sold - 16 Pace - 1.2/Month

Average Size - 748 SF

Projected Sellout - High $500s PSF

In the coming years The Parks at Historic Walter Reed will deliver hundreds of new condos, townhomes, and rental units. The newest project, the 109-unit condo building Kite House, is actively selling and scheduled to deliver in mid-2023. Major employers such as Children’s National Hospital, JLABS, and the State Department are opening offices on the former hospital campus, and retail attractions such as Whole Foods Market and new restaurants and bars are arriving soon. As the community grows in scale and population, Urban Pace expects this area of Northwest DC to feel much more connected to the rest of city. In turn, we project that the neighborhoods surrounding the mixed-use development will experience increased absorption and pricing over the next few years.

Submarket Statistics 2022 Recap

Shaw had no significant deliveries of new construction condos in 2022, though a couple projects had inventory carry over from 2021. Perla, a luxury development near the historic O Street Market, sold eight units in 2022 at $789 per square foot. The other main driver in the submarket was The Fold, which featured more efficient units and averaged two sales per month at $811 per square foot. Outside of those projects there were multiple townhome conversions and the introduction of Intersect at O, the latest offering at the City Market at O development. It features 74 rental units and five brand new luxury townhomes. The rental market remained tight in 2022, with vacancies at 3% and even while rents dipped -4% year-over-year.

In 2022 The Fold’s average sale price was less than half that of the rest of the market ($534,000 vs. $1,071,000) but it had the second-highest per-square-foot price, $811.

New Construction Settled

Class A Rental Projects

– CLASS A BUILDINGS

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While new deliveries were slow in 2022, Shaw will remain an active submarket for residential development. It is centrally located, has premier shopping and dining destinations, and offers convenient access via Metro to the nascent tech hub in National Landing. We won’t see many large-scale projects like those going up in newer neighborhoods, but there are a few infill development opportunities left and the deep inventory of 19th century townhomes have proven to be very popular and successful as boutique condo conversions.