2021 Q1 MARKET REPORT NORTHERN VIRGINIA, MONTGOMERY COUNTY & WASHINGTON, D.C. Cover photo courtesy of Tori McKinney
®
A MESSAGE FROM THE BROKERThe Q1 real estate market results are now in the history books and those results have continued to be nothing less than spectacular. The frantic pace of home sales we’ve seen over the last year continued to accelerate in Q1 at breathtaking levels. The market continues to befuddle even the most seasoned agents and experts where list prices appear to be what the seller desires the price to be vs what the metrics of the market would traditionally determine-driving home prices ever upward. This boom continues as can be attested to in the performances of each jurisdiction in Q1. Northern Virginia, once again turned in a sterling performance across all real estate measurements with an average sales price increase of 8% and unit sales up 19% despite lagging inventory levels. Demand certainly outpaced supply driving double digit unit sales and home prices in many NOVA cities and counties. March proved to be an exceptionally strong sales month, driving QTD numbers across this broad landscape. Fairfax, Loudoun and Prince William Counties along with Springfield, Vienna and Woodbridge stood out with both impressive unit sales and average home price increases. In a sign of the times, Alexandria City crested the $1M median home sale price for a single family home for the first time ever-coming in at $1.16M! Wash DC also experienced strong quarterly growth across most neighborhoods. Inventory levels continue to climb in the city, up 11.5% in March over the same period last year. Average home prices climbed 7% for the quarter with unit sales up 14.8%-YOY. Days on Market (DOM) have risen across most neighborhoods as increasing inventory levels have provided additional choices for buyers. Condo inventory, up 58% YOY in March in particular continued to climb across the city thereby depressing average condo sales prices-down 4.8% in March. Montgomery County delivered one of their strongest sales months (March) in recent history, driving Q1 numbers skyward. Almost every single city experienced double digit increases in both average home sale prices and unit sales. Montgomery County landed the quarter with an 11% increase in home price and a 14.6% increase in unit sales. PG County turned in a very robust performance with an 8% increase in average home sale price and 15.2% in unit sales. Standout’s included Potomac, Bethesda, Silver Spring and Saint Marys County delivering exceptionally strong performances in both unit sales and average home sale price. The outlook for the Greater Washington DC housing market remains strong for the rest of 2021 with demand remaining high thereby driving home prices. Employment opportunities, a recovering economy, low interest rates and the continued influx of large companies in the tech and medical sectors will continue to have a positive impact on our local housing market. Sellers will continue to control the market while buyers will continue to face fierce competition for the right to own the perfect home!
KW METRO CENTER ALEXANDRIA · ARLINGTON · TYSONS · VIENNA All information deemed reliable but not guaranteed. Data sourced from Bright MLS
C O N T E N T S M A R K E T S U M M A RY 3
DMV
MARKET
ANALYSIS
NO R T H E R N V I RG I N I A 6
ALEXANDRIA
6
ARLINGTON
6
FALLS
7
LORTON
7
LOUDOUN
CHURCH CO
8
McLEAN
8
S P R I NG F I E L D
8
VIENNA
8
WOODBRIDGE
WA S H I N G T O N D.C. 11
CAPITOL
HILL
11
D U P O N T
11
F O G G Y
12
G E O RG E T OW N
12
K A L O R A M A
12
L O G A N S
B O T T O M / W E S T
C I RC L E
M A RY L A N D 14
B E T H E S DA
14
C H E V Y
14
P O T O M AC
15
P R I NC E
15
R O C K V I L L E
15
SA I N T
15
S I LV E R
C H A S E G E O RG E ’ S
M A RY ’ S S P R I NG
C O
C O
E N D
Q1 MARKET SUMMARY
Q1 2021
AVERAGE SALE PRICE
Q1 2021
UNIT SALES
Q1 2021
DAYS ON MARKET
4
AV G D AY S O N MARKET
19
TOTAL UNITS SOLD
8631
$5.3B AV G SALE PRICE
$618,813
Q1 2021 NORTHERN VIRGINIA single family, townhouses & condominiums
TOTAL DOLLAR VOLUME
2020 83 $1,012,084 25
2021 93 $1,127,038 23
% +12 +11 -8
187 $760,889 19 280 $366,452 18 180 $1,386,038 29
264 $771,581 20 403 $423,805 32 219 $1,207,170 29
+41 +1 +5 +44 +16 +78 +22 -13 -
units sold avg sold price Townhouse avg days on market
86 $701,704 16
122 $709,649 17
+42 +1 +6
units sold avg sale price Condo & Co-op avg days on market
298 $471,968 20
387 $468,795 36
+30 -1 +80
units sold avg sale price Single Family avg days on market
10 $986,303 17
14 $1,123,288 5
+40 +14 -71
units sold avg sale price Townhouse avg days on market
6 $518,388 8
12 $752,500 12
+100 +45 +50
units sold avg sale price Condo & Co-op avg days on market
11 $475,940 10
14 $428,700 20
+27 -10 +100
units sold avg sold price Single Family avg days on market
Alexandria
units sold avg sold price
Arlington
Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market
Falls Church
MARKET BALANCE
nits sold 2
3,
single family homes
1u 81
The market balance is determined by the average months of supply, Mar 2021
0 21
NORTHERN VIRGINIA
→
9% SELLERS
BALANCED
3,492 units sold 2020
$3.15B
TOTAL SALES (SINGLE FAMILY HOMES) Q1 2021
6
BUYERS
Photo courtesy of Nicole McCullar
Lorton
Single Family avg days on market
2020 35 $725,565 72
Loudoun
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market
58 $463,291 21 11 $287,455 24 609 $714,319 33
57 $458,959 22 20 $322,648 31 680 $813,603 17
-2 -1 +5 +82 +12 +29 +12 +14 -48
units sold avg sold price Townhouse avg days on market
540 $474,529 19
649 $515,217 9
+20 +9 -53
units sold avg sale price Condo & Co-op avg days on market
227 $352,461 25
299 $375,126 15
+32 +6 -40
units sold avg sold price
7
2021 27 $828,185 27
% -23 +14 -63
units sold avg sold price
McLean
Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price
Springfield
Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold
Vienna
avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold avg sale price
Woodbridge
Single Family avg days on market units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market
8
2020 112 $1,618,037 50
2021 126 $1,838,111 42
% +13 +14 -16
21 $853,738 65 59 $542,548 21 137 $590,403 27
30 $888,969 17 71 $464,064 48 153 $675,840 11
+43 +4 -74 +20 -14 +129 +12 +14 -59
115 $443,166 14 22 $296,109 8 146 $988,641 50
95 $491,070 10 32 $287,822 13 145 $1,223,287 34
-17 +11 -29 +45 -3 +63 -1 +24 -32
27 $627,581 27
60 $722,993 12
+122 +15 -56
17 $366,647 19
31 $468,580 44
+82 +28 +132
276 $439,322 30
355 $491,262 10
+29 +12 -67
261 $315,232 25
365 $353,840 10
+40 +12 -60
91 $260,647 16
137 $302,785 13
+51 +16 -19
AV G D AY S O N MARKET
TOTAL UNITS SOLD
2373
32
TOTAL DOLLAR VOLUME
$1.8B AV G SALE PRICE
Q1 2021 WASHINGTON, D.C.
$767,081
single family, townhouses & condominiums
9
Capitol Hill
2020
2021
%
units sold
-
-
avg sold price
-
Single Family avg days on market
-
3 $938,500 7
+39
26 -
99 $1,222,550 32 50 $618,560 47 -
-
7 $1,218,571 39
-
18 $558,915 19
33 $578,803 30
+83 +4 +58
-
-
-
-
2 $747,500 3
-
10 $475,700 78
18 $453,139 80
+80 -5 +3
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market
Dupont
units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold
Foggy Bottom/ West End
avg sale price Single Family avg days on market units sold avg sale price Townhouse avg days on market units sold avg sale price
→ 1,
condo & co-op
nits sold 2
927 units
34 47 $642,128
+11 -6 +6 -4 +81 -
MARKET BALANCE
38%
6u 27
$1,101,609
-
The market balance is determined by the average months of supply, Mar 2021
0 21
WASHINGTON, D.C.
Condo & Co-op avg days on market
71
-
SELLERS
BALANCED
sold 2020
$708M
TOTAL SALES (CONDO & CO-OP) Q1 2021
BUYERS
units sold avg sold price
Georgetown
Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price
Kalorama
Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price
Logan Circle
Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market
11
2020 4 $4,058,000 15
2021 -
% -
22 $1,312,045 33 16 $1,049,125 59 5 $2,544,800 30
29 $1,874,647 40 1 $7,750,000 107
+32 +43 +21 -80 +205 +256
8 $1,710,125 75 32 $703,266 45 -
8 $2,177,588 40 36 $683,977 37 2 $862,000 6
+27 -47 +13 -3 -18 -
10 $1,226,649 32
11 $1,227,173 39
+10 +22
32 $829,200 25
58 $713,309 36
+81 -14 +44
FEATURED LISTINGS
11705 Sugarland Road H e r n d o n , VA 2 0 1 7 0 Offered at $4,500,000 3 Kitchens 7 Bedrooms 9.5 Bathrooms 11,018 Sq Ft 2.2 Acres Listed By Arshia Kia VA F X 1 1 8 0 6 1 8
6 1 0 Ma r y l a n d Av e N E Wa h s i n g t o n , D . C . 2 0 0 0 2 Offered at $2,950,000 6 Bedrooms 5.5 Bathrooms 5500 Sq Ft Listed By Donte Clavo DCDC506094
12
Photo courtesy of William Close (opp page)
AV G D AY S O N MARKET
TOTAL UNITS SOLD
2819
22 AV G SALE PRICE
$608,776 TOTAL DOLLAR VOLUME
Q1 2021 MONTGOMERY CO & MARYLAND
$1.7B
single family, townhouses & condominiums *Data above represents Montgomery County only.
2020 133 $1,188,944 45
2021 162 $1,351,883 21
% +22 +14 -53
15 $923,187 42 70 $438,852 48 56 $1,527,947 55
16 $987,993 40 79 $439,098 45 70 $1,690,714 36
+7 +7 -5 +13 +1 -6 +25 +11 -35
11 $1,227,600 76
4 $1,057,226 3
-64 -14 -96
33 $645,294 63
41 $556,743 63
+24 -14 -
105 $1,113,127 63
102 $1,453,686 38
-3 +31 -40
avg sale price Townhouse avg days on market
1 $550,000 29
25 $830,437 24
+2400 +51 -17
units sold avg sale price Condo & Co-op avg days on market
17 $809,546 35
3 $694,667 35
-82 -14 -
units sold avg sold price Single Family avg days on market
Bethesda
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price
Chevy Chase
Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market units sold avg sale price Single Family avg days on market
Potomac
→
9%
2u 8 3
The market balance is determined by the average months of supply, Mar 2021
nits sold 2 0
1,
single family homes
MARKET BALANCE
21
MONTGOMERY COUNTY
units sold
SELLERS
BALANCED
1,265 units sold 2020
$1.18B
TOTAL SALES (SINGLE FAMILY HOMES) Q1 2021
14
BUYERS
units sold avg sold price
94 $317,556 2020 36 182 $605,319 31
127 $325,226 2021 38 191 $690,084 18
+35 -2 % +6
avg sold price Townhouse avg days on market
88 $571,791 41
82 $616,587 26
-7 +8 -37
units sold avg sale price Condo & Co-op avg days on market
94 $317,556 36
127 $325,226 38
+35 +2 +6
units sold avg sold unitsprice sold Single Family avg days market avg on sold price Single Family avg days on market units sold
308 2020 $511,096 1514 29 $371,617 43 100
345 2021 $582,124 1533 16 $414,044 18 121
+12 % +14 +1 -45 +12 -58 +21
avg sold unitsprice sold Townhouse avg days market avg on sold price
$361,485 594 36 $300,618
$395,358 606 16 $325,242
+9 +2 -56 +8
Townhouse avg days on market units sold unitsprice sold avg sale avg on sold price Condo & Co-op avg days market
32 181 274 $244,143 $177,957 38 2020 39 1514 182 $371,617 $605,319 43 31
16 201 470 $245,695 $207,173 37 2021 22 1533 191 $414,044 $690,084 18
-50 -11 +72 +1 +16 -3 % -44 +1 +5 +12 +14 -58 -42
Townhouse avg days on market units sold avg sold price Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market
88 594 $571,791 $300,618 41 32 94 274 $317,556 $177,957 36 39 312 $326,094 51
82 606 $616,587 $325,242 26 16 127 470 $325,226 $207,173 38 22 365 $391,343 27
-7 +2 -8 +8 -37 -50 +35 +72 -2 +16 +6 -44 +17 +20 -47
units sold avg sold price Townhouse avg days on market
50 $253,404 54
76 $250,098 24
+52 -1 -56
units sold avg sale price Condo & Co-op avg days on market
13 $158,108 27
26 $191,403 11
+100 +21 -59
avg days on market units sold
Rockville
avg sold price Single Family avg days on market units sold
Silver Spring Prince George’s Co
Rockville Prince George’s Co
Condo & Co-op avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price
Saint Mary’s Co
15
+5 +14 -42
get to know the good life.
KELLERWILLIAMS REALTY ®
ALEXANDRIA 1701 DUKE STREET SUITE 100 ALEXANDRIA, VA 22314 703-535-3610
ARLINGTON 2111 WILSON BLVD SUITE 1050 ARLINGTON, VA 22201 703-224-6000
TYSONS 8133 LEESBURG PIKE SUITE 800 VIENNA, VA 22182 703-564-4000
VIENNA 144 CHURCH ST NW VIENNA, VA 22180 703-564-4000