2021 Q2 MARKET REPORT ® Each office independently owned and operated.
NORTHERN VIRGINIA, MARYLAND & WASHINGTON, D.C.
A MESSAGE FROM THE BROKEROnce again, the Greater Washington Metropolitan housing market area demonstrated what all agents & buyers have been feeling (sheer exhaustion) and what every news outlet has been touting all year long. The 2nd quarter housing results showed a market not ready to slow down but one that continues to be red hot in almost every metric used to measure the health of the housing market. Across the three jurisdictions we service, there was unanimity in the growth and strength of the housing market resulting in an exceptional performance in Q2. The numbers speak for themselves - the Q1 & Q2 housing markets have turned in some of the best performances we’ve seen in recent history. Northern Virginia Northern Virginia continued its reign as the strongest housing market of the three jurisdictions although that may not be the case going forward given the recent performances of both the DC & Maryland markets. That being said, Northern Virginia posted a 15.4% increase in average home sale prices and a 47% increase in unit sales for Q2. Inventory, which has been lagging woefully behind historic norms is now inching up with an 11.4 % increase for Q2. Average sale price and unit sales increased significantly across all housing types demonstrating the strength and diversity of the market itself. Fairfax, Loudoun and Prince William counties all delivered double digit increases in unit sales and average sale price. With very discernable rises in inventory levels across the NOVA housing market, one can expect to see some moderation in both sales and prices in Q3 and Q4. Washington, D.C. Washington, D.C. posted strong second quarter results with almost all neighborhoods experiencing varying degrees of strong to modest growth with average sale prices increasing 11.5% over the same quarter last year while unit sales were up 65%. Inventory levels continued to climb (up 21%) thereby providing additional housing opportunities for buyers across the DC market although those opportunities are not being reflected in the average sales price. Condominiums have made a slight comeback with sales up 9% in the DC market, perhaps demonstrating the “flight” from the city living to more suburban areas may be abating to some extent, but YTD numbers suggest there’s a long road back for the condo market Montgomery County/Prince George’s County Montgomery County had a spectacular month of June bolstering their Q2 results and solidifying the gains they made in the first quarter of 2021. Montgomery County landed the quarter with an average sale price up 15.6% and unit sales up 53% QTD despite significantly decreasing inventory levels. Following the lead of the county, most cities within Montgomery County experienced double digit unit sale increases and double digit average sale price increases with the exception of Bethesda and Silver Spring - up 8.7% & 9.1% respectfully. PG County as well delivered a strong performance for Q2 with average sale prices up 14% and unit sales up 35%. The story, once again here, is the seemingly ever depressed inventory levels leading one to ponder just how strong these two markets might be with inventory levels that matched buyer demand. In a nutshell, the state of the housing market in the Greater Washington, D.C. market continues to outpace all predictions in regards to growth and demand. With unemployment rates rebounding (NOVA 4.5%, DC 6.3% & MD 6.1% as of May), the level of new infrastructure and housing projects along with the continued influx of high tech industries into our market sets the stage for a strong housing market moving into the 3rd and 4th quarters of 2021. Although, we’ve seen a small seasonal slowdown (July), buyer demand and the housing shortage in general will continue to drive the market. Interest rates should continue to fluctuate modestly (but will remain low) while slowly increasing inventory levels could flatten home prices in the second half of the year. Overall, look for the housing market to continue it’s upward journey with increasing housing stock slowly leading to a more balanced market in the second half of 2021.
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
CITY
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
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
Q2 MARKET SUMMARY $ 900,000 $ 800,000 $ 700,000 $ 600,000 $ 500,000 $ 400,000 $ 300,000 $ 200,000 $ 100,000 $0
Q2 2021
AVERAGE SALE PRICE
7,000 6,000 5,000 4,000
Q2 2021
UNIT SALES
3,000 2,000 1,000 0
25 20 15
Q2 2021
10 5
DAYS ON MARKET
0
4
AV G D AY S O N MARKET
11
TOTAL UNITS SOLD
14,486
$9.8B AV G SALE PRICE
Q2 2021 NORTHERN VIRGINIA single family, townhouses & condominiums
TOTAL DOLLAR VOLUME
$675,532
units sold avg sold price Single Family avg days on market
Alexandria City
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 units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market
% +28 +17 -12
225 $730,487 13 309 $394,804 14 227 $1,111,878 23 126 $671,763
361 $844,476 10 479 $442,135 22 403 $1,250,495 13
+60 +16 -23 +55 +12 +57 +78
176
+40 +13
10
$760,306 11
314 $468,045 13
534 $478,931 26
+70
33 $1,145,029 19
units sold avg sale price Townhouse avg days on market
5 $795,200 4
units sold avg sale price Condo & Co-op avg days on market
13 $409,538 7
19 $484,868 29
avg sale price Single Family avg days on market
Falls Church
→ 7,
nits sold 2
-43
+10 +2 +100 -3 +9 -58 +160 +1 +50 +46 +18 +314
MARKET BALANCE
42%
8u 20
+12
The market balance is determined by the average months of supply, June 2021
0 21
single family homes
2021 152 $1,169,822 15
32 $1,246,791 8 13 $799,748 6
units sold
NORTHERN VIRGINIA
2020 119 $999,740 17
SELLERS
BALANCED
5,068 units sold 2020
$6.2B
TOTAL SALES (SINGLE FAMILY HOMES) Q2 2021
6
BUYERS
Photo courtesy of Ann Wilson
Lorton
Single Family avg days on market
2020 62 $713,836 24
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
66 $417,817 14 17 $292,747 8 936 $713,548 20
82 $468,919 8 24 $324,625 9 1308 $871,320 11
+24 +12 -43 +41 +11 +13 +40 +22 -45
units sold avg sold price Townhouse avg days on market
813 $473,900 13
1145 $546,467 6
+41 +15 -54
units sold avg sale price Condo & Co-op avg days on market
323 $360,038 20
430 $392,075 11
+33 +9 -45
units sold avg sold price
7
2021 102 $828,168 12
% +65 +16 -50
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 131 $1,586,113 39
2021 212 $1,869,731 29
% +62 +18 -26
19 $916,976 25 54 $505,606 19 226 $611,437 10
39 $959,341 11 104 $579,710 45 313 $715,543 6
-105 +5 -56 +93 +15 +137 +39 +17 -40
127 $464,054 8 24 $310,400 7 172 $1,031,862 28
178 $520,108 6 37 $286,643 11 271 $1,202,351 19
+40 +12 -25 +54 -8 +57 +58 +17 -32
34 $654,029 10
73 $691,746 7
+115 +6 -30
27 $421,330 25
39 $396,692 20
+44 -6 -20
411 $456,421 17
530 $525,224 7
+29 +15 -59
362 $328,683 15
478 $378,651 6
+32 -15 -60
112 $291,176 15
166 $327,345 9
+48 +12 -40
AV G D AY S O N MARKET
TOTAL UNITS SOLD
3,262
23
TOTAL DOLLAR VOLUME
$2.7B AV G SALE PRICE
Q2 2021 WASHINGTON, D.C.
$839,344
single family, townhouses & condominiums
9
units sold avg sold price
Capitol Hill
-83
76
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 units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Co-op avg days on market
→ 1,
6 $1,512,500 40
+500 +49 +700
11 $663,545 22
32 $626,022 46
+191 -6 +109
-
-
-
-
-
-
3 $377,000 85
5 $433,800 73
+67 +15 -14
-50 +73 -1 +75 -
The market balance is determined by the average months of supply, June 2021
0 21
927 units
1 $1,017,500 5
+14
MARKET BALANCE
86%
nits sold 2
20 -
$611,543
avg sold price
-70 +67
18 37
avg sold price Single Family avg days on market
+31
127 $1,168,939 9 64 $604,639 35 -
$1,027,003
units sold
condo & co-op
1 $1,090,000 6
units sold
Condo & Co-op avg days on market units sold
WASHINGTON, D.C.
6 20
avg sold price
8u 72
%
Single Family avg days on market
Townhouse avg days on market units sold
Foggy Bottom/ West End
2021
$832,825
avg sold price
Dupont
2020
SELLERS
BALANCED
sold 2020
$1B
TOTAL SALES (CONDO & CO-OP) Q2 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
Photo courtesy of Marion Gordon 11
2020 4 $9,957,500 42
2021 7 $4,460,714 32
% +75 -55 -24
23 $1,560,878 26 18 $1,037,900 45 2 $3,450,000 97
42 $1,675,486 35 24 $952,668 49 2 $1,955,000 116
+83 +7 +35 +33 -8 +9 -43 +20
3 $1,373,000 39 25 $678,988 27 -
8 $2,037,063 18 44 $728,566 45 1 $3,000,000 1
+167 +3 -54 +76 +7 +67 -
8 $1,019,000 17
13 $1,459,461 20
+63 +43 +18
34 $753,488 21
96 $705,455 24
+182 -6 +14
FEATURED LISTINGS
6429 27th St. N A r l i n g t o n , VA 2 2 2 0 7 $1,783,000 5 Bedrooms 4 Full Bathrooms 2 Half Bathrooms 4480 Sq Ft Listed By Conor Sullivan VA A R 1 8 2 5 5 6
160 Winsome Circle Bethesda, MD 20814 Offered at $1,499,000 4 Bedrooms 3.5 Bathrooms 3192 Sq Ft Listed By Josh Dukes MDMC758730
12
AV G D AY S O N MARKET
TOTAL UNITS SOLD
4,611
15 AV G SALE PRICE
$674,509
Q2 2021 MONTGOMERY CO & MARYLAND
TOTAL DOLLAR VOLUME
$3.1B
single family, townhouses & condominiums *Data above represents Montgomery County only.
2020 214 $1,205,574 30
2021 298 $1,501,166 12
% +39 +25 -60
18 $914,111 39 75 $362,742 36 63 $1,505,282 30
49 $960,223 14 139 $482,638 47 111 $1,712,257 16
+172 +5 -64 +85 +33 +31 +76 +14 -47
10 $780,800 43
6 $985,167 9
-40 +26 -79
31 $483,942 42
48 $775,271 45
+55 +60 +7
130 $1,099,258 38
170 $1,446,452 22
+31 +32 -42
avg sale price Townhouse avg days on market
21 $656,455 38
40 $889,765 11
+90 +36 +71
units sold avg sale price Condo & Co-op avg days on market
2 $719,500 133
3 $968,333 74
+50 +34 -44
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
→
39%
0u 7 4
The market balance is determined by the average months of supply, June 2021
nits sold 2 0
2,
single family homes
MARKET BALANCE
21
MONTGOMERY COUNTY
units sold
SELLERS
BALANCED
1,773 units sold 2020
$2.2B
TOTAL SALES (SINGLE FAMILY HOMES) Q2 2021
14
BUYERS
units sold avg sold price
Rockville
Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold
Silver Spring
avg sold price 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
Prince George’s Co
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
Saint Mary’s Co
avg sale price 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
15
2020 270 $618,878 20
2021 358 $733,505 8
% +33 +19 -60
82 $555,748 21 96 $347,961 27 409 $530,705 18
138 $613,314 9 181 $352,203 27 587 $622,437 11
+68 +10 -57 +89 +1 +44 +17 -39
91 $387,155 19 161 $239,919 36 1655 $390,445 30
175 $424,523 12 315 $255,415 30 2069 $449,509 14
+92 +10 -37 +96 +6 -17 +25 +15 -53
610 $305,350 22
806 $351,743 11
+32 +15 -50
298 $186,814 28
449 $227,392 18
+51 +22 -36
417 $341,213 41
461 $391,837 15
+11 +15 -63
69 $231,121 39
91 $289,925 23
+32 +25 -41
9 $148,433 19
24 $201,054 11
+167 +35 -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