The Market Report: The 2022 Luxury Outlook

The end of 2021 showed signs of a slight shift in the frenzied market that is residential real estate, including fewer bids on houses, and homes spending a little longer on the market. But in 2022, a true buyer’s market isn’t likely, as people continue to move, and real estate is considered a hotter investment than ever. Plus, there are two major issues keeping the market on the side of sellers: low inventory and material supply slowdowns. As such, most experts predict prices will increase throughout 2022, especially after the slower winter months.

As borders reopen, pent-up demand from international buyers will compete for limited inventory with local buyers. That might spell good news for financial capitals like New York City and London. As such, we’ll look into the future of big cities — many of which bounced back more quickly than expected post-Covid lockdowns — as well as how the market is likely to shape up in second-home locations and suburbs, which saw prices skyrocket due to pandemic-related migration patterns.

But if 2020 and 2021 were fueled by remote work, we’re predicting that in 2022, hybrid work is likely to drive the market, with many looking for larger homes that can accommodate remote work yet remain within commuting distance to their office. We also explore areas around the world poised for tax changes that may influence buyers’ real estate investment plans.

Millennials are changing the market, too, finally giving up their rentals and buying homes — often with money passed down by their parents. Tech companies — many of which have relocated, expanded their headquarters, or are planning to do so — are affecting the migration patterns of these millennials (and Gen Z, too).

In fact, the strength of secondary and tertiary cities (now often tech hubs) is one of the trends we’re exploring, in addition to the popularity of serviced apartments and branded developments as low-maintenance homes; the increased popularity of eco-conscious house buying (think solar energy and electric-car chargers), and even the emergence of cryptocurrency, which is still in nascent stages with regards to buying and selling property, but likely not for long.

Finally, we’re diving into some luxury lifestyle trends. From wine to NFTs to handbags to sneakers, more high-net-worth individuals of all ages—many new to the auction world — are looking to put their money into assets they can enjoy now, with hopes of appreciating value over time.

Join us as we explore these market-shaping forces and much more.

To read the 2022 Luxury Outlook, click here.


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


The Condo Report: Third Quarter 2021

While COVID-19 continues to impact the Washington Metropolitan Area condo market, the shift in new condo sales activity away from Washington, D.C. towards the suburbs of Maryland and Virginia has started to reverse itself.

Though a lack of new development remains part of the reason behind the lower sales in Washington, D.C., the past few quarters have seen activity start to pick up with the market shifting back to a more normalized level as buyers warm up to urban living again in anticipation of a post-pandemic world.

Generally, condo development and sales activity are shifting closer to the core of the Washington Metropolitan Area. However, price growth has moderated, with softness in Washington, D.C. as price spikes persist in select suburban markets.

In addition, sales pace in the suburbs well outperforms Washington, D.C.

Washington D.C.

After a significant slowdown in quarters prior, condo sales in Washington, D.C. continues to steadily rebound with the help of the usually busy Spring selling season coupled with improved economic conditions.

In Washington, D.C., NoMa and H Street led the market in condo sales activity during the third quarter of 2021 with 46 sales, followed by the Capitol Hill and Riverfront Southwest submarket with 39. These two submarkets also led the city in sales over the past 12 months.

A total of 861 condominium units are currently marketing or under construction in Washington, D.C., down from last quarter.

Northern Virginia

Northern Virginia maintains its market-leader status with most of the new condo development and sales activity.

In the close-in Northern Virginia suburbs, Alexandria led in sales in the third quarter of 2021 with 29, followed by Arlington with 22. Alexandria also led in sales over the past 12 months with Tysons Corner edging out Arlington with 61 and 59 sales, respectively, over the same period.

In the close-in Northern Virginia submarket, prices increased slightly in Tysons Corner and Arlington while experiencing a more significant, but still modest, increase in Alexandria.

In Alexandria, prices now average close to $1,000 per square foot and are up on average over 29.6% annually over the past five years.

Maryland Suburbs

In the Maryland suburbs, condo sales and condo development pace significantly behind that of Washington, D.C. and Northern Virginia. With that, average price per square feet remains competitive with Northern Virginia and Washington, D.C. at just over $800 per square foot for the third quarter of 2021 and condo supply — the amount of time it would take for the current active inventory to sell — remains competitive at just under two months in comparison to over 33 months of supply in Washington, D.C.'s Columbia Heights and 17 months in Alexandria, Virginia. 


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


The Condo Report: Spotlight on Northern Virginia

In Northern Virginia, Arlington and Alexandria represent two of the hottest and historically stable real estate markets.

Epicenters for new real estate development, business, and transportation — with both jurisdictions very well connected to Washington, D.C. via Metro rail — Arlington and Alexandria’s vibrant, dense neighborhoods have cropped up all along the transportation corridors of these two close-in suburbs.

In Alexandria, residents and tourists alike are drawn to its rich history and old architecture while Arlington — home to Ronald Reagan Washington National Airport and The Pentagon — is home to the upcoming Amazon HQ2 development, which will only strengthen the consistent demand the Washington Metropolitan Area has seen over the past decade.

A notable, large-scale new development in the Eisenhower neighborhood of Alexandria is being spearheaded by real estate development and investment firm Stonebridge. A $400 Million high-rise complex that includes multiple luxury apartments and retail, the project will be anchored by a large Wegmans and will emphasize the creation of a vibrant neighborhood around transit expected to complete sometime in the Spring of 2022.

Another interesting trend in Northern Virginia is the conversion of office to housing development.

With office vacancy rates at record highs and workers being content with the work from home lifestyle, real estate developers are beginning to question the best use of commercial office properties with one specific question in mind: Is it economically (and physically) feasible to convert commercial office properties to residential?

Brookfield Residential recently announced the intention of transforming two former corporate office buildings in Old Town Alexandria into a condo development called Towngate North. In September 2021, JBG Smith abandoned part of its proposed office plans for National Landing in favor of more residential units.

Condo developments in Arlington continue to spring up, especially in the Rosslyn neighborhood where new condos just opened at The Pierce. Condo units at The Pierce range from $900,000 to more than $3 Million. Multiple other condo and rental buildings are planned or due to open soon in the area, creating more available inventory.

As reported by local news publication ARLnow, the Arlington condo market has improved from the end of 2020 and early 2021, with prices rebounding but inventory levels still being much higher than they were in the years preceding the Amazon HQ2 announcement.


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


The Condo Report: Spotlight on Tysons Corner, Virginia

Tysons and McLean bring both an urban feel and a sophisticated atmosphere to Fairfax County, Virginia. McLean is home to diplomats, members of Congress, and high-ranking government officials. Tysons is Fairfax County’s central business district and is classified is an edge city – a community that once used to be a suburban/rural residential area but is emerging into an urban core centered around its Metro stations. McLean has more upscale and traditional condominium projects such as The Signet, while Tysons is home to high-rises such as Monarch and Verse. While each area has its own unique living environments, they both share the Silver Line.

Tysons is a booming area that has experienced phenomenal growth over the past few years and continues to lead the multifamily industry in terms of development in Northern Virginia. McLean

currently has two projects currently selling with one project nearly sold out. The Signet is one of those two projects and offers 100 units with only four yet to be sold as of the end of 2020. Meanwhile, Tysons has three projects that have been selling - The Bexley being the newest of the pack with 120 units in its mid-rise building. The condominium market is tight in both McLean and Tysons as renting is the norm in Tysons while single-family detached housing is popular in McLean.

Neither McLean nor Tysons have any projects planned in the 36-month pipeline. The View at Tysons promises to be a gleaming beacon in Washington, being housed in The Iconic tower which is proposed to be the tallest tower in the region. With millions of square feet of mixed-use planned across six buildings adjacent to the Spring Hill Metro station, the View at Tysons is one of the largest developments ever approved in Tysons. However, it was not immune to the pandemic and after all the land was purchased for its construction in February 2020 the project is now stalled. With several multi-phased multifamily development planned in Tysons, there is the possibility that certain phases will be built as condos.

In the remainder of Fairfax County, there is one project that is currently in the 36-month pipeline, with six projects currently selling. Like McLean’s The Signet, Tall Oaks in Fairfax has only four units remaining as of this quarter. The Flats and The Lofts at Pender Oaks have recently entered the market, both built by K. Hovnanian Homes


The Condo Report: Fourth Quarter 2020

Sales activity continued to shift away from the District and into the suburbs this quarter, due to buyer preferences for larger units in the wake of the COVID-19 pandemic. The number of available units in the metro area increased over the fourth quarter of 2020 and over the year. Prices decreased in most of the close-in Northern Virginia suburbs while they increased in the District and Bethesda. An influx of new inventory is being introduced to the market now and will continue to do so going into 2021. We continue to expect moderate sales growth as we go into the new year.

The fourth quarter of 2020 brought a total of 55 new condominium contract sales in the District and 408 units sold over the past 12 months – nearly one-fourth less than that of last year. Capitol Hill/Riverfront/SW submarket continues to lead sales although the number of contract sales declined over the year. Arlington recorded a 2.4% increase in sales while Alexandria had an 83.8% growth compared to 2019. New condo sales activity in Tysons is holding steady at 13.6% growth year-over-year. Similar to Alexandria, Bethesda is also experiencing a record amount of sales growth over the year.

After a more than five-year absence, new condo sales activity returned to Tysons in 2018 with the opening of Verse followed by Monarch. Sales have also now begun at The Bexley, bringing a total of 23 sales between the three properties in Tysons this quarter. Bethesda recorded five contract sales this quarter, and there have been 36 sales in 2020.

Average monthly sales pace in the District during the fourth quarter was 1.8 sales per project per month, same as third quarter. The Capitol Hill/Riverfront/SW submarket again had the fastest sales pace in the District at 3.4 sales per project per month, which is significantly higher than the pace from a year ago. Although this is the highest in the District, it is still a decrease over the year as with every submarket in the District except for Northeast. Sales pace also decreased in all three inner-NoVA submarkets as well as in Bethesda.

Average effective same-store prices of new condominiums in the District reached $799 per SF in the fourth quarter of 2020. This is up 2.6% from a year ago. Prices in District submarkets increased most in the Capitol Hill/Riverfront/SW submarket at 6.3% over the year. Like the Capitol Hill submarket, Arlington recorded an increase of 6.3% over the year. An increase of 5.3% was recorded in Bethesda while prices in Alexandria and Tysons decreased by 2.7% and 2.5%, respectively.

A total of 1,075 condominium units are currently marketing or under construction in the District, led by the NoMa/H Street submarket. In the close-in suburbs of Northern Virginia, there are 532 units actively marketing or under construction and 69 units in Bethesda. The 779 units in the District’s 36-

month development pipeline are mostly located in the River East submarket as well as the Upper Georgia Avenue submarket. Northern Virginia’s close-in suburbs currently have no projects planned over the next 36 months while 19 units are planned in Bethesda.

The inventory-to-sales ratio (months of supply at current rates of sale) in the District is currently 16.1 months but varies greatly by submarket. Months of supply ranges from zero months in the Upper Northwest submarket to 102.0 months in the Columbia Heights/Shaw submarket. The close-in suburban submarkets range from 3.7 months in Bethesda to 60.3 months in Tysons. Almost all of Washington-area close-in submarkets are currently considered to be supply-constrained. We have found over the years that a healthy ratio is between 24 and 30 months of supply—in that range, prices tend to move up gradually. In contrast, the rule of thumb in the resale market is that six months of supply is considered a healthy ratio. The difference between the two ratios corresponds to the 18 to 24 months typically required to build a new condo project.

Resale activity increased for condominiums in all but two of the close-in Washington area submarkets. The District had an overall increase of 5.2% while Northern Virginia sales activity grew by 0.8%. Bethesda had an increase of 1.2%. The average number of days on the market for District resale condos was 31 days during the fourth quarter, a slight increase from last quarter’s average of 27 days. Market conditions were tightest in the Northeast submarket at an average of 25 days, while the average condo took 46 days to sell in the Central submarket. Average days on the market ranged in the close-in suburbs from 23 days in Alexandria to 44 days in Bethesda.


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


Market Report: Year End 2019

Your home is more than a building or an address. It’s where you experience life, connection, and growth.

And for those who seek the very best, the Washington Metropolitan Area remains one of the most desirable real estate markets in the United States.

As we begin the New Year, join us in exploring the data and trends powering the Washington Metropolitan Area's residential real estate market in this 2019 Year End Market Report presented exclusively by TTR Sotheby's International Realty.

https://issuu.com/ttrsirmarketing/docs/2019_annual_report_for_issuu


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


The Market Report: Mid-Year 2019

The 2019 Mid-Year Market Report presented by TTR Sotheby's International Realty.

Your home is more than a building or an address. It’s where you experience life, connection, and growth.

And for those on a journey, the Washington Metropolitan Area remains one of the finest markets in the United States.

As we enter the second half of 2019, we invite you to explore the data and trends powering the Washington Metropolitan Area's residential real estate market in this exclusive Mid-Year Market Report presented by TTR Sotheby's International Realty.

1810 15th Street NW #1, Washington, D.C. presented by Daniel Heider of TTR Sotheby's International Realty.

In Downtown Washington, D.C., double-digit increases in home sales in submarkets such as Logan Circle, Shaw, and Petworth further solidified this submarket as one of the most vibrant in the Washington Metropolitan Area.

Across the rest of Washington, D.C., new real estate developments in Capitol Hill and the Southwest Waterfront are set to deliver in Fall 2019, adding to already positive momentum in the Northeast and Southwest submarkets.

With the continued and steady addition of world-class entertainment, outdoor spaces, and inspiring culinary and cultural amenities, Washington, D.C. continues to build on its reputation one of the nation's most desirable housing markets.

1881 N. Nash Street #TS01 Arlington, Virginia presented by Jonathan Taylor of TTR Sotheby's International Realty.

In Northern Virginia, demand for properly priced homes in desirable neighborhoods remains strong, particularly in Arlington, Virginia, the destination of Amazon HQ2.

Indeed, in Arlington, Virginia, the first half of 2019 has seen significant decreases in inventory, with the pace of new listings down 22% compared to the first half of 2018, while demand for properties in Arlington, Virginia steadily increases, with prices up 7.25% on average compared to the same period last year.

1291 Hollywood Avenue, Annapolis, Maryland presented by Shane Hall of TTR Sotheby's International Realty.

In Maryland's desirable Chesapeake Bay region, a strong market demand for waterfront homes continues into 2019, with home sales in Edgewater and Saint Michaels increasing at double-digital clips compared to this time last year.

To explore the data and trends powering the Washington Metropolitan Area's residential real estate market, browse the 2019 Mid-Year Market Report.

https://issuu.com/ttrsirmarketing/docs/2019_mid_year_report_final_issuu


TTR Sotheby's International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


Market Report: Year End 2018

Among the many encouraging social and economic indicators from 2018, the November announcement of Amazon HQ2 in the heart of Arlington, Virginia positioned the Washington Metropolitan Area as a major focus in the national real estate conversation — a trend we expect to continue into 2019 and beyond.

While the infusion of additional technology jobs will be highly beneficial over the long term, the benefits to the region's real estate marketplace are already emerging, with both Arlington and adjoining Alexandria having witnessed significant increases in new contracts following the announcement.

Indeed, Arlington experienced a 76.1% increase in new contracts in December 2018 versus the same period in 2017, followed by a 62.7% increase in Alexandria, sold dollar volume increased by approximately 33% in both jurisdictions. Furthermore,  a significant drop in the number of active new listings suggests upward pressure on prices as we move into the first quarter of 2019.

Explore the 2018 Year End Market Report »

1628 11th Street NW #109, Washington, D.C. presented by Jonathan Taylor of TTR Sotheby's International Realty.

Elsewhere across the region, 2018 delivered stable growth across most economic indicators, including a 1.1% increase in population, net international migration of approximately 43,000, and over 53,000 new jobs reported.

Of note, jobs in the Federal Government decreased by 3,600 in 2018 while federal procurement in the region increased to $82.6 Billion, the highest level in 10 years and a further signal that the region's economic engine is fueled increasingly by the private sector.

40889 Stumptown Road, Waterford, Virginia presented by Ron Mangas Jr. of TTR Sotheby's International Realty.

More jobs and growth continue to strain the transportation infrastructure of the region, with almost 18% of the region's workforce commuting over 60 minutes per day.

As with comparable metropolitan areas, transportation has a direct influence on the region's real estate market, with submarkets proximate to job centers and transportation infrastructure continuing to outperform other submarkets in the region.

Of note, new contracts in Washington, D.C.'s Logan Circle and Thomas Circle neighborhoods increased over 33% in December 2018, mirroring the activity in Arlington and Alexandria.

10913 Burbank Drive, Potomac, Maryland presented by Shahab Nasrin of TTR Sotheby's International Realty.

Momentum is also tangible in Montgomery County, Maryland, where the median sold price increased 4.8% in 2018, while homes sold more rapidly with the average days on market decreasing 20.3%.

In close-in McLean, Virginia sold volume and prices edged upwards slightly. However, the number of new contracts more than doubled in December 2018 versus the same month in 2017.

In Annapolis, Maryland, the 2018 market showed signs of strength, with sold volume increasing 3.1% and median sales prices increasing 4.9%. Properties sold faster with average days on market decreasing 15.1%.

https://issuu.com/ttrsirmarketing/docs/2018_year_end_report?e=12939368/67721143


TTR Sotheby’s International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


Market Report: Third Quarter 2018

A strong job market across the Washington Metropolitan Area continues to be the fundamental driver for our regional economy and our real estate market.

Over the past 12 months, the region has added over 70,000 new jobs, and the unemployment rate continues to hover below the national average at 3.7%.

Yet, despite strong demand, existing home sales and new building permits continue to drift well below levels seen over the past several years, which continues to put upward pressure on prices.

Explore the Market Report: Third Quarter 2018 »

6113 Franklin Park Road, McLean, Virginia presented by Ron Mangas Jr. of TTR Sotheby's International Realty.

In general, locations inside the Beltway continue to outperform those markets further out, however all jurisdictions appear to be stable if not growing through the end of the 3rd Quarter.

The impact of location is very evident in the Northern Virginia market of McLean where sold dollar volume increased 7.2% for homes inside the Beltway versus 1.5% for homes outside. This is further exhibited by the median sales price in these same markets of $1.1 million inside the Beltway versus $400,000 for homes sold outside the Beltway so far this year.

Arlington continues to be a strong market with a median sales price of $559,000 across all units. Homes are selling for an average of 98.3% of list price, and average days on the market declining to 40 days for the year to date. Detached homes are selling for an average price of $1.1 million which reflects a 3.6% increase over last year.

10111 Iron Gate Road, Potomac, Maryland presented by Marc Fleisher of TTR Sotheby's International Realty.

We are anxiously awaiting the opening of our new office in Bethesda, Maryland in the first half of 2019.

Our location on Bethesda Row puts us squarely in the middle of one of the region’s most active markets.

So far this year, almost 1,000 units have sold in Bethesda at a median sales price of $865,000. The average price for a single-family home increased slightly to $1.2 million, and over 157 homes closed at $1 million or higher so far this year. A total of 241 condos, coops or townhouses sold so far this year at an average price of $514,000.

As we continue to build a strong presence in surrounding Loudoun and Rappahannock Counties, we will also open our newest office in The Plains, Virginia later this year.

This year, sold volume has increased and average sold price has increased almost 5.0%, one of the highest increases in the region. Fauquier County remains relatively affordable with the average sales price for a detached home increasing slightly to $483,000. Homes in these markets continue to take longer to sell, and average days on market remains around 72 days, about twice the average length of time for Northern Virginia.

2810 University Terrace NW, Washington, D.C. presented by Michael Rankin of TTR Sotheby's International Realty.

In downtown Washington, D.C., the theme continues to be one of limited supply. Sold dollar volume increased slightly and median sales prices increased 2.8% to $565,000. Prices for detached homes increased to $1.1 million. In the Logan/Shaw neighborhood, inventory continues to be extremely tight, and the number of units sold declined as a result. Average sales prices decreased to $704,000, but this is due primarily to the limited number of units trading compared to last year.

As we approach Thanksgiving and the upcoming holiday season, we continue to encourage our associates to lead not only in the markets, but also the communities in which they live and work.

Despite the strong numbers, we are most proud of the philanthropy and authentic engagement our associates represent across the region. Most importantly, we are grateful for the opportunity to be of service to our clients, regardless of where their global real estate journey takes them.

https://issuu.com/ttrsirmarketing/docs/q3_2018_for_issuu


TTR Sotheby’s International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


Market Report: Second Quarter 2018

Despite a somewhat slower start this Spring, the Washington real estate market continues to be very active. Most notably, jobs and traffic continue to play a key role in the market dynamics across the Washington Metropolitan region.

According to the Center for Regional Economic Analysis, in May 2018 the region benefited from continued strong job growth, adding 41,300 new jobs over the past year.

Northern Virginia led this growth, adding 24,800 new jobs, with Suburban Maryland running a close second with over 14,000 new jobs. The entire region is benefiting from a remarkably low unemployment rate of 3.1%, well below the current U.S. rate of 3.9%.

This same report indicates that 17.8% of Washington area workers commute 60+ minutes every day, rivaling the San Francisco Bay Area and ranking second only to New York.

Jobs and traffic continue to play a key role in the market dynamics across the Washington Metropolitan region.

Lengthy commutes continue to weigh heavily on the minds of potential buyers as they consider options across various submarkets. To that point, areas in and around the Beltway or close to growing job centers continue to outperform other submarkets.

3127 51st Pl Nw Washington, D.C. presented by Sandra Leiva of TTR Sotheby's International Realty

Washington, D.C. continues to be a strong market. Sales increased 1.8% in the second quarter versus last year, and median sold prices increased 3.6%. Homes continue to sell fast, an average of 35 days which identical to the same period last year. Northern Virginia maintains a brisk pace with sales volume and median prices increasing in the major jurisdictions of Fairfax County, Arlington, and Alexandria. The city of Alexandria leads the pack so far this year with sold dollar volume increasing 7.8% and median sold price increasing 5.9%.

7205 Arrowood Rd Bethesda, Maryland presented by Marc Fleisher of TTR Sotheby's International Realty

Montgomery County has benefited from the strong jobs market noted above with sold dollar volume decreasing slightly but median sales prices increasing 5.4%. Velocity is also gaining momentum with average days on market increasing to 43 days, 10.4% faster than the same period last year.

8714 Holtzclaw Rd Warrenton, Virginia presented by Michael Rankin of TTR Sotheby's International Realty

Our Annapolis brokerage reports that the late Spring somewhat delayed the market, and sold volume decreased slightly 5.4% year to date. Median sold prices, however, increased 2.1%. Buyers continue to be drawn to the beautiful waterfront and walkable lifestyles that the Annapolis area offers.

On the opposite side of the region, we continue to build a strong presence in Virginia Equestrian Country. This Fall, we are delighted to be major sponsors once again of both the National Sporting Library and Museum’s Annual Polo Classic on September 9 and the Middleburg Film Festival which will be held on October 18-21st.

Regardless of location, we look forward to assisting you as your global real estate advisors. From Middleburg to Munich, we are ideally positioned to be of service to you and your family with an unwavering commitment to integrity and professional service which has defined the Sotheby’s brand worldwide for over 250 years.

https://issuu.com/ttrsirmarketing/docs/q2_2018_no_bleed


TTR Sotheby’s International Realty is a licensed real estate brokerage in Washington, D.C., Maryland, and Virginia.


Market Report: Second Quarter 2017

Summer is squarely upon us, and the real estate market remains very active.

Jobs and traffic continue to play a key role in the market dynamics across the Washington Metropolitan region. According to the Center for Regional Economic Analysis in May, the region benefited from continued strong job growth, adding 48,300 new jobs over the past year. Suburban Maryland led this growth, adding 26,200 new jobs, however Northern Virginia is still projected to be the largest net provider of new jobs for the balance of the year and leads the region with a remarkably low unemployment rate of 3.6%, well below the national average of 4.4%.

This same report indicates that 17.3% of Washington area workers commute 60+ minutes everyday, ranking only second to New York. This continues to weigh heavily on the minds of potential buyers as they consider options across various submarkets. To that point, areas in and around the Beltway or close to growing job centers continue to outperform other submarkets.

Washington, DC continues to be a strong market. Sales increased 3.8% in the second quarter versus last year, and median sold price increased 2.9%. Homes are selling even faster than last year, with median days on market decreasing 11% to 8 days. Northern Virginia maintains a brisk pace with sales volume increasing 10.5% and median sold prices increased 5.7%.

Montgomery County has benefited from the strong jobs market noted above with sold dollar volume increasing slightly but median sale prices increasing 4.3%. Velocity is also gaining momentum with median days on market decreasing to 13 days, 23.5% faster than the same period last year.

Our expansion into the Annapolis area is benefiting from a 12.2% increase in sold volume, and median sold prices increased 6.44%. Buyers continue to be drawn to the beautiful waterfront and walkable lifestyles that the Annapolis region offers.

On the opposite side of the region, we continue to build a strong presence in the Virginia Hunt Country. This Fall, we are delighted to be major sponsors of both the National Sporting Library’s Annual Polo Classic on September 10th and the Middleburg Film Festival which will be held October 19-22nd.

In the interim, we look forward to assisting you as your global real estate advisors. From Shanghai to Shaw, we are ideally positioned to be of service to you and your family with an unwavering commitment to integrity and professional service which has defined the Sotheby’s brand worldwide for over 250 years.

https://issuu.com/ttrsirmarketing/docs/market_report_q2_2017_final?e=12939368/51357514