A new report from Delta Associates about the new condo market in the DC region finds that Northern Virginia continued to lead the way in 2021. Interestingly, although price growth was tepid last year, there were two submarkets where the average price per square foot exceeded $1,000: Upper Northwest and Central DC, which overtook the former to become the most expensive local neighborhood for new condos.
Below, UrbanTurf picks out some of the more interesting stats observed in the local new condo market last quarter:
- 13.5 — The months of new condo supply available in the region in December 2021, a 2.4-months year-over-year drop.
- 1,634 — The number of new condo sales in 2021, down from 1,652 in 2020.
- 358 — The number of new condo sales in the Fairfax/Falls Church submarket in 2021, the most areawide. Loudoun County/Prince William came in second with 268 sales, just edging out DC's Capitol East submarket (267).
- 15% — The year-over-year drop in contract sales in DC proper in 2021; contract sales were at their lowest level since 2011.
- 1.2% — The rise for new condo prices in DC in 2021; areawide, new unit prices rose by 0.3%.
- 1,046 — The number of new condos expected to deliver in 2022; there were 1,975 estimated deliveries in 2021.
- 1,249 — The number of new condos expected to break ground in 2022; approximately 1,596 units broke ground in 2021.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-new-condo-market-by-the-numbers/19240.
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