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.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro