Three in Four New Condos Sold in DC Last Quarter Were in this Part of DC
Over 1,500 new condos sold in the DC region in the 12 months ending in September, an increase of less than one percent compared to the prior year. However, sales jumped significantly between the second and third quarter of the year, skyrocketing by 75 percent with the outer suburbs leading the way.
Suburban Maryland saw sales activity rise significantly, thanks to the arrival and quick sales pace of developments like The Flats at Crown. Prices followed suit, rising by 3.7 percent year-over-year.
story continues below
loading...story continues above
DC's Capitol East submarket accounted for more than three in four new condos sold in the city in the third quarter, accounting for 128 units out of the citywide total of 170. Both northern Virginia (267) and suburban Maryland (191) outpaced DC sales, illustrating how much variation there is in the market.
Despite strong sales, prices only increased 0.4 percent in Capitol East over the past year, likely because the submarket also leads the area in available inventory with 1,068 units. Similarly, Arlington/Alexandria, the submarket with the third-most available inventory (466 units), saw prices drop 0.4 percent over the past year.
Flat year-over-year sales may be having a cooling effect on condo construction, with the 1,351 new units expected to break ground this year down 17.5 percent from 2018. Despite this, Delta Associates anticipates the DC condo market having more supply than demand over the next three years, while suburban Maryland and northern Virginia are expected to have more demand than supply.
Sub-market definitions:
- Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
See other articles related to: dc area condo market, delta associates, new condo, new condo market
This article originally published at https://dc.urbanturf.com/articles/blog/three-in-4-new-condos-sold-in-dc-last-quarter-were-in-this-neighborhood/16158.
Most Popular... This Week • Last 30 Days • Ever
Back in 2022, the DC Zoning Commission gave the green light to a large mixed-use deve... read »
Opening for sales this spring, The Brownstones at Westbard Square will feature 101 ne... read »
Donohoe presented plans on Thursday evening for a new multi-family residential projec... read »
Even with two large apartment buildings delivering in Northern Virginia's National L... read »
The main story for the DC region's housing market in February was the supply of homes... read »
- Raze Application Looks To Pave Way For 700-Unit Development in Brookland
- Coming Soon: New EYA Brownstones at Westbard Square in Bethesda
- Early Plans Unveiled For 130-Unit Development in Friendship Heights
- 3 Down, 7 To Go: A Look At The Thousands of Units Coming to National Landing
- The Return of Supply And Four Other Interesting Stats From The February Housing Market
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro