Luxury Outlook 2022

Posted on: January 26, 2022

We are delighted to present Sotheby's International Realty's 2022 Luxury Outlook.  In this report we explore the data as well as expert's opinions to forecast the trends likely to shape this year and beyond, across the world's prime housing markets.  

In 2021 in the DC area, prices were on the rise in the suburbs adjacent to Washington, DC. Indeed, 407 properties sold for more than $2 Million in the areas of Arlington, McLean, Falls Church, and Alexandria. This total marked a nearly 70% increase in sales over 2020 and included 361 detached homes, 22 townhomes, and 24 apartments. Homeowners in these areas enjoy short commutes to offices in DC, Arlington, and Tysons. Consistent with a nationwide pandemic era trend, buyers particularly sought outdoor space and room for home offices and gyms. Of the top 407 sales, 174 homes offered at least a half-acre parcel and 335 had 5 or more bedrooms. We expect this trend to continue in 2022, as the hybrid work environment continues to fuel demand for homes with short  commutes and home offices.

TTR Sotheby’s International Realty sold both of the most expensive detached homes in 2021. In October, the firm sold 7979 E. Blvd. Dr. in Alexandria for $48 million . This  7 bedroom/7 full bath estate  resides on 16.5 acres that once were part of George Washington’s Mount Vernon estate. Earlier in the year, the firm sold 1139 Crest Lane in McLean for $15 Million. This special estate is located on a 3 acre waterfront setting and offered 5 bedrooms and 4 full baths. For townhomes, the top seller was a 4 bedroom and 4 full bath waterfront home at 24 Wolfe Street in Alexandria. The home sold for$3,675,000. The top selling apartment style home was a 3 bedroom and 2 full bath condo with river views at Alexandria’s Robinson Landing  which sold for $4,509,000).  (Data from Bright MLS) 

We hope you find the report insightful.  Please message us if you any comments or questions about the local luxury market.  We love conversation.

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