The story of the 2021 housing market in the D.C. region was much the same as it was in 2020 — rising prices and persistent low inventory. The only difference was an uptick in sales last year.
A boat near the Chaptico Wharf on the Wicomico River at sunset. The Zip code 20621, Chaptico, Md., has seen the biggest annual gain in median sales price of homes in the tri-state area.
“What started in 2020 I think we saw a continuation of that into 2021,” said Gunnar Blix, a data analyst at Black Knight. “It was just not as an extreme change from the year before.” “People are still looking for the larger homes, more space, that’s what’s driving part of that median price jump,” Blix said. “And there’s very little inventory, especially in the low end of the market. And so, if you’re looking for a low-end, single-family residence, you’re simply not going to find it.”
The District’s condo prices were flat last year. The median sales price of a condo in the District was $491,000 in 2021, up from $490,000 in 2020. The District saw a 7 percent increase in 2020. The number of homes in the D.C. region that sold for $1 million or more continues to increase with 8 percent of the homes in the region selling above that mark, according to data provided by Bright MLS. Its data is drawn from the real estate agent’s database and does not include for-sale-by-owner homes. Some newly built homes are also not included.
Condo sales were also higher across the region with the Virginia suburbs seeing the biggest annual percentage increase. Virginia had 27,304 condo sales in 2021, up from 23,988 sales in 2020, a 14 percent increase. The District had 4,414 condo sales in 2021, up from 4,030 in 2020, a 10 percent increase. The Maryland suburbs had 27,316 condo sales in 2021, up from 26,278 in 2020, a 4 percent increase.
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