Autumn Ascending

AUTUMN ASCENDING

October 2023

Where Prices Continue to Rise

High demand and low inventory is the prevailing state of the U.S. housing market. Cooling inflation and lower mortgage rates would bolster both, but we’re not predicting a change any time soon. The D.C. market has seen a decline in new listings since 2022, but the outlook for the long-term housing market is solid. As the center of federal government, real estate in the greater Washington area will always be in demand.

Although fewer existing homes have been changing hands over the last year, the District of Columbia Association of Realtors reports only a 3.3% year-over-year decrease in the median sale price of a home in Washington - $625,000 in July of 2023.

And there’s a bright spot: in their research of D.C. home sale prices in zip codes recording at least 25 sales in 2023, Urban Turf found impressive increases, mostly in Northwest Washington.

“The 20016 zip code (American University Park, Spring Valley and Palisades) saw prices rise the most this year thanks to an increase in prices for large, detached homes. The zip code that is home to Foggy Bottom and West End (20037) saw values increase thanks to larger condo and co-ops selling this year compared to 2022. The same is also true of 20024, along the Southwest Waterfront.” Georgetown and Burleith (20007) and Woodley Park and Cleveland Park (20008), also saw increases.

If you’re gearing up to sell, call us for an assessment of just how much your house is worth. The Hatfield Weir Gale Team has a combined 118 years of experience in D.C. luxury real estate, having sold more than $1.5 billion of residential property in all kinds of market conditions. We’re ready to help you navigate selling your current home or buying your next one. Call us at 202-243-1635 or send us an email at team@hatfieldweir.com.

MARKET INDICATORS

Year to Date as of October 1, 2023

Maryland

(20814, 20815, 20816, 20817)

Single family homes

Average Sales Price: $1,676,981

Percentage of List Price: 101 %

Days on Market: 20

Total Units Sold: 371

Condominiums and Co-Ops

Average Sales Price: $586,582

Percentage of List Price: 99%

Days on Market: 28

Total Units Sold: 191

Washington, D.C.

(20007, 20008, 20015, 20016)

Single family homes

Average Sales Price: $2,030,733

Percentage of List Price: 101%

Days on Market: 24

Total Units Sold: 258

Condominiums and Co-Ops

Average Sales Price: $491,398

Percentage of List Price: 99%

Days on Market: 26

Total Units Sold: 250

Are You Ready for Your Energy Audit?

One-fifth of all the energy consumed in the United States is used to heat, cool, illuminate, and operate individual homes. Household energy use can be reduced with simple changes or alterations of energy usage practices. A professional home energy audit can help homeowners get a close up look to identify and correct energy losses.

Starting January 1, 2024, the Energy Efficient Home Improvement Tax Credit, authorized through the Inflation Reduction Act, provides taxpayers with financial incentives for a home energy audit to learn about energy-efficient upgrades tailored to one's particular home. If you make recommended improvements for energy efficiency, you may qualify for an annual tax credit up to $3,200. To take advantage of the tax credit for the 2024 tax season, the inspection must be conducted by an auditor who is certified by a qualified certification program.

A professional home energy audit will include a thorough assessment of past utility bills and an examination of the house exterior and internal space for correct air flow, indoor air quality, exterior integrity, insulation (attic, walls, and basement), and efficient lighting. Benefits of a professional audit include accuracy and possible immediate energy conserving remedies at the time of the audit.

For information about qualified professional home energy auditors in the Washington area, give us a call at 202-243-1635 or send us an email at team@hatfieldweir.com.

Relief Efforts:
Libya and Morocco

On September 8, a magnitude 6.8 earthquake hit Morocco’s High Atlas Mountains. Nearly 3,000 people are confirmed dead, with injuries numbering more than 5,500. The disaster was Morocco’s most powerful earthquake in over a century. More than 500,000 people have been displaced.

Two days later, on September 10, Hurricane Daniel struck Libya, causing intense flooding in Derna and the collapse of two dams. The United Nations Office for the Coordination of Humanitarian Affairs reports that 4,400 people have died, approximately 8,900 are missing, and over 42,000 people have been displaced from their homes. Contributing to any of these worthy organizations will help.

Doctors Without Borders - providing medical care for victims.

The International Committee of the Red Cross - coordinating with international organizations and local governments. You can also donate to disaster relief through the Red Cross U.S. website.

CARE - prioritizing assistance to women and girls, youth and disadvantaged groups. Donations fund water, food, shelter and medical support.

Photo: Reuters

Marvelous Chicken Marbella

A favorite for years and the first main-course dish to be offered at New York’s The Silver Palate, Chicken Marbella, with its distinctive colors and flavors (capers, olives, oregano, and prunes), is a terrific dinner party dish. The recipe can also be be prepared in small batches or with wings as a delicious hors d’ oeuvre. The overnight marinade is the key to the moistness of the finished product. We like the idea of featuring Chicken Marbella on the menu for a fall foliage picnic or tailgate.

Cheese Straws

Crudités and assorted dips

Chicken Marbella

Ciabatta Bread with Bucheron Cheese

Chocolate Chip Cookies

Featured Listings

2 East Lenox Street
Chevy Chase Village
$3,450,000
Virtual Tour

Anne Hatfield Weir 202-255-2490

6109 Davenport Terrace
Bethesda
$1,354,000
Virtual Tour

Andrea Hatfield 202-487-4294
Tammy Gale 202-297-0169

THE FOXHALL
4200 Massachusetts Ave NW
Wesley Heights
Penthouse #9 & #10
$2,600,000
Virtual Tour

Andrea Hatfield 202-487-4294
Heidi Hatfield 202-258-1919

THE ELLIOTT
3255 Prospect Street NW
Georgetown

The ultimate in city living featuring five elegant residences, each with a distinct floor plan, exquisite finishes, and large windows with both courtyard and city views.

Penthouse #5

$7,7500,000

Virtual Tour

Unit #3

$6,900,000

Virtual Tour

Heidi Hatfield 202-258-1919
Anne Hatfield Weir 202-255-2490

Luxury Rental

4810 Rockwood Parkway NW
Spring Valley
$13,500 monthly
Virtual Tour

Tammy Gale 202-297-0169

Coming Soon

5602 York Lane
Greenwich Forest - Bethesda

Brand new renovation of 1936 gem with large addition (3,500 total square feet) by Dilan Investors
$2,150,000

Recent Closings

THE ELLIOTT
3255 Prospect Street NW
Georgetown
Unit #2

The real estate market is strong, but inventory is still low.

It’s never too early to have a conversation about selling.

Call us at 202-243-1635.

Visit our new website!

We’re here for you!

The Hatfield Weir Gale Team of Washington Fine Properties consists of four dynamic agents. Our team approach allows for unrivaled client coverage. We are consistently ranked by Washingtonian as one of the top teams in Washington, D.C., and by Real Trends as one of the top teams in America.

Have a question or concern?

Email us at team@hatfieldweir.com,

or give us a call.

Anne Hatfield Weir 202-255-2490

Heidi Hatfield 202-258-1919

Andrea Hatfield 202-487-4294

Tammy Gale 202-297-0169

Washington Fine Properties Exclusive Offerings
Fine Properties International Offerings
Search All DC / MD / VA Listings
Our Upcoming Open Houses