The Edgewater Real Estate Report | Q1 & Q2 2022

Edgewater Real Estate Report Q1 & Q2 2022

If you’ve searched online for “Edgewater”, you have probably seen the amount of property acquisitions that have taken place from a Denny’s restaurant trading for $24M to Developers buying out older mid-rise buildings for future development projects. With so much going on in the neighborhood, we have created a joint quarterly report for the first half of 2022 in order to show how the sub-market has performed. As we continue to see properties trade for record-breaking prices, we want our condo owners and investors to take a deeper look as to what the future of Edgewater can hold for you.

In this Edgewater Real Estate Report, we have pulled data from January to June 2022 as well as January to June 2021 in order to serve as a benchmark and avoid any seasonal variables.

The Edgewater Real Estate Report | Price Appreciation

From January to June 2022, Edgewater’s average closed price per square foot ($/PSF) was about $596 compared to $422 in 2021, which is a 41% increase in one year. Below you will see how each price bracket performed in the same time period YoY.

• Below $1M: 40% increase year on year
• $1M to $3M: 25% increase year on year
• $3M Plus: 59% increase year on year

The higher end of the luxury market ($3M plus) saw the largest increase in closed average price per square foot.

The Edgewater Real Estate Report | Months of Inventory

The market reported 723 closed transactions from Q1 and Q2 of this year. The neighborhood currently holds about 319 active listings. With the absorption rate of about 120.5 units sold per month, Edgewater currently has about 2.6 months of inventory showing that it is still a Seller’s Market.

The Rental Market

The average rental price for Q1 and Q2 of this year was $4,243 which is a 44% increase compared to $2,940 back in 2021. As we continue to see more than a dozen development projects rise, Edgewater can expect an influx of more than 6,000 units (both apartment and condo towers). The influx of inventory is the natural progression of the condo market cycle. If you are a condo owner in the neighborhood, make sure you are in a premier building, as this tends to pioneer through new construction inventory as we have seen in past cycles. As always, for a more personalized approach on your real estate needs contact the David Siddons Group.