The Market Report

THE MARKET REPORT

The State of the Market

For the year ending 2024, the condo market in Tysons, Virginia was once again dominated by sales at The Monarch.

Located on Jones Branch Drive in the heart of Tysons, Virginia, The Monarch represented 6 of the top 10 sales for the year ending 2024, including two penthouse residences which sold for $2,754,000 and $2,590,000 respectively.

Additional notable condo sales for the year ending 2024 include two condos at The Verse which sold for $2,350,000 and $1,873,500 respectively.

At The Rotonda, the largest condominium residence in Tysons, Virginia, there were a total of 56 sales in 2024. With an average sale price of $516,062, The Rotonda represents the more affordable options for those seeking a condo in Tysons, Virginia.

Indeed, despite the saturation of high end luxury condominium sales in 2024, the Tysons, Virginia condo market is healthy, with a good balance of high-end and more affordable options.

For the year ending 2024, the average sale price for a condo in Tysons, Virginia was $744,068, which is roughly 16% lower than the average sale price in 2023.

The average price per square foot was $542.55, roughly 9% lower than the year prior, while the average monthly condo fees of $879.59 are roughly 3% lower than the previous year’s measure.

“In 2025, we should continue to see solid sales activity in the Tysons, Virginia condo market,” says Byron V. Hughey, Vice President at TTR Sotheby’s International Realty.

“While prices may not be as high as they were in 2023, when new units were being delivered at The Monarch, it’s clear that the region’s strong job market and robust offering of amenities and entertainment options will continue to drive demand to Tysons, Virginia.”