Is Cathedral / McLean Gardens, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Cathedral / McLean Gardens was a Seller's Market.
Key Takeaway
Cathedral / McLean Gardens is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Cathedral / McLean Gardens, DC
How much do homes in Cathedral / McLean Gardens, DC cost?
Median Sold Price
$510,000
$495/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cathedral / McLean Gardens have sold for 3.7% less than they did a year ago.
Summary: The median home sold price in Cathedral / McLean Gardens was $510,000 in March 2024, down 3.7% from last year, and the median price per square foot was $495.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $309K | $319K | +3.2% |
| 2 Bedrooms | $572K | $604.5K | +5.7% |
| 3 Bedrooms | $890K | $880K | -1.1% |
| 4 Bedrooms | $1.6M | $1.9M | +18.7% |
| 5+ Bedrooms | $1.8M | $2.4M | +31.5% |
Summary: Cathedral / McLean Gardens housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 5.7%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 18.7%, and 5+ bedroom homes increased by 31.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Northwest | $745.5K | $750.3K | +0.6% |
| Cathedral / McLean Gardens | $529.5K | $510K | -3.7% |
| Cathedral Heights | $485K | $375K | -22.7% |
Housing Supply in Cathedral / McLean Gardens, DC
How many homes are available in Cathedral / McLean Gardens, DC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 76 | 89 | +17.1% |
Summary: The Cathedral / McLean Gardens real estate market had 89 homes for sale in March 2024, a 17.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 43 | 46 | +7.0% |
| 2 Bedrooms | 16 | 22 | +37.5% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 4 | 6 | +50.0% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Cathedral / McLean Gardens housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7%, 2 bedroom homes increased by 37.5%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 10 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cathedral / McLean Gardens, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Cathedral / McLean Gardens in March 2024, up by 100.0% month-over-month. Of the 10 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.
Days on Market for Cathedral / McLean Gardens, DC
How long does it take to sell a home in Cathedral / McLean Gardens, DC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 30 Days | 24 Days | -20.3% |
Summary: Homes in Cathedral / McLean Gardens had an average of 24 days on market in Mar 2024, down by 20.3% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cathedral / McLean Gardens are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Cathedral / McLean Gardens; 90% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
