Is Northwest, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Northwest has remained a Buyer's Market.
Key Takeaway
Northwest is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Northwest, DC
How much do homes in Northwest, DC cost?
Median Sold Price
$750,333
$574/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Northwest have sold for 0.6% more than they did a year ago.
Summary: The median home sold price in Northwest was $750,333 in March 2024, up 0.6% from last year, and the median price per square foot was $574.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $397.2K | $394.4K | -0.7% |
| 2 Bedrooms | $694.3K | $679.2K | -2.2% |
| 3 Bedrooms | $949.6K | $900K | -5.2% |
| 4 Bedrooms | $1.2M | $1.2M | -2.3% |
| 5+ Bedrooms | $1.9M | $1.8M | -5.9% |
Summary: Northwest housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes decreased by 5.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Woodley Park | $495K | $700K | +41.4% |
| Cleveland Park | $474.8K | $500K | +5.3% |
| Northwest | $745.5K | $750.3K | +0.6% |
Housing Supply in Northwest, DC
How many homes are available in Northwest, DC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4,088 | 4,393 | +7.5% |
Summary: The Northwest real estate market had 4,393 homes for sale in March 2024, a 7.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,012 | 1,074 | +6.1% |
| 2 Bedrooms | 1,208 | 1,304 | +7.9% |
| 3 Bedrooms | 776 | 838 | +8.0% |
| 4 Bedrooms | 573 | 620 | +8.2% |
| 5+ Bedrooms | 519 | 557 | +7.3% |
Summary: The Northwest housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 7.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 223 | 248 | +11.2% |
Asking Price vs. Sold Price
103 Homes Were Sold
Under Asking
70 Homes Were Sold
At Asking
75 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you may be able to get a good deal. 41.5% of homes here sold below asking price last month.
Summary: A total of 248 homes were sold or pending in Northwest in March 2024, up by 11.2% month-over-month. Of the 248 sold homes, 42% were sold under asking, 28% were sold at asking, and 30% were sold over asking.
Days on Market for Northwest, DC
How long does it take to sell a home in Northwest, DC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 33 Days | -21.1% |
Summary: Homes in Northwest had an average of 33 days on market in Mar 2024, down by 21.1% compared to last year.
Breakdown of Home Sale Times
169 Homes Were Sold
Under 30 Days
52 Homes Were Sold
In 30 - 90 Days
27 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 248 homes were sold in Northwest; 68% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
