Is Penn Quarter, 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, Penn Quarter has remained a Buyer's Market.
Key Takeaway
Penn Quarter is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Penn Quarter, DC
How much do homes in Penn Quarter, DC cost?
Median Sold Price
$475,000
$609/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Penn Quarter have sold for 9.1% less than they did a year ago.
Summary: The median home sold price in Penn Quarter was $475,000 in March 2024, down 9.1% from last year, and the median price per square foot was $609.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $487.5K | $462K | -5.2% |
| 2 Bedrooms | $688K | $655K | -4.8% |
| 3 Bedrooms | $985K | $1.1M | +16.8% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | $1.3M | N/A |
Summary: Penn Quarter housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.2%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes increased by 16.8%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $590K | $637.5K | +8.1% |
| Downtown / Chinatown / Penn Quarter / Mount Vernon Square | $549K | $536.2K | -2.3% |
| Penn Quarter | $522.5K | $475K | -9.1% |
Housing Supply in Penn Quarter, DC
How many homes are available in Penn Quarter, DC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 61 | 67 | +9.8% |
Summary: The Penn Quarter real estate market had 67 homes for sale in March 2024, a 9.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 47 | 52 | +10.6% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 3 | 4 | +33.3% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Penn Quarter housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.6%, 2 bedroom homes remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 3 | -25.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Penn Quarter, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Penn Quarter in March 2024, down by 25.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Penn Quarter, DC
How long does it take to sell a home in Penn Quarter, DC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 91 Days | 47 Days | -47.6% |
Summary: Homes in Penn Quarter had an average of 47 days on market in Mar 2024, down by 47.6% compared to last year.
Breakdown of Home Sale Times
2 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 Penn Quarter are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Penn Quarter; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
