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.
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
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
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
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.