Is Washington, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Washington has remained a Buyer's Market.
Key Takeaway
Washington is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Washington, DC
How much do homes in Washington, DC cost?
Median Sold Price
$666,458
$512/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Washington have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Washington was $666,458 in November 2023, down 0.9% from last year, and the median price per square foot was $512.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $388K | $388.4K | 0.1% |
| 2 Bedrooms | $628.1K | $624.3K | -0.6% |
| 3 Bedrooms | $773.8K | $733.4K | -5.2% |
| 4 Bedrooms | $1.0M | $1.0M | -4.4% |
| 5+ Bedrooms | $1.7M | $1.6M | -3.7% |
Summary: Washington housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes decreased by 3.7%.
Median Sold Price Compared To Nearby Cities
| Alexandria | $559.5K | $624.4K | +11.6% |
| Washington | $672.6K | $666.4K | -0.9% |
| Mount Rainier | $555K | $495.9K | -10.6% |
Housing Supply in Washington, DC
How many homes are available in Washington, DC?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 6,617 | 6,725 | +1.6% |
Summary: The Washington real estate market had 6,725 homes for sale in November 2023, a 1.6% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,235 | 1,246 | +0.9% |
| 2 Bedrooms | 1,894 | 1,939 | +2.4% |
| 3 Bedrooms | 1,775 | 1,799 | +1.4% |
| 4 Bedrooms | 1,039 | 1,050 | +1.1% |
| 5+ Bedrooms | 674 | 691 | +2.5% |
Summary: The Washington housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 0.9%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 2.5%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 443 | 397 | -10.4% |
Asking Price vs. Sold Price
193 Homes Were Sold
Under Asking
109 Homes Were Sold
At Asking
95 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Washington, you may be able to get a good deal. 48.6% of homes here sold below asking price last month.
Summary: A total of 397 homes were sold or pending in Washington in November 2023, down by 10.4% month-over-month. Of the 397 sold homes, 49% were sold under asking, 27% were sold at asking, and 24% were sold over asking.
Days on Market for Washington, DC
How long does it take to sell a home in Washington, DC?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 36 Days | 36 Days | +1.8% |
Summary: Homes in Washington had an average of 36 days on market in Nov 2023, up by 1.8% compared to last year.
Breakdown of Home Sale Times
247 Homes Were Sold
Under 30 Days
107 Homes Were Sold
In 30 - 90 Days
43 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Washington are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 397 homes were sold in Washington; 62% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
