Is Washington, DC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Washington is a buyer's market

Buyer's
Market

Difference Since February 2023

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

$659,260

$509/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$901(+0.1%)

Key Takeaway

The sold price of homes in Washington has remained the same since last year.

Summary: The median home sold price in Washington was $659,260 in February 2024, up 0.1% from last year, and the median price per square foot was $509.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $385.2K$385K
0%
2 $624.3K$619.2K
-0.8%
3 $765.7K$715K
-6.6%
4 $1.0M$1.0M
-4.5%
5+ $1.7M$1.6M
-7.9%

Summary: Washington housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.8%, 3 bedroom homes decreased by 6.6%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 7.9%.

Median Sold Price Compared To Nearby Cities

Alexandria
+7.4%
Mount Rainier
+2.6%
Washington
0.1%
Chevy Chase Village
-12.5%

Housing Supply in Washington, DC

How many homes are available in Washington, DC?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7,0897,532+6.2%

Summary: The Washington real estate market had 7,532 homes for sale in February 2024, a 6.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1,3661,468
+7.5%
2 2,0342,173
+6.8%
3 1,8821,971
+4.7%
4 1,0891,173
+7.7%
5+ 718747
+4.0%

Summary: The Washington housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.5%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
333398+19.5%

Asking Price vs. Sold Price

207 Homes Were Sold
Under Asking

100 Homes Were Sold
At Asking

91 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Washington, you may be able to get a good deal. 52% of homes here sold below asking price last month.

Summary: A total of 398 homes were sold or pending in Washington in February 2024, up by 19.5% month-over-month. Of the 398 sold homes, 52% were sold under asking, 25% were sold at asking, and 23% 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

Feb 2023Feb 2024CHANGE
46 Days48 Days+5.1%

Summary: Homes in Washington had an average of 48 days on market in Feb 2024, up by 5.1% compared to last year.

Breakdown of Home Sale Times

211 Homes Were Sold
Under 30 Days

108 Homes Were Sold
In 30 - 90 Days

79 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Washington are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 398 homes were sold in Washington; 53% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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