Is Washington, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Washington has remained a Buyer's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $385.2K | $385K | 0% |
2 Bedrooms | $624.3K | $619.2K | -0.8% |
3 Bedrooms | $765.7K | $715K | -6.6% |
4 Bedrooms | $1.0M | $1.0M | -4.5% |
5+ Bedrooms | $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 | $581.6K | $624.7K | +7.4% |
Mount Rainier | $506.5K | $519.5K | +2.6% |
Washington | $658.3K | $659.2K | 0.1% |
Chevy Chase Village | $2.6M | $2.3M | -12.5% |
Housing Supply in Washington, DC
How many homes are available in Washington, DC?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
7,089 | 7,532 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,366 | 1,468 | +7.5% |
2 Bedrooms | 2,034 | 2,173 | +6.8% |
3 Bedrooms | 1,882 | 1,971 | +4.7% |
4 Bedrooms | 1,089 | 1,173 | +7.7% |
5+ Bedrooms | 718 | 747 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
333 | 398 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
46 Days | 48 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
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.