Is Washington, 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, 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
$654,103
$511/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Washington have sold for 0.6% less than they did a year ago.
Summary: The median home sold price in Washington was $654,103 in March 2024, down 0.6% from last year, and the median price per square foot was $511.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $385K | $384.5K | -0.1% |
| 2 Bedrooms | $626.1K | $619.1K | -1.1% |
| 3 Bedrooms | $750.1K | $715.3K | -4.6% |
| 4 Bedrooms | $1.0M | $1.0M | -2.7% |
| 5+ Bedrooms | $1.7M | $1.6M | -7.2% |
Summary: Washington housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.1%, 2 bedroom homes decreased by 1.1%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 7.2%.
Median Sold Price Compared To Nearby Cities
| Alexandria | $590K | $628.5K | +6.5% |
| Mount Rainier | $510.7K | $520K | +1.8% |
| Washington | $658.2K | $654.1K | -0.6% |
Housing Supply in Washington, DC
How many homes are available in Washington, DC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7,583 | 8,095 | +6.8% |
Summary: The Washington real estate market had 8,095 homes for sale in March 2024, a 6.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,473 | 1,563 | +6.1% |
| 2 Bedrooms | 2,177 | 2,338 | +7.4% |
| 3 Bedrooms | 1,990 | 2,100 | +5.5% |
| 4 Bedrooms | 1,185 | 1,279 | +7.9% |
| 5+ Bedrooms | 758 | 815 | +7.5% |
Summary: The Washington housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 7.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 435 | 420 | -3.4% |
Asking Price vs. Sold Price
177 Homes Were Sold
Under Asking
119 Homes Were Sold
At Asking
124 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Washington, you may be able to get a good deal. 42.1% of homes here sold below asking price last month.
Summary: A total of 420 homes were sold or pending in Washington in March 2024, down by 3.4% month-over-month. Of the 420 sold homes, 42% were sold under asking, 28% were sold at asking, and 30% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 37 Days | -13.4% |
Summary: Homes in Washington had an average of 37 days on market in Mar 2024, down by 13.4% compared to last year.
Breakdown of Home Sale Times
273 Homes Were Sold
Under 30 Days
96 Homes Were Sold
In 30 - 90 Days
51 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 March 2024, 420 homes were sold in Washington; 65% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
