Is Northwest, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Northwest was a Seller's Market.
Key Takeaway
Northwest is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Northwest, DC
How much do homes in Northwest, DC cost?
Median Sold Price
$751,410
$574/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Northwest has remained the same since last year.
Summary: The median home sold price in Northwest was $751,410 in April 2024, down 0.3% from last year, and the median price per square foot was $574.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $395.8K | $395K | -0.2% |
| 2 Bedrooms | $699K | $684.1K | -2.1% |
| 3 Bedrooms | $950K | $899K | -5.4% |
| 4 Bedrooms | $1.2M | $1.2M | -2.7% |
| 5+ Bedrooms | $1.9M | $1.8M | -8.9% |
Summary: Northwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.2%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes decreased by 5.4%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 8.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Woodley Park | $502.5K | $733.8K | +46.0% |
| Cleveland Park | $480K | $536.5K | +11.8% |
| Northwest | $753.4K | $751.4K | -0.3% |
Housing Supply in Northwest, DC
How many homes are available in Northwest, DC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1,395 | 1,757 | +25.9% |
Summary: The Northwest real estate market had 1,757 homes for sale in April 2024, a 25.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 367 | 453 | +23.4% |
| 2 Bedrooms | 376 | 471 | +25.3% |
| 3 Bedrooms | 255 | 328 | +28.6% |
| 4 Bedrooms | 192 | 258 | +34.4% |
| 5+ Bedrooms | 205 | 247 | +20.5% |
Summary: The Northwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 23.4%, 2 bedroom homes increased by 25.3%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 34.4%, and 5+ bedroom homes increased by 20.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 280 | 262 | -6.4% |
Asking Price vs. Sold Price
110 Homes Were Sold
Under Asking
82 Homes Were Sold
At Asking
70 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you may be able to get a good deal. 42% of homes here sold below asking price last month.
Summary: A total of 262 homes were sold or pending in Northwest in April 2024, down by 6.4% month-over-month. Of the 262 sold homes, 42% were sold under asking, 31% were sold at asking, and 27% were sold over asking.
Days on Market for Northwest, DC
How long does it take to sell a home in Northwest, DC?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 27 Days | 30 Days | +11.0% |
Summary: Homes in Northwest had an average of 30 days on market in Apr 2024, up by 11% compared to last year.
Breakdown of Home Sale Times
192 Homes Were Sold
Under 30 Days
44 Homes Were Sold
In 30 - 90 Days
26 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 262 homes were sold in Northwest; 73% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
