Is Washington, 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, Washington was a Seller'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
$656,135
$509/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Washington have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Washington was $656,135 in April 2024, down 2.6% from last year, and the median price per square foot was $509.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $384.9K | $385K | 0.0% |
| 2 Bedrooms | $629.3K | $619.2K | -1.6% |
| 3 Bedrooms | $746.9K | $717.9K | -3.9% |
| 4 Bedrooms | $1.0M | $1.0M | -2.2% |
| 5+ Bedrooms | $1.7M | $1.5M | -10.1% |
Summary: Washington housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.6%, 3 bedroom homes decreased by 3.9%, 4 bedroom homes decreased by 2.2%, and 5+ bedroom homes decreased by 10.1%.
Median Sold Price Compared To Nearby Cities
| Alexandria | $597.2K | $640K | +7.2% |
| Mount Rainier | $506.5K | $527.5K | +4.1% |
| Chevy Chase Village | $2.3M | $2.3M | +0.9% |
| Washington | $673.6K | $656.1K | -2.6% |
Housing Supply in Washington, DC
How many homes are available in Washington, DC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2,612 | 3,255 | +24.6% |
Summary: The Washington real estate market had 3,255 homes for sale in April 2024, a 24.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 508 | 646 | +27.2% |
| 2 Bedrooms | 725 | 901 | +24.3% |
| 3 Bedrooms | 660 | 819 | +24.1% |
| 4 Bedrooms | 422 | 534 | +26.5% |
| 5+ Bedrooms | 297 | 355 | +19.5% |
Summary: The Washington housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 27.2%, 2 bedroom homes increased by 24.3%, 3 bedroom homes increased by 24.1%, 4 bedroom homes increased by 26.5%, and 5+ bedroom homes increased by 19.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 478 | 457 | -4.4% |
Asking Price vs. Sold Price
198 Homes Were Sold
Under Asking
134 Homes Were Sold
At Asking
125 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Washington, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.
Summary: A total of 457 homes were sold or pending in Washington in April 2024, down by 4.4% month-over-month. Of the 457 sold homes, 43% were sold under asking, 29% were sold at asking, and 27% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 28 Days | 34 Days | +18.2% |
Summary: Homes in Washington had an average of 34 days on market in Apr 2024, up by 18.2% compared to last year.
Breakdown of Home Sale Times
314 Homes Were Sold
Under 30 Days
95 Homes Were Sold
In 30 - 90 Days
48 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 April 2024, 457 homes were sold in Washington; 69% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
