DC MARKET CONDITIONS

How’s The Market?

Fresh market data for the District of Columbia, and our take on the market.

The Latest Washington DC Real Estate Data

The Numbers By Property Type

CONDOS | CO-OPS

Washington DC Condo & Coop properties logged a Median Sold Price of $478,750 in January, an increase of 1.6% from December 2023, and an increase of 9.1% from Jan 2023. The average Days On Market for units sold in January was 56 days, 23% above the 5-year January average of 45 days. There was a 22.7% MoM increase in new contract activity with 227 New Pendings; a 14.5% MoM increase in All Pendings (new contracts + contracts carried over from December) to 316; and a 19.1% increase in supply to 973 active units. This activity resulted in a Contract Ratio of 0.32 pendings per active listing, down from 0.34 in December and a decrease from 0.42 in January 2023. The Contract Ratio is 40% lower than the 5-year January average of 0.53.

ATTACHED HOMES

Median Sold Price for All Attached properties in January was $590,000, up 3.1% compared to the previous month, also up 15% from Jan 2023. The average Days On Market for attached homes sold in January was 54 days, 32% above the 5-year January average of 41 days. There was a 19.4% MoM increase in new contract activity with 413 New Pendings; a 12.9% MoM increase in All Pendings (new contracts + contracts carried over from December) to 614; and a 15.9% increase in supply to 1,491 active units. This activity resulted in a Contract Ratio of 0.41 pendings per active listing, down from 0.42 in December and a decrease from 0.47 in January 2023. The Contract Ratio is 35% lower than the 5-year January average of 0.63.

DETACHED HOMES

Median Sold Price for Detached homes in DC in January was $940,000, a decrease of 6% from the previous month, but an increase of 4.7% from Jan 2023. The average Days On Market for units sold in January was 46 days, 17% above the 5-year January average of 39 days. There was a 15.1% MoM increase in new contract activity with 61 New Pendings; a 6.3% MoM decrease in All Pendings (new contracts + contracts carried over from December) to 105; and a 5.3% increase in supply to 199
active units. This activity resulted in a Contract Ratio of 0.53 pendings per active listing, down from 0.59 in December and an increase from 0.44 in January 2023. The Contract Ratio is 31% lower than the 5-year January average of 0.76.

DOMO of Compass

Market Update

With Susan Isaacs

The numbers and intel that matter when you’re buying or selling a home in the District.

Market data is a snapshot of the past. Current market conditions provide a window to the future. Understanding market history and what’s driving them forward provides you with the opportunity to get out in front of market conditions. And getting ahead of the market is always the goal!

Market Data Points

Key January 2024 Stats for the District of Columbia:

  • Sold Dollar Volume: $$295,389,752, up 3.65% YoY
  • Median Sold Price:  $602,500, down -10.45% YoY
  • Avg Days on Market: 52 Days, an increase of 23.81% from Jan. 2023
  • Avg SP to Orig. List Price Ratio: 94.9%, an increase of 0.78% from Jan. 2023

MARKET EXPERTISE

DOMO of Compass

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