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
Median Sold Price for DC Condo & Coops was $465,000 in March, 6.1% lower than February, and 2.2% higher than March 2023.
The Average Days On Market for March sold units was 49 days, a drop of four days from February’s numbers, and 23% higher than the 5-year March average of 40 days.
An 18.9% month-over-month increase in new contract activity occurred in March, with 308 New Pendings; a 13.3% MoM increase in All Pendings (new contracts + contracts carried over from February) to 383; and an 8.6% increase in supply to 1,112 active units.
This activity resulted in a Contract Ratio of 0.34 pendings per active listing, up from 0.33 in February and a decrease from 0.44 in March 2023. The Contract Ratio is 41% lower than the 5-year March average of 0.58.
ATTACHED HOMES
Median Sold Price for Attached/ Townhouse properties for March was $879,000, a substantial increase of 25.7% from February, and a moderate increase of 8.5% from Mar 2023.
Average Days On Market for Attached homes sold in March was 32 days, 14% above the 5-year March average of 28 days.
There was a 19.7% month-over-month increase in new contract activity with 237 New Pendings; a 12% MoM increase in All Pendings (new contracts + contracts carried over from February) to 317; and a 10.4% increase in supply to 626 active units.
This activity resulted in a Contract Ratio of 0.51 pendings per active listing, up from 0.50 in February and a decrease from 0.62 in March 2023. The Contract Ratio is 49% lower than the 5-year March average of 1.00
DETACHED HOMES
The March Median Sold Price for Detached DC homes was $850,000, unchanged from February, and down 13.3% from March 2023.
Average Days On Market in March was 36 days, 9% above the 5-year March average of 33 days.
There was a 33.7% month-over-month increase in new contract activity with 111 New Pendings; a 20.9% MoM increase in All Pendings (new contracts + contracts carried over from February) to 139; and a 10.5% increase in supply to 253 active units.
This activity resulted in a Contract Ratio of 0.55 pendings per active listing, up from 0.50 in February and a decrease from 0.63 in March 2023. The Contract Ratio is 36% lower than the 5-year March average of 0.86.
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
- Sold Dollar Volume March 2024: $445,394,894, DOWN-10.59% from Mar. 2023;
- Median Sold Price March 2024: $640,000, down -0.08% from this time last year
- Avg Days on Market (DOM): 40 Days, down -4.76% from Mar. 2023
- Avg SP to Orig. List Price Ratio March 2024: 97.7%, an increase of 0.36% from March 2023.
MARKET EXPERTISE
DOMO of Compass
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