Is Washington, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$658,454
$507/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Washington have sold for 2.8% less than they did a year ago.
Summary: The median home sold price in Washington was $658,454 in May 2024, down 2.8% from last year, and the median price per square foot was $507.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $385.3K | $384.1K | -0.3% |
| 2 Bedrooms | $625K | $620.5K | -0.7% |
| 3 Bedrooms | $746.8K | $719.5K | -3.7% |
| 4 Bedrooms | $1.0M | $1.0M | -1.1% |
| 5+ Bedrooms | $1.7M | $1.5M | -8.8% |
Summary: Washington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.3%, 2 bedroom homes decreased by 0.7%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 8.8%.
Median Sold Price Compared To Nearby Cities
| Mount Rainier | $491K | $530K | +7.9% |
| Alexandria | $605.5K | $646K | +6.7% |
| Chevy Chase Village | $2.2M | $2.3M | +5.0% |
| Washington | $677.3K | $658.4K | -2.8% |
Housing Supply in Washington, DC
How many homes are available in Washington, DC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3,268 | 3,908 | +19.6% |
Summary: The Washington real estate market had 3,908 homes for sale in May 2024, a 19.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 646 | 788 | +22.0% |
| 2 Bedrooms | 888 | 1,091 | +22.9% |
| 3 Bedrooms | 838 | 968 | +15.5% |
| 4 Bedrooms | 542 | 624 | +15.1% |
| 5+ Bedrooms | 354 | 437 | +23.4% |
Summary: The Washington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22%, 2 bedroom homes increased by 22.9%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 15.1%, and 5+ bedroom homes increased by 23.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 473 | 401 | -15.2% |
Asking Price vs. Sold Price
172 Homes Were Sold
Under Asking
92 Homes Were Sold
At Asking
137 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Washington, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 401 homes were sold or pending in Washington in May 2024, down by 15.2% month-over-month. Of the 401 sold homes, 43% were sold under asking, 23% were sold at asking, and 34% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 29 Days | 31 Days | +5.2% |
Summary: Homes in Washington had an average of 31 days on market in May 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
278 Homes Were Sold
Under 30 Days
93 Homes Were Sold
In 30 - 90 Days
30 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 May 2024, 401 homes were sold in Washington; 69% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
