$4,026 Closing Credit*
$339,000
433 SqFt
Studio
•1 Full Bath
Maxwell E Rabin, Listing Office: TTR Sotheby's International Realty
Is Downtown, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Downtown has remained a Buyer's Market.
Key Takeaway
Downtown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Downtown, DC
How much do homes in Downtown, DC cost?
Median Sold Price
$615,500
$658/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$27,877(+4.7%)
Key Takeaway
Homes in Downtown have sold for 4.7% more than they did a year ago.
Summary: The median home sold price in Downtown was $615,500 in November 2024, up 4.7% from last year, and the median price per square foot was $658.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $440K | $472.4K | +7.4% |
| 2 Bedrooms | $705K | $689K | -2.3% |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | - | $1.0M | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Downtown housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.4%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $587.6K | $615.5K | +4.7% |
| Downtown / Chinatown / Penn Quarter / Mount Vernon Square | $530K | $545K | +2.8% |
| Mount Vernon Square | $550K | $530K | -3.6% |
| Penn Quarter | $500K | $475K | -5.0% |
Housing Supply in Downtown, DC
How many homes are available in Downtown, DC?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 36 | 38 | +5.6% |
Summary: The Downtown real estate market had 38 homes for sale in November 2024, a 5.6% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 19 | +11.8% |
| 2 Bedrooms | 19 | 18 | -5.3% |
| 3 Bedrooms | 0 | 0 | 0.0% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.8%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Downtown in November 2024, down by 16.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.
Days on Market for Downtown, DC
How long does it take to sell a home in Downtown, DC?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 26 Days | 28 Days | +6.5% |
Summary: Homes in Downtown had an average of 28 days on market in Nov 2024, up by 6.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Downtown are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 5 homes were sold in Downtown; 60% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
