$4,749 Closing Credit*
$399,900
628 SqFt
1 Bed
•1 Full Bath
Margaret M. Babbington, Listing Office: Compass
Is Northwest, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Northwest was a Seller's Market.
Key Takeaway
Northwest is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Northwest, DC
How much do homes in Northwest, DC cost?
Median Sold Price
$779,395
$577/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,331(+3.8%)
Key Takeaway
Homes in Northwest have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Northwest was $779,395 in October 2024, up 3.8% from last year, and the median price per square foot was $577.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $399.4K | $399.9K | 0.1% |
| 2 Bedrooms | $694.5K | $686K | -1.2% |
| 3 Bedrooms | $890.4K | $948.5K | +6.5% |
| 4 Bedrooms | $1.2M | $1.2M | +5.6% |
| 5+ Bedrooms | $1.8M | $1.9M | +4.3% |
Summary: Northwest housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 4.3%.
Median Sold Price Compared To Nearby Neighborhoods
| Woodley Park | $562.5K | $1.7M | +209.3% |
| Cleveland Park | $497.5K | $550K | +10.6% |
| Northwest | $751K | $779.3K | +3.8% |
Housing Supply in Northwest, DC
How many homes are available in Northwest, DC?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,615 | 1,981 | +22.7% |
Summary: The Northwest real estate market had 1,981 homes for sale in October 2024, a 22.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 427 | 504 | +18.0% |
| 2 Bedrooms | 436 | 554 | +27.1% |
| 3 Bedrooms | 297 | 368 | +23.9% |
| 4 Bedrooms | 235 | 298 | +26.8% |
| 5+ Bedrooms | 220 | 257 | +16.8% |
Summary: The Northwest housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18%, 2 bedroom homes increased by 27.1%, 3 bedroom homes increased by 23.9%, 4 bedroom homes increased by 26.8%, and 5+ bedroom homes increased by 16.8%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 194 | 307 | +58.2% |
Asking Price vs. Sold Price
129 Homes Were Sold
Under Asking
86 Homes Were Sold
At Asking
92 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you may be able to get a good deal. 42% of homes here sold below asking price last month.
Summary: A total of 307 homes were sold or pending in Northwest in October 2024, up by 58.2% month-over-month. Of the 307 sold homes, 42% were sold under asking, 28% were sold at asking, and 30% were sold over asking.
Days on Market for Northwest, DC
How long does it take to sell a home in Northwest, DC?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 28 Days | 40 Days | +43.0% |
Summary: Homes in Northwest had an average of 40 days on market in Oct 2024, up by 43% compared to last year.
Breakdown of Home Sale Times
206 Homes Were Sold
Under 30 Days
61 Homes Were Sold
In 30 - 90 Days
40 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 307 homes were sold in Northwest; 67% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
