Washington DC Housing Market: November 2023 vs. 2024 Trends

Washington DC Housing Market: November 2023 vs. 2024 Trends

1. Median List Price:

• November 2023: $640,000
• November 2024: $629,000
• Difference: Decreased by $11,000 (-1.7%).
• Analysis: A slight decline in list prices may suggest sellers adjusting pricing expectations due to market conditions.

2. Median Sold Price:

• November 2023: $633,500
• November 2024: $699,000
• Difference: Increased by $65,500 (+10.3%).
• Analysis: Despite the drop in list prices, sold prices rose significantly, showing strong buyer demand driving competitive offers.

3. Days on Market (DOM):

• November 2023: 39 days
• November 2024: 43 days
• Difference: Increased by 4 days (+10.3%).
• Analysis: Homes took slightly longer to sell in 2024, possibly reflecting buyers taking more time to navigate higher price points.

4. Number of Homes That Went Pending vs. Sold:

• Pending Homes:
  • November 2023: 311
  • November 2024: 298
  • Difference: Decreased by 13 homes (-4.2%).
• Sold Homes:
  • November 2023: 472
  • November 2024: 447
  • Difference: Decreased by 25 homes (-5.3%).
• Analysis: Both pending and sold transactions declined slightly in 2024, indicating a marginal cooling of transaction volume despite higher sold prices.

Summary:

In Washington, DC, November 2024 saw a decline in median list prices and a slight reduction in both pending and sold transactions. However, median sold prices increased significantly, suggesting strong competition among buyers. Homes took slightly longer to sell, reflecting a balanced market where buyers faced higher prices but had more time to act. Sellers benefited from the rising sold prices, while buyers encountered a competitive but manageable market.

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Data/Stats courtesy of Bright MLS