Washington, DC Market Report: December 2023 vs. December 2024

1. Median List Price

December 2023: $587,450
December 2024: $595,000
Difference: Increased by $7,550 (+1.3%).
Analysis: The slight increase in list prices reflects consistent seller confidence and a stable market with gradual appreciation.

2. Median Sold Price

December 2023: $585,000
December 2024: $615,397
Difference: Increased by $30,397 (+5.2%).
Analysis: The rise in sold prices highlights strong buyer demand, with competitive offers driving up final sale values.

3. Days on Market (DOM)

December 2023: 43 days
December 2024: 59 days
Difference: Increased by 16 days (+37.2%).
Analysis: Homes took significantly longer to sell in 2024, likely due to buyers navigating higher prices and taking more time to make decisions.

4. Number of Homes That Went Pending vs. Sold

Pending Homes:
December 2023: 256
December 2024: 264
Difference: Increased by 8 homes (+3.1%).

Sold Homes:
December 2023: 460
December 2024: 544
Difference: Increased by 84 homes (+18.3%).
Analysis: The notable increase in sold transactions indicates that while homes stayed on the market longer, buyer activity remained strong, with more deals successfully closing by the end of 2024.

Summary

December 2024 was a more active and higher-priced month for Washington, DC compared to December 2023. The gradual rise in median list prices and a significant jump in sold prices demonstrated a competitive market driven by buyer demand. Although homes stayed on the market longer, both pending and sold transactions increased, showcasing a robust real estate environment. Sellers benefited from higher sale prices, while buyers faced increased costs and took more time to finalize decisions.