The State of Washington DC’s Real Estate Market in 2023-2024

Last year, the Washington, DC real estate landscape showed a fair level of volatility with observable fluctuations in average property values and prices per square foot, while the number of for sale homes grew.

Average price of sold homes and price per square foot, displayed an upward trajectory, underlining a robust and energetic marketplace.

Analyzing the changes in average property values, the numbers indicate a tangible increase jumping from $609,945 in March 2023 to a peak of $644,061 in September 2023. Interesting to note that this growth didn’t sustain as a slight downward trend was observed in the months following September, with the lowest average property value recorded in January 2024 at $594,570.

Price Per Square Foot

The Washington real estate market witnessed a peak in April 2023 when the price touched $509 per square foot. However, an overall decreasing trend permeated throughout the following months, sinking the price per square foot to $487 by January 2024.

On the contrary, the average sale price showed a positive upward trajectory. After touching a trough in October 2023 at $659,086, a surge was witnessed culminating in a high of $679,164 in December 2023. Thus, despite fluctuations in property values and price per square foot, the average sold prices were on the rise, indicating an overall healthy buyer demand.

Average Sold Price Per Square Foot

In sync with the upward trend in sold prices, the average sold price per square foot also increased from $572 in February 2023 to $609 in December 2023. This trend implies that properties potentially saw greater returns per unit area towards the end of the year.

Number of Properties Sold

There was a steady increase in homes sold from February 2023 (4424 properties sold) to October 2023 (4547 properties sold). Even though there was a slight decrease in succeeding months, the count remained relatively high with 4025 properties transacted in January 2024.

The bottom line for recently sold properties was $664,120, which remarkably is higher than the average monthly sold prices. This could suggest that within the same period, the median sale price has routinely been higher than the average price.