While Other Home Types Fell In Value, DC’s Detached Home Values Soared

The Median sold price for Detached DC properties in May rocketed to $1,327,659, a whopping 30.8% increase from April and +2.8% from May 2023.

Deatched homes in DC

Washington DC condos fell 2.9% in value this May from the previous month, and even slid nearly 3% from April of 2023, when housing activity dropped like a rock as mortgage interest rates hit hearly 7%.

Attached homes dropped even further, 4.3% from April 2024, but increased 5.7% from May of the previous year.

Deatched homes saw:

  • May median sold price of $1,327,659, +30.8% from April and +2.8% from May 2023;
  • Average days on market of 22 days, 3% above the 5- year May average of 21 days;
  • A 0.9% MoM decrease in new contract activity with 110 New Pendings;
  • A 10.6% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 135; and a 4.6% increase in supply to 319 active units.

Home buyers showed a strong preference for detached single family homes in May, and overwhelmingly in the $1M to $2,499,999 price range. Properties with 4 or more bedrooms sold well ahead of others, with the majority of purchases for properties listed 1-10 days on market, with conventional financing used for the largest number of sales, followed by cash purchases.

MoM Volume Slightly Down, Inventory Up

There was a 0.9% MoM decrease in new contract activity with 110 New Pendings; a 10.6% MoM decrease in All Pendings (new contracts + contracts carried over from April) to 135.

May detached home supply increased 4.6% to 319 active units.

All this activity resulted in a Contract Ratio of 0.42 pendings per active listing, down from 0.50 in April and a decrease from 0.62 in May 2023. The Contract Ratio is 46% lower than the 5-year May average of 0.78.

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