LATEST NUMBERS
CONDOS & CO-OPS
The Median Sold Price for Washington DC Condo & Coop properties for August was s $477,450, an increase of 2.7%% compared to July and an increase of 0.5% from Aug 2022. The average days on market for units sold in August was 43 days, 27% above the 5-year August average of 34 days. There was a 31.6% month over month decrease in new contract activity with 242 New Pendings; a 30.7% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 312; and a 4.2% increase in supply to 969 active units. This activity resulted in a Contract Ratio of 0.32 pendings per active listing, down from 0.48 in July and a decrease from 0.39 in August 2022. The Contract Ratio is 37% lower than the 5-year August average of 0.51
ATTACHED HOMES
Washington DC Median Sold Price for All Attached properties for August was $600,000, unchanged from July, also from Aug 2022. The average Days On Market for units sold in August was 38 days, 27% above the 5-year August average of 30 days. There was a 26.9% month over month decrease in new contract activity with 418 New Pendings; a 25.8% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 565; and a 4% increase in supply to 1,560 active units. This activity resulted in a Contract Ratio of 0.36 pendings per active listing, down from 0.51 in July and a decrease from 0.40 in August 2022. The Contract Ratio is 38% lower than the 5-year August average of 0.58.
DETACHED HOMES
Median Sold Price for District of Columbia Detached properties for August was $1,175,000,, up a solid 36.1% compared to July, also up 11.9% from Aug 2022. The average Days On Market for units sold in August was 32 days, 11% above the 5-year August average of 29 days. There was a 31.7% month-over-month decrease in new contract activity with 56 New Pendings; a 20.9% MoM decrease in All Pendings (new contracts + contracts carried over from July) to 91; and a 0.4% increase in supply to 241 active units. This activity resulted in a Contract Ratio of 0.38 pendings per active listing, down from 0.48 in July and a decrease from 0.56 in August 2022. The Contract Ratio is 44% lower than the 5-year August average of 0.68
A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor.
A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
Guideposts
A strong thread through the national housing market discussion has been uncertainty. No one can say for sure what will happen in 2023, but we can look to our local guideposts. The 2022 DC housing market outperformed expectations despite lingering Covid activity, inflation ballooning, and soaring mortgage interest rates. In 2023, many of the same drivers of that success, such as pent-up demand vs low inventory, and the rebounding popularity of urban strongholds like DC, are predicted to foster continued, moderate growth.
More Than An Investment
Homes are the nexus of our lives; tied to family, employment, education, healthcare, social sphere, and more. Whatever else it might be, for most of us, a DC real estate transaction is personal. Sometimes, regardless of the economy, moving becomes a necessity. Some find unique opportunity in unusual circumstances. Others may need to put plans on hold. What does the 2023 real estate market hold for you? You tell us. And we'll help you make it happen.
Experienced Guidance
One of the benefits our decades of experience in various real estate industry sectors affords is the ability to identify market conditions early, and employ proven strategies in response. We’ve seen markets rise, fall, expand and contract and developed strategies for all of them. The guide you want is the one who’s been down the path before.
Real Estate Is Local
Like snowflakes and people, no two markets are alike. When reviewing market news and stats, be sure to differentiate District of Columbia data from that of the DCMA and Northern Atlantic region.
DCMA data & trends, in particular, can be misleading because, although news outlets and market reports tend to lump them together, each location within this area is quite different.
So view the national and regional data as general market information, and rely on hyper-local data for your personal needs.
*Updates monthly on the 12th for latest data