LATEST NUMBERS
CONDOS & CO-OPS
The median sold price for Washington DC Condo & Coop properties for April was $516,500, up 13.5% from March and down 4.4% from April 2022. The average Days On Market for units sold in April was 31 days, 2% above the 5-year April average of 30 days. There was a 10.8% month-over-month increase in new contract activity with 412 New Pendings; a 20.1% MoM increase in All Pendings (new contracts + contracts carried over from March) to 507; and a 0.6% increase in supply to 963 active units. This activity resulted in a Contract Ratio of 0.53 pendings per active listing, up from 0.44 in March and a decrease from 0.59 in April 2022. The Contract Ratio is 17% lower than the 5-year April average of 0.64.
ATTACHED HOMES
Median Washington DC sold price for Attached properties for April 2023 was $629,000. This was an increase of 4.8% over March, and a decrease of 3.2% from Apr 2022. The average Days On Market for attached homes sold in April was 29 days, 11% above the 5-year April average of 26 days. There was a 3.1% month-over-month increase in new contract activity with 666 New Pendings; a 13.5% MoM increase in All Pendings (new contracts + contracts carried over from March) to 850; and a 2.6% increase in supply to 1,522 active units. This activity resulted in a Contract Ratio of 0.56 pendings per active listing, up from 0.51 in March and a decrease from 0.68 in April 2022. The Contract Ratio is 25% lower than the 5-year April average of 0.74.
DETACHED HOMES
The median sold price for District of Columbia Detached properties for April 2023 was $1,115,000. This was a significant increase of 13.8% over March, but a decrease of 20% from April 2022. The average Days On Market for detached homes sold in April was 28 days, 3% above the 5- year April average of 27 days. There was a 9.7% month over month decrease in new contract activity with 102 New Pendings; a 3% MoM increase in All Pendings (new contracts + contracts carried over from March) to 137; and a 13.7% increase in supply to 240 active units. This activity resulted in a Contract Ratio of 0.57 pendings per active listing, down from 0.63 in March and a decrease from 1.00 in April 2022. The Contract Ratio is 34% lower than the 5-year April average of 0.87.
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