<p>Property values in in Washington, DC is exhibiting have grown consistently over the last few months: average <a href="https://www.realtytrac.com/market-trends/washington-dc/">properties values climbed from $594,570</a> in January 2024 to a $620,000 by April tis year, indicating a healthy market and a positive trajectory for homeowners and investors alike. This more than <strong>4% increase</strong> within the span of a few months reflects a robust demand for real estate in the area.</p>
<p>Here is a snapshot view of the DC market today: May 2023 vs April 2024:</p>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">May 2023</th>
<th class="sc-7568d94b-2 hTsliE">April 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$628K</td>
<td class="sc-7568d94b-5 eqHQXK">$631.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">0.57%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$656.3K</td>
<td class="sc-7568d94b-5 eqHQXK">$631.6K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-3.76%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">1,362</td>
<td class="sc-7568d94b-5 eqHQXK">1,560</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">14.54%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">4,671</td>
<td class="sc-7568d94b-5 eqHQXK">3,863</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-17.30%</span></td>
</tr>
</tbody>
</table>
<p>December 2023 marked a peak with the highest average sale price over the months at $679,164, while a slight downturn to around $626,737 was witnessed in March 2024. When the market ebbs and flows, like this, it can possibly be linked to weather-related seasonality or cyclic economic influences that impact buyer behavior.</p>
<p>Both values per square foot and the average sale price per square foot have been on an uptrend. In January 2024, the per square foot value was around $487, increasing to $502 by April 2024. Similarly, the average sold price per square foot increased from $589 in January to $552 in April. So, buyers are willing to pay more for less space, or smaller, more expensive per square foot homes are being favored.</p>
<h2>Month-by-Month Comparative Analysis</h2>
<p>There was a slight dip in the average value from December 2023 to January 2024, from <strong>$595,625</strong> to <strong>$594,570</strong> respectively, followed by a steady climb to <strong>$620,000</strong> in April 2024. This recent growth speaks to increased confidence in property investments within the district.</p>
<p>The number of sold homes went from 4,141 in December to 3,863 in April 2024 – that is a <strong>6.7%</strong> drop in the number of sold properties over four months, yet the market’s value growth seems unaffected by this sales volume shift.</p>
<p>Additionally, the average sale price recorded its lowest figure of $626,737 in March 2024, but quickly rebounded to $631,582 in April 2024. When comparing the sale price per square foot, February 2024 held notably higher values at <strong>$579 compared to $552</strong> in April 2024, potentially indicating a period where higher-valued, smaller homes were sold or simply a point where market prices adjusted naturally in response to various influences.</p>


Market Reports

Washington, DC Property Values Surge, Average Cost Tipped at $620K in April 2024

The Washington, DC real estate market shows a rising trend, with property values and cost per square foot consistently increasing.

Washington, DC Home Values Average $620K in April 2024 - RealtyTrac

Comment

Washington, DC Property Values Surge, Average Cost Tipped at $620K in April 2024 - RealtyTrac

https://img.realtytrac.com/wp-content/uploads/2024/05/Market-Report-Washington-DC.png

Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

https://img.realtytrac.com/wp-content/uploads/avatars/manuel-martinez.jpg

District of Columbia