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 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 increased, underlining a robust and active real estate marketplace.

Average property prices grew from $609,945 in March 2023 to $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 peaked in April 2023 when the price reached $509 per square foot. However, an overall decreasing trend continued throughout the following months, leading to prices per square foot dropping $487 by January 2024.

The average sale price showed increased on the other hand. After touching a trough in October 2023 at $659,086, prices grew to $679,164 in December that same year. So, despite property values fluctuating (as well as the price per square foot varying monthly), the average sold prices were on the rise, indicating an overall healthy buyer demand.

Average Sold Price Per Square Foot

Just as the price of sold homes grew, so did price per square foot, which 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.