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.

authorWritten by Manuel MartinezMay 23, 2024

Property values in in Washington, DC is exhibiting have grown consistently over the last few months: average properties values climbed from $594,570 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 4% increase within the span of a few months reflects a robust demand for real estate in the area.

Here is a snapshot view of the DC market today: May 2023 vs April 2024:

May 2023 April 2024 Change
Median Listing Price $628K $631.6K 0.57%
Median Sold Price $656.3K $631.6K -3.76%
Homes For Sale 1,362 1,560 14.54%
Homes Sold 4,671 3,863 -17.30%

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.

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.

Month-by-Month Comparative Analysis

There was a slight dip in the average value from December 2023 to January 2024, from $595,625 to $594,570 respectively, followed by a steady climb to $620,000 in April 2024. This recent growth speaks to increased confidence in property investments within the district.

The number of sold homes went from 4,141 in December to 3,863 in April 2024 – that is a 6.7% drop in the number of sold properties over four months, yet the market’s value growth seems unaffected by this sales volume shift.

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 $579 compared to $552 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.

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