The Long & Foster Market Minute

Focus On: Adams Morgan and U Street Housing Market March 2024

Zip Code(s): 20009
Units Sold
47
Active Inventory
177
Median Sale Price
$579,000
Days On Market
46
Down -22%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 47 sold this month in Adams Morgan and U Street Real Estate versus 38 last month, an increase of 24%. This month's total units sold was lower than at this time last year, a decrease of 22% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 28 units or 19%. The total number of active inventory this March was 177 compared to 149 in March 2023. This month's total of 177 is higher than the previous month's total supply of available inventory of 165, an increase of 7%.

Median Sale Price
Last March, the median sale price for Adams Morgan and U Street Homes was $590,000. This March, the median sale price was $579,000, a decrease of 2% or $11,000 compared to last year. The current median sold price is 6% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
103
Current Contracts
56
Sold Vs. List Price
100.1%
Months of Supply
3.8
Down -13%
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Up 52%
Vs. Year Ago

Months of Supply
In March, there was 3.8 months of supply available in Adams Morgan and U Street, compared to 2.5 in March 2023. That is an increase of 52% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 103 homes newly listed for sale in Adams Morgan and U Street compared to 118 in March 2023, a decrease of 13%. There were 56 current contracts pending sale this March compared to 75 a year ago. The number of current contracts is 25% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Adams Morgan and U Street was 100.1% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 46, higher than the average last year, which was 44, an increase of 5%.

The Long & Foster Market Minute Adams Morgan and U Street are defined as properties in zip code 20009
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.