The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market January 2024

Zip Code(s): 20008
Units Sold
15
Active Inventory
51
Median Sale Price
$720,000
Days On Market
86
Down -12%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 15 sold this month in Cleveland Park and Kalorama Real Estate versus 20 last month, a decrease of 25%. This month's total units sold was lower than at this time last year, a decrease of 12% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 13 units or 20%. The total number of active inventory this January was 51 compared to 64 in January 2023. This month's total of 51 is higher than the previous month's total supply of available inventory of 49, an increase of 4%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for Cleveland Park and Kalorama Homes was $495,000. This January, the median sale price was $720,000, an increase of $225,000 compared to last year. The current median sold price is lower than in December.

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


New Listings
39
Current Contracts
29
Sold Vs. List Price
97.3%
Months of Supply
3.4
Up 11%
Vs. Year Ago
Up 26%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -10%
Vs. Year Ago

Months of Supply
In January, there was 3.4 months of supply available in Cleveland Park and Kalorama, compared to 3.8 in January 2023. That is a decrease of 10% 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 39 homes newly listed for sale in Cleveland Park and Kalorama compared to 35 in January 2023, an increase of 11%. There were 29 current contracts pending sale this January compared to 23 a year ago. The number of current contracts is 26% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Cleveland Park and Kalorama was 97.3% of the average list price, which is 0.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 86, higher than the average last year, which was 45. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Cleveland Park and Kalorama are defined as properties in zip code 20008 and includes, but is not limited to these neighborhoods: Cleveland Park, Forest Hills, and Kalorama.
*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.