The Long & Foster Market Minute

Focus On: Georgetown Housing Market January 2024

Zip Code(s): 20007
Units Sold
25
Active Inventory
81
Median Sale Price
$1,170,000
Days On Market
40
Up 19%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 25 sold this month in Georgetown Real Estate versus 29 last month, a decrease of 14%. This month's total units sold was higher than at this time last year, an increase of 19% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 4 units or 5%. The total number of active inventory this January was 81 compared to 85 in January 2023. This month's total of 81 is higher than the previous month's total supply of available inventory of 75, an increase of 8%.

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 Georgetown Homes was $1,600,000. This January, the median sale price was $1,170,000, a decrease of $430,000 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
40
Current Contracts
21
Sold Vs. List Price
97.5%
Months of Supply
3.2
Down -11%
Vs. Year Ago
Down -45%
Vs. Year Ago
No Change
Vs. Year Ago
Down -20%
Vs. Year Ago

Months of Supply
In January, there was 3.2 months of supply available in Georgetown, compared to 4.0 in January 2023. That is a decrease of 20% 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 40 homes newly listed for sale in Georgetown compared to 45 in January 2023, a decrease of 11%. There were 21 current contracts pending sale this January compared to 38 a year ago. The number of current contracts is 45% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Georgetown was 97.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 40, lower than the average last year, which was 47, a decrease of 15%.

The Long & Foster Market Minute Georgetown is defined as properties in zip code 20007.
*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.