The Long & Foster Market Minute

Focus On: Petworth Housing Market January 2024

Zip Code(s): 20011
Units Sold
31
Active Inventory
180
Median Sale Price
$625,000
Days On Market
42
Down -11%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 31%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 31 sold this month in Petworth Real Estate versus 45 last month, a decrease of 31%. This month's total units sold was lower than at this time last year, a decrease of 11% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 23 units or 11%. The total number of active inventory this January was 180 compared to 203 in January 2023. This month's total of 180 is higher than the previous month's total supply of available inventory of 175, an increase of 3%.

Median Sale Price
Last January, the median sale price for Petworth Homes was $611,000. This January, the median sale price was $625,000, an increase of 2% or $14,000 compared to last year. The current median sold price is 5% 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
100
Current Contracts
46
Sold Vs. List Price
98.7%
Months of Supply
5.8
Up 3%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In January, there was 5.8 months of supply available in Petworth. The amount of supply is similar compared to 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 100 homes newly listed for sale in Petworth compared to 97 in January 2023, an increase of 3%. There were 46 current contracts pending sale this January compared to 50 a year ago. The number of current contracts is 8% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Petworth was 98.7% of the average list price, which is 1.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 42, higher than the average last year, which was 32, an increase of 31%.

The Long & Foster Market Minute Petworth are defined as properties listed in zip code/s 20011.
*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.