The Long & Foster Market Minute

Focus On: Southwest and Waterfront Housing Market January 2024

Zip Code(s): 20024
Units Sold
10
Active Inventory
71
Median Sale Price
$341,750
Days On Market
77
Down -23%
Vs. Year Ago
Up 51%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 1%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 10 sold this month in Southwest and Waterfront Real Estate versus 14 last month, a decrease of 29%. This month's total units sold was lower than at this time last year, a decrease of 23% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 24 units or 51%. The total number of active inventory this January was 71 compared to 47 in January 2023. This month's total of 71 is higher than the previous month's total supply of available inventory of 67, an increase of 6%.

Median Sale Price
Last January, the median sale price for Southwest and Waterfront Homes was $380,000. This January, the median sale price was $341,750, a decrease of 10% or $38,250 compared to last year. The current median sold price is 7% 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
23
Current Contracts
15
Sold Vs. List Price
99.3%
Months of Supply
7.1
Down -12%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Up 96%
Vs. Year Ago

Months of Supply
In January, there was 7.1 months of supply available in Southwest and Waterfront, compared to 3.6 in January 2023. That is an increase of 96% 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 23 homes newly listed for sale in Southwest and Waterfront compared to 26 in January 2023, a decrease of 12%. There were 15 current contracts pending sale this January compared to 18 a year ago. The number of current contracts is 17% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Southwest and Waterfront was 99.3% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 77, higher than the average last year, which was 76, an increase of 1%.

The Long & Foster Market Minute Southwest and Waterfront are defined as properties in zip code 20024.
*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.