The Long & Foster Market Minute

FOCUS ON: WASHINGTON DC HOUSING MARKET APRIL 2024

Units Sold
594
Active Inventory
2,325
Median Sale Price
$705,450
Days On Market
35
Down -6%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 594 sold this month in Washington DC Real Estate versus 526 last month, an increase of 13%. This month's total units sold was lower than at this time last year, a decrease of 6% versus April 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 232 units or 11%. The total number of active inventory this April was 2,325 compared to 2,093 in April 2023. This month's total of 2,325 is higher than the previous month's total supply of available inventory of 2,266, an increase of 3%.

Median Sale Price
Last April, the median sale price for Washington DC Homes was $675,000. This April, the median sale price was $705,450, an increase of 5% or $30,450 compared to last year. The current median sold price is 10% higher than in March.

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


New Listings
1,191
Current Contracts
670
Sold Vs. List Price
99.4%
Months of Supply
3.9
Up 5%
Vs. Year Ago
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Up 18%
Vs. Year Ago

Months of Supply
In April, there was 3.9 months of supply available in Washington DC, compared to 3.3 in April 2023. That is an increase of 18% 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 1,191 homes newly listed for sale in Washington DC compared to 1,137 in April 2023, an increase of 5%. There were 670 current contracts pending sale this April compared to 750 a year ago. The number of current contracts is 11% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Washington DC was 99.4% 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 35, higher than the average last year, which was 30, an increase of 17%.

The Long & Foster Market Minute
*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.