The Washington, DC real estate market showed mixed results during the week ending December 15, 2024. Below is an overview of the key performance metrics:
- New Listings: A total of 628 new listings were recorded, reflecting a 5.2% increase compared to the same week in December 2023. However, new listings saw a notable decline of 24.9% compared to the previous week.
- Median Listing Price: The median listing price for properties in Washington, DC is currently $509,020. This represents a slight decrease of 1.2% from December 2023 and a more pronounced drop of 7.5% compared to the previous week.
- Median Days to Contract: The median number of days for a property to go under contract is now 36, an increase of 2 days both compared to December 2023 and the previous week. This suggests a slightly slower pace in the market.
- New Purchase Contracts: There were 1,016 new purchase contracts, reflecting a strong year-over-year increase of 14.8%. On a week-over-week basis, new contracts rose by 7.9%, indicating continued buyer activity.
- Active Listings: The total number of active listings is 6,246, which marks an 18.5% increase from the same period last year. However, active listings have decreased by 3.9% compared to last week.
- Showings: There were 14,333 home showings, an increase of 9.8% compared to December 2023. However, showings declined by 12.7% from the previous week, suggesting a slight slowdown in buyer interest.
- Cancelled Listings: A total of 81 listings were canceled, representing a 6.6% year-over-year increase. This marks a significant decline of 40.4% compared to the previous week, suggesting reduced market volatility.
- Price Decreases: 6.8% of active listings saw a price reduction, up 1.8 percentage points from December 2023. However, this is a decrease of 1.5 percentage points compared to the prior week, indicating a slight easing in the frequency of price reductions.
The Washington, DC real estate market is showing signs of fluctuation. While new listings have risen compared to last year, there is a notable decline in activity compared to the previous week. The median listing price has softened both year-over-year and week-over-week, pointing to a cooling trend. Despite this, the number of new purchase contracts remains robust, signaling continued demand in the market. Overall, market activity has slowed somewhat compared to earlier in the month.
As the year concludes, it will be important to track how these trends evolve, particularly as inventory levels remain relatively high in comparison to last year.
As the year concludes, it will be important to track how these trends evolve, particularly as inventory levels remain relatively high in comparison to last year.
