The Washington, DC real estate market for the week ending February 9, 2025, reflected a combination of slight declines and positive movement in key metrics.
- Showings: There were 18,313 showings, representing a 7.7% decrease compared to last week and a more significant 13.6% drop compared to January 2024.
- New Purchase Contracts: New purchase contracts totaled 1,150, which marked a 9.7% increase from the previous week and a 2.4% increase from January 2024, signaling a stronger buyer interest in the market.
- Median Time to Contract: The median time to contract is now 25 days, which is 4 days shorter than last week but 6 days longer compared to January 2024.
- New Listings: New listings reached 1,162, reflecting an 8.9% increase from last week and a 5.5% increase compared to January 2024, indicating a steady influx of properties entering the market.
- Median List Price: The median list price stood at $599,999, showing a slight 0.9% increase from last week and a 0.8% rise compared to January 2024.
- Active Listings: Active listings totaled 5,617, which is a slight 0.2% increase from last week and a significant 21.7% increase from January 2024, suggesting that inventory is gradually rising.
- Active Listings with Price Decrease: The percentage of active listings with price reductions stood at 7.7%, which is up by 0.8 percentage points from last week and 1.5 percentage points higher than January 2024.
- Canceled Listings: There were 113 canceled listings, reflecting a 5.6% increase from last week and a notable 52.7% increase compared to January 2024.
In summary, while there are declines in showings, the market has shown resilience with an increase in new contracts, listings, and a modest rise in listing prices. Active listings and cancellations continue to rise, pointing to a market adjusting to new dynamics and seasonal changes.
