The Washington, D.C. real estate market for the week ending January 12, 2025, has exhibited notable fluctuations, reflecting both seasonal trends and market shifts. New listings totaled 915, marking a significant 7.5% decrease year-over-year from January 2024 but a robust 22% increase compared to the previous week. The median list price for homes in the region stands at $599,000, up 5.1% from January 2024, and has also gained 5.3% from the week prior, signaling steady price growth despite broader market volatility.
The average time to contract has extended to 38 days, which is an 8-day increase compared to January 2024, though this metric has shortened by 3 days from last week, suggesting a slight acceleration in buyer decision-making. New purchase contracts have seen a notable dip, down 15.6% from January 2024 to 824, though the market showed a strong weekly rebound with an impressive 37.3% week-over-week increase, indicating a potential seasonal uptick in buyer activity.
Active listings reached 5,412, marking a 15.9% year-over-year rise, with a 2.7% increase from the previous week, indicating a growing supply of homes available for sale, likely driven by the recent surge in new listings. Showings, on the other hand, have declined significantly, down 18.5% compared to January 2024 to 15,711, though this reflects a sharp 16.9% increase from last week, suggesting that despite fewer showings overall, buyer interest is intensifying on certain properties.
Cancellation rates are also notable, with 98 listings being pulled from the market, a 21% increase compared to last year, though this has decreased by 6.7% week-over-week, potentially signaling more stability as sellers adjust expectations in response to market conditions. Finally, the percentage of active listings with a price decrease is currently 5.7%, down 1.1 percentage points from last January but up by 0.3 percentage points from the prior week, indicating that while some sellers are adjusting their pricing strategies, price reductions are still relatively contained.
In sum, the Washington, D.C. market is in a period of transition, balancing between higher listing prices and longer contract times, with a notable uptick in buyer activity from the previous week. This dynamic combination of price stability, growing inventory, and occasional seller price reductions is characteristic of a market that is slowly adjusting to evolving economic conditions. As always, trends are subject to change, and market participants should remain agile in response to shifting data.
