The Washington DC real estate market for the week ending January 5, 2025, presents a mix of year-over-year declines and week-over-week improvements. New listings totaled 750, reflecting a 5.9% decrease compared to the same week in January 2024. However, there was a dramatic 99.5% increase in new listings from the previous week, indicating a significant uptick in new inventory. The median list price for homes in the region stands at $569,000, which is slightly down by 0.2% compared to January 2024, but it has experienced a solid 6.7% increase compared to last week, signaling some price momentum in the short term.
The median time to contract, which now averages 42 days, has lengthened by 5 days compared to last year and by 4 days when compared to the previous week. This suggests that homes are taking slightly longer to secure contracts, potentially due to a combination of market conditions and buyer sentiment. In terms of new purchase contracts, 600 were signed, down 6.0% year-over-year, but up 13.2% from the previous week, indicating a stronger week for sales activity compared to recent trends.
Active listings currently stand at 5,268, a 15.9% increase from January 2024, yet they have dipped 3.2% from last week, highlighting some fluctuation in available inventory. Showings, on the other hand, have been notably lower compared to last year, down 15.2%, with 13,430 recorded. However, this figure represents a significant 61.5% jump from the previous week, pointing to a possible rebound in buyer interest.
Canceled listings saw a substantial increase of 59.1% compared to January 2024, with 105 listings canceled in total. The rate of cancellations also rose by 56.7% week-over-week, which may indicate some sellers’ struggles in aligning expectations with market realities. Additionally, the percentage of active listings with a price decrease stands at 5.4%. This is slightly down by 0.6 percentage points from last year but has seen a notable rise of 2.4 percentage points compared to the previous week, suggesting an increasing willingness among sellers to adjust pricing in response to market conditions.
Overall, the Washington DC market shows signs of adjustment, with increased inventory and price changes, alongside stronger week-to-week sales activity. However, the market is still reflecting some year-over-year softness in key metrics such as new listings and contracts.
