The Washington DC real estate market for the week ending November 17, 2024, shows steady activity with mixed trends. Buyer interest remains strong, as evidenced by a 26.3% increase in showings year-over-year and a 14.4% rise from the previous week. However, new purchase contracts have slightly slowed down, down 2.3% from the previous week, despite a 10.8% increase compared to the same time last year. The median time to contract remains stable at 30 days, indicating a balanced pace of sales.
New listings saw a 10.5% increase year-over-year, though there was an 8.3% drop from the previous week. Prices continue to rise, with the median list price increasing by 8.9% from last year and 4.9% from the previous week, reaching $577,000. Active listings are up 17.6% compared to November 2023, but have decreased slightly by 1.0% from last week. Notably, 9.3% of active listings have seen price reductions, reflecting a slight adjustment in pricing strategy, with this percentage increasing both year-over-year and week-over-week. Canceled listings have surged by 72.5% compared to last year, though they have declined by 5.5% from the previous week.
Overall, while the market remains active with rising prices, there are signs of slight slowdowns in contract activity and some adjustments in pricing as inventory levels shift. The market continues to exhibit resilience but with evolving dynamics in buyer behavior and listing strategies.
