Washington, DC Metro Area Housing Market Analysis - November 2024
The Washington, DC metro area housing market in November 2024 presents a complex landscape, characterized by a blend of stability and growth across various metrics. The Median Sales Price stands at $559,275, reflecting a slight year-over-year decrease of 0.1%. This marginal decline suggests a stabilization in home prices, despite broader economic pressures.
Conversely, the Median List Price has experienced a more pronounced decline, down 2.7% year-over-year to $535,000. This reduction in list prices may indicate increased competition among sellers or a strategic adjustment to attract buyers in a market where affordability remains a concern.
In terms of Price Per Square Foot, the market shows positive momentum. The median Price Per Square Foot has risen by 4.1% year-over-year to $282.74, while the Median List Price per square foot has increased by 5.0% to $289.93. These figures suggest that while overall prices may be stabilizing, the value attributed to space is on the rise, potentially driven by demand for larger living areas or premium locations.
Sales activity in the region is robust, with 3,993 Homes Sold, marking a 5.8% increase from the previous year. Pending Sales have also surged by 9.5% to 4,339, indicating strong buyer interest and a healthy pipeline of transactions. New Listings have grown by 5.1% to 3,903, contributing to an inventory increase of 8.1%, bringing the total to 9,275 homes. Despite this growth in inventory, the Months of Supply remains unchanged at 2.3 months, suggesting a balanced market where demand is keeping pace with supply.
The Median Days on Market have slightly increased by 1.0% to 36 days, indicating a modest slowdown in the speed of transactions. However, the average sale to list ratio has improved by 0.3% to 99.8%, and the percentage of Homes Sold above list price has risen by 2.3% to 35.8%. These metrics highlight a competitive market where buyers are willing to meet or exceed asking prices.
Price Drops have decreased by 1.3% to 23.4%, suggesting that sellers are adjusting their pricing strategies more effectively to meet market expectations. Additionally, the percentage of homes going off the market within two weeks has increased by 2.0% to 40.6%, further underscoring the swift pace of transactions for well-priced properties.
Overall, the Washington, DC metro area housing market in November 2024 reflects a dynamic environment with stable pricing, increased sales activity, and strategic pricing adjustments by sellers. Buyers and sellers alike are navigating a market that balances supply and demand, with a continued emphasis on competitive pricing and efficient transactions.
