by Brandon Scott

 

We’re closer to the half-way point of 2024 than we are to the beginning of the year. When we started 2024, we all anxiously awaiting a new year, new rates, and more inventory. Conversely, rates have stayed steady just above or just below 7%. First quarter of the year is in our rearview, and we can learn a lot from the results, nationally and locally. The Washington DC real estate market has demonstrated significant activity and the trends in the first quarter of 2024 begin to paint a picture of DC real estate going forward. In this blog, I’ll be summarizing key data and offer some insights into current trends for both homeowners and prospective buyers.

 

Market Highlights

 

The DC real estate inventory is tight, but that has not impacted transaction – beyond the volume, and even that is questionable. Looking at closings, pending, and sold transactions from January to April 2024, we tease out some key trends that run converse to the National real estate market. Specifically,

 

-Most Active Price Ranges: The $350,000 – $399,999 price bracket saw the most closings during this period, followed closely by the $400,000 – $449,999 range. The other top ranges include $450,000 – $499,999, $300,000 – $349,999, and $500,000 – $549,999. These brackets represent the most popular segments in the market, indicating a robust demand for mid-range housing.

 

– Days on Market: Homes are selling relatively quickly. The average days on market for properties stood at approximately 43 days, with the median being slightly lower at 31 days. This speedy turnover suggests a seller’s market, where demand is high, and properties are moving swiftly.

 

– Price vs. Days on Market: There’s a noticeable trend where higher-priced homes tend to stay on the market longer than their less expensive counterparts. The quickest sales occurred in the more affordably priced segments.

 

– Inventory Status: As of the end of April 2024, inventory levels were moderately high, with a total of 3,757 active listings. The availability of homes has been consistent, ensuring that both buyers and sellers have ample opportunities to engage in the market.

 

– Market Timing for Sellers: With homes selling quickly and inventory maintaining a steady level, it is an excellent time for homeowners considering selling their properties. The market conditions favor sellers, with competitive pricing and quick sales cycles.

 

– Pricing Strategy: Approximately 97% of homes sold close to their original listing price, with many properties in popular price ranges achieving at or above the asking price.

 

Strategic Recommendations

 

– For Homeowners: Given the quick sales turnover and high demand, especially in the mid-price range, it may be an advantageous time to consider listing your property if you’ve been thinking about selling.

 

– For Home Buyers: Competition can be fierce, particularly in the most active price brackets. It’s advisable to get pre-approved for a mortgage and be prepared to move quickly when you find a suitable property. Consider exploring slightly higher or lower price ranges to find less competitive markets.

 

 

The DC real estate market is thriving with robust activity. Both sellers and buyers can benefit from the current market dynamics, provided they understand the trends and prepare accordingly. For personalized advice or to discuss specific properties, feel free to reach out or schedule a consultation. Let’s navigate this dynamic market together and find your perfect home or investment opportunity in the heart of DC!

 

For more insights and updates on the DC real estate market, keep following our weekly blog.

 

 

Brandon Scott is a licensed real estate agent in Washington, DC, Maryland and Virginia. His license hangs with Keller Williams Capital Properties in DC. He’s been involved in the mortgage finance industry for the last 22 years in various fields. You can reach him by email at [email protected]. Subscribe to his YouTube Channel at RealTeaDMV