by Brandon M. Scott
In the ever-evolving landscape of Washington, DC’s real estate market, staying informed about the latest trends is crucial. The September 2023 DC real estate market data has been analyzed and here’s the report, in part. This blog ended up being almost 3,000 words and I was 100% sure I would be the only one who read it – here’s what I ended up with.
In this blog, the data tells the story of median sale prices across locations, or DC Communities. Looking specifically at all residential property types in September 2023 and comparing it to September 2022.
The data here will help buyers and sellers understand the strength of their dollar relative to locations in DC. This perspective will fall short of what your homes actual value is, but that is something I can help refine. Rather, this data exposes the value of understanding local level home values and that they do not always reflect a diminishing market. Additionally, buyers are receiving a “discount” for buying across many DC communities, even in a high-rate environment.
Why September 2022
Perspective matters, let me paint a picture. In September 2022, global economies showed mixed recovery trajectories post-COVID-19. Inflationary pressures persisted, driving central banks to reevaluate monetary policies. Supply chain disruptions continued to challenge industries, while tech and green sectors surged. Geopolitical tensions and labor market disparities influenced investor sentiment and job markets respectively.
Real estate markets remained dynamic. Persisting work-from-home trends supported suburban and rural property demand, while some urban centers saw gradual revival. Inflation and anticipated interest rate hikes were discussion and made prospective buyers apprehensive. Last year, reports discussed a ‘slowing down in some markets.’
For DC, the local real estate nuances with the blend of governmental and private sector roles fueled demand for residential and commercial spaces. Urban revival efforts led to increased activity in central neighborhoods. The competitive landscape persisted, with, what we thought was, limited inventory driving up prices, especially in sought-after areas.
Average Median Sale Price by Location per $100s
For the $800s in DC
|Glover Park, Washington, DC||$869,999.00||$406,250.00||114.2%|
|West End, Washington, DC||$840,000.00||$845,500.00||-0.7%|
|Kalorama, Washington, DC||$832,500.00||$625,000.00||33.2%|
|16th Street Heights, Washington, DC||$830,000.00||$820,000.00||1.2%|
|Mt Vernon Square, Washington, DC||$805,000.00||$465,000.00||73.1%|
|Penn Quarter, Washington, DC||$802,000.00||$425,000.00||88.7%|
|Michigan Park, Washington, DC||$800,000.00||$632,500.00||26.5%|
For the $700s in DC
|Fort Lincoln, Washington, DC||$786,950.00||$380,000.00||107.1%|
|Chillum, Washington, DC||$785,000.00||$730,000.00||7.5%|
|Columbia Heights, Washington, DC||$780,000.00||$790,000.00||-1.3%|
|Adams Morgan, Washington, DC||$777,500.00||$460,750.00||68.8%|
|U Street Corridor, Washington, DC||$763,450.00||$845,000.00||-9.7%|
|Mount Vernon, Washington, DC||$760,000.00||$380,000.00||100%|
|Shaw, Washington, DC||$717,400.00||$996,000.00||-28%|
|Ledroit Park, Washington, DC||$712,500.00||$860,000.00||-17.2%|
|Petworth, Washington, DC||$702,500.00||$544,500.00||29%|
|Woodley, Washington, DC||$700,000.00||$0.00||0|
For the $600s in DC
|Brightwood, Washington, DC||$683,000.00||$674,000.00||1.3%|
|H Street Corridor, Washington, DC||$681,500.00||$589,900.00||15.5%|
|Trinidad, Washington, DC||$679,500.00||$589,000.00||15.4%|
|Logan Circle, Washington, DC||$665,000.00||$505,000.00||31.7%|
|Garfield, Washington, DC||$650,000.00||$277,250.00||134.5%|
|Brookland, Washington, DC||$635,000.00||$741,250.00||-14.3%|
|Eckington, Washington, DC||$616,500.00||$1,009,125.00||-38.9%|
|Central, Washington, DC||$601,872.00||$765,000.00||-21.3%|
For the $500s
|Riggs Park, Washington, DC||$580,405.00||$674,500.00||-14%|
|Old City #2, Washington, DC||$574,000.00||$526,000.00||9.1%|
|Anacostia, Washington, DC||$554,499.00||$520,000.00||6.6%|
|Woodridge, Washington, DC||$541,000.00||$694,143.00||-22.1%|
|Observatory Circle, Washington, DC||$532,000.00||$810,000.00||-34.3%|
|Mount Pleasant, Washington, DC||$500,000.00||$755,000.00||-33.8%|
In many communities, for September 2023, buyers received price discounts from moving into them. This is likely driven by the economics of higher interest rates and community ‘right-pricing’, et al. Remember the earlier perspective, in 2022 DC’s real estate demand was high, along with the prices. While the data is a snapshot in time, September 2023 versus September 2022, it shows that communities where last year a premium was paid, like Eckington and Woodridge, are cooling off. Other communities seem to be attracting buyers and pushing the median sale price upward.
In the absence of money, people look for value. Buys are paying for what they perceive as value explaining, to me, why communities like Logan, Old City # and Trinidad, saw positive increases in their median home price in September 2023 over September 2022.
The September 2023 real estate trends in Washington, DC reveal a diverse landscape where some neighborhoods are experiencing rapid growth, while others maintain their stability. Keep an eye on these trends, as they can be invaluable when navigating the Washington, DC real estate market. Stay tuned for more updates as I continue to monitor and analyze the evolving trends in the nation’s capital.
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