by Brandon M. Scott
We’re officially in Fall or, as I lovingly refer to it, ‘Sweater Weather’ – if you know you know. Despite our rising rate environment, the need for individuals to sale and, or buy a home still exists. The number of transactions compared to last year may be down but it’s important to have perspective. The overall national real estate market is down about 33%. I’ll write it again, “real estate is a local commodity”. The national news is best when layered with some understanding of our local market. That way, the information helps you refine your own real estate decisions.
In this blog, I write about the DC Real Estate Market Report. I cover the properties sold for the month of September 2023, while, also looking at 2023 and 2022 year-over-year and month-over month. Based on the data, a few notable trends by DC communities have been combed out.
So, whether you’re a homebuyer, seller, or simply curious about the DC housing market, let’s explore the insights below.
September 2023 Highlights
The real estate market remains desirable in DC. Many seem to be filling a need to buy, sale or positioning themselves through strategic purchases, taking advantage of fewer buyers and more opportunity to negotiate. Through October 10, 2023, there have been 5,442 homes sold in DC, or an average of 605 homes sold per month. The total number of homes sold is down -23% compared to those homes sold in 2022. In the Fall, we shift to a less voluminous time of year for real estate. For September 2023, DC saw 449 homes sold, reflecting a -17.8% decrease compared to the same month in 2022.
DC Community Trends
A Tale of Two Cities. Columbia Heights, DC has seen a -7.4% decrease in the number of homes sold when compared to September 2022. For the month of September 2023, there were 25 homes in Columbia Heights and a total of 282 homes have been sold for the year. So far, Columbia Heights is averaging 31 homes sold per month. So far in 2023, the Columbia Heights community has seen the most total number of homes sold.
Georgetown, Washington, DC
Known for beautiful water views, architecture, and entertainment, in September 2023, there were 17 homes sold in Georgetown. Year-over-year, this represents a 30.8% increase in demand in Georgetown compared to the number of homes sold in 2022. For the year, there have been 144 homes sold in Georgetown, which represents a -25.4% decrease in sales when compared to 2022.
Top 10 DC Communities with the Most Homes Sold in September 2023
- Columbia Heights, Washington, DC: 25 homes sold
- Petworth, Washington, DC: 22 homes sold
- Capitol Hill, Washington, DC: 19 homes sold
- Georgetown, Washington, DC: 17 homes sold
- Brookland, Washington, DC: 16 homes sold
- Old City #1, Washington, DC: 14 homes sold
- Dupont Circle, Washington, DC: 14 homes sold
- Foggy Bottom, Washington, DC: 14 homes sold
- Trinidad, Washington, DC: 14 homes sold
- Cleveland Park, Washington, DC: 13 homes sold
Washington, DC Homes Sold Year to Date (YTD) 2023 Trends
Now, let’s turn our attention to the “Year to Date” data, highlighting trends by location. This information is important depending on where you are in your real estate journey. As a new parent, I firmly believe there are two types of people: people with kids and people without kids, especially in real estate. Namely because a parents’ decision calculous will typically factors in school systems. In DC, the higher the school is rated, typically, the home prices a higher, as well as the demand.
Overall, 2023 has ushered in 5,442 sold homes in Washington, DC, which is down -23% from last year and beating the national market. Let’s look where people buying a home in DC are deciding to live,
Georgetown, Washington, DC: YTD 2023: 144 homes sold (-25.4% compared to 2022).
Columbia Heights, Washington, DC: YTD 2023: 282 homes sold (-31.4% year-over-year).
Capitol Hill, Washington, DC: YTD 2023: 282 homes sold (-33% compared to 2022).
Petworth, Washington, DC: YTD 2023: 280 homes sold (-16.9% compared to 2022).
Brookland, Washington, DC: YTD 2023: 148 homes sold (-24.9% year-over-year).
There’s a decline for September in the number of homes sold in September 2023 compared to 2022, which is expected given the seasonality of real estate. Plus, this same time last year’s rates were much lower than today. The data tells a clear story about DC real estate. The underlying demand for real estate has slowed but it has not stopped. And despite a slow down on a local and national scale DC is outperforming the overall real estate market. Be sure to keep your eyes open for the next blog post where I exam sale prices.
It’s essential to keep an eye on these trends if you’re considering buying or selling a home in the nation’s capital. As you’re thinking about your next real estate decision, I hope you consider me when looking for a realtor.
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
*Data pulled for this analysis from SmartCharts on October 10, 2023.