Washington, DC Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Washington, DC? ›

Key Trends and Data Points:

Sustained Price Increase: In January, the median sold price in the Washington, D.C. metro area was recorded at $535,000, representing a 7.0% increase year-over-year. The trend of rising prices has been consistent, with the median price now 29% higher than in January 2019.

The average Washington home value is $619,321, down 1.2% over the past year.

I've had a lot of calls lately for people looking to invest in property in the DC Area. Word is out – the market here is strong and remains strong even through economic downturns. Even the interest rates nearing 8% haven't stifled the market in DC.

Should I Sell My DC-Area House in the Current Market? It's always a good time to sell whenever there's lower inventory and higher buyer demand, as in today's market.

Average Salary in Washington, DC. $56,454 is the 25th percentile. Salaries below this are outliers. $102,751 is the 75th percentile.

Average Home Prices: The average median home price in District of Columbia is $593,950, up by 6.5% YoY. In 2024, the median sale price will keep increasing marginally due to DC's tight inventory. Home Sales: As per January 2024 data, home sales decreased by 25.5% YoY!

According to the U.S. Census Bureau, the median household income in Washington DC is $93,547. However, the recommended salary in Washington DC is $5,953.33 per month or $71,440 annually.

The months from March to June are the best time to buy a house in Washington DC. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

In the D.C. metro area, renting is $630 a month less expensive than buying compared to ownership costs, including mortgage payment and insurance. That is just the average. “There are instances where these numbers can be considerably higher or lower.

Are DC property taxes high? ›

Washington, D.C. Property Taxes

When it comes to property tax rates, Washington, D.C. homeowners have some of the lowest in the country. The tax rate on residential property in D.C. is just $0.85 per $100 in assessed value. However, that rate may overstate the amount paid by many homeowners.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Sellers can net thousands of dollars more if they sell during the peak months of May, June and April compared to the three slowest months of the year, October, November and December, according to a 2023 report by ATTOM Data Solutions.

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July.

Washington, DC is a balanced market in April 2024, which means that the supply and demand of homes are about the same. On average, homes in Washington, DC sell after 39 days on the market. The trend for median days on market in Washington, DC has gone up since last month, and slightly up since last year.

In 2024, the median sale price will keep increasing marginally due to WA's tight inventory. The sale-to-list price ratio is at 100% in 2024. Home Sales: As per January 2024 data, home sales increased by 28% YoY! In January 2023, only 5,408 homes were sold, up from 4,225 in January 2023.

Home prices are set to tick up

They may not fall much either. Mason Virant, associate director of the Washington Center for Real Estate Research at the University of Washington, expects home prices to tick up 1% to 2% statewide and 1.5% to 3% in pricier areas like Seattle and Bellevue in 2024 compared with 2023.

Why are house prices near Washington, DC so much more expensive? In Washington, jobs and economic development have lured new residents into the city after decades of population loss, pushing up land values. The cost of new and existing homes has risen as a result. Land is expensive where people want to live.