Market Review The 2024 Mid-Year
In the first half of 2024, the residential real estate market in the Washington, DC metro area saw a more balanced environment.
Mortgage rates started the year in the mid-6% range, climbed above 7% by the end of the first quarter, and then eased back by the close of the second quarter. These fluctuations likely caused some buyers to pause, hoping for further rate decreases. As a result, home sales in the DC metro area declined by 4% during this period.
PREFACE 2024 MID YEAR MARKET REVIEW
Despite the dip in sales, more sellers entered the market, with new listings rising by 5% compared to 2023. However, even with this increase in supply, demand continued to exceed availability, driving prices up. The median home sale price in the region grew by 7% in the first half of the year.
Looking ahead to the second half of 2024, market experts predict a stronger real estate market. With the Federal Reserve poised to lower target rates, mortgage rates are expected to decrease further, potentially settling between 5.8% and 6.2% by year’s end.
PREFACE 2024 MID YEAR MARKET REVIEW
This anticipated drop in rates is expected to attract more buyers who are looking to take advantage of favorable conditions, while also motivating additional sellers to list their properties.
PREFACE 2024 MID YEAR MARKET REVIEW
With the backing of one of the world’s most recognized brands, outstanding marketing strategies, and a broad global and regional presence, our professional associates at TTR Sotheby’s International Realty are fully prepared to navigate this dynamic market.
Whether you are buying or selling, we look forward to providing you with exceptional service.
CONTINUE TO THE REPORT
SINGLE FAMILY HOMES
WASHINGTON DC
NORTHWEST
DOWNTOWN / NE
VIRGINIA
NORTHERN VA
HORSE & WINE COUNTRY
MARYLAND
MONTGOMERY COUNTY
CHESAPEAKE BAY REGION
CONDO & CO-OP
WASHINGTON DC
VIRGINIA
MARYLAND
Tap below to navigate directly to desired location On the cover: 2400 Foxhall Rd NW, Washington DC
PARK
Sold Price
CHEVY CHASE (DC)
$1,500,000
Median Sold Price 8%
85
MASS. AVE HEIGHTS
$4,520,000
Median Sold Price 41%
3 Homes Sold 50% 7 Avg. Days on Market 83%
FOREST HILLS
$2,100,000
Median Sold Price 10%
17 Homes Sold 89% 47 Avg. Days on Market 292%
MOUNT PLEASANT
$1,552,500
Median Sold Price 11%
20 Homes Sold 20% 11 Avg. Days on Market 38%
AU PARK
$1,697,500
Median Sold Price 19%
36 Homes Sold 44% 12 Avg. Days on Market 40%
GEORGETOWN
$2,025,000
Median Sold Price 7%
63 Homes Sold 2% 35 Avg. Days on Market 30%
$1,500,000
Median Sold Price 8%
33 Homes Sold 27% 28 Avg. Days on Market 115%
$2,100,000
Median Sold Price 16%
11 Homes Sold 27% 27 Avg. Days on Market 286%
WESLEY HEIGHTS
$1,627,500
Median Sold Price 35%
14 Homes Sold 33% 42 Avg. Days on Market 9%
PALISADES
$1,719,500
Median Sold Price 2%
20 Homes Sold 0% 19 Avg. Days on Market 42%
$1,630,100
Median Sold Price 8%
10 Homes Sold 38% 20 Avg. Days on Market 39%
$1,557,450
Median Sold Price 23%
18 Homes Sold 25% 47 Avg. Days on Market 12%
$1,095,000
Median Sold Price 10%
19 Homes Sold 27% 45 Avg. Days on Market
CAPITOL HILL
$1,125,500
Median Sold Price 2%
174 Homes Sold 31% 28 Avg. Days on Market 12%
BLOOMINGDALE / LEDROIT PARK
$1,020,000
Median Sold Price 4%
27
PETWORTH
$779,000
Median Sold Price
85 Homes Sold
CITY OF ALEXANDRIA
$960,654
Median Sold Price 9%
500 Homes Sold 3% 15 Avg. Days on Market 38%
ALEXANDRIA (FAIRFAX COUNTY)
$733,010
Median Sold Price 7%
835 Homes Sold 5% 17 Avg. Days on Market 23%
ARLINGTON
$1,200,000
Median Sold Price 6%
532 Homes Sold 1% 20 Avg. Days on Market 13%
MCLEAN (22101)
$1,905,000
Median Sold Price 22%
181 Homes Sold 6% 40 Avg. Days on Market 38%
MCLEAN (22102)
$1,950,000
Median Sold Price 18%
65 Homes Sold 3%
GREAT FALLS
$1,675,000
Avg. Days on Market 43%
Median Sold Price 7%
99 Homes Sold 1%
$916,500
Median Sold Price 14%
372 Homes Sold 2% 18 Avg. Days on Market 18%
$1,205,000
Median Sold Price 10%
337 Homes Sold 9% 18 Avg. Days on Market 18%
$773,000
Median Sold Price 15%
312 Homes Sold 3% 10 Avg. Days on Market 33%
$1,465,000
Median Sold Price 20%
18 Homes Sold 5% 75 Avg. Days on Market 32%
THE PLAINS
$1,026,000
Median Sold Price 40%
11 Homes Sold 10% 123 Avg. Days on Market 56%
MARSHALL
$610,000
Median Sold Price 16%
49 Homes Sold 69% 42 Avg. Days on Market 33%
$580,000
Median Sold Price 38%
3 Homes Sold 25%
187 Avg. Days on Market 202%
$825,000
Median Sold Price 7%
89 Homes Sold 0%
17 Avg. Days on Market 6%
WARRENTON
$660,000
Median Sold Price 8%
217 Homes Sold 6%
20 Avg. Days on Market 26%
BETHESDA
$1,500,000
Median Sold Price 9%
368 Homes Sold 3% 21 Avg. Days on Market 5%
CHEVY CHASE (MD)
$1,865,000
Median Sold Price 16%
89 Homes Sold 16% 26 Avg. Days on Market 30%
POTOMAC
$1,350,000
Median Sold Price 3%
235 Homes Sold 4%
14 Avg. Days on Market 22%
$800,000
Median Sold Price 0%
32 Homes Sold 9% 8 Avg. Days on Market 60%
GAITHERSBURG
$640,000
Median Sold Price 44%
359 Homes Sold 0% 13 Avg. Days on Market 35%
$620,000
Median Sold Price 4%
747 Homes Sold 2%
15 Avg. Days on Market 21%
SILVER SPRING
$630,000
Median Sold Price 2%
503 Homes Sold 0% 23 Avg. Days on Market 0%
SEVERNA PARK
$760,000
Median Sold Price 16%
136 Homes Sold 4% 17 Avg. Days on Market 32%
EDGEWATER
$590,000
Median Sold Price 3%
137 Homes Sold 6% 26 Avg. Days on Market 19%
STEVENSVILLE
$547,500
Median Sold Price 11%
97 Homes Sold 3% 41 Avg. Days on Market 32%
EASTON
$443,600
Median Sold Price 6%
140 Homes Sold 6% 28 Avg. Days on Market 10%
SAINT MICHAELS
$711,500
Median Sold Price 6%
34
Sold
$499,000
Median Sold Price 9%
130 Units Sold 12% 39 Avg. Days on Market 15%
$461,250 Units Sold Price 11%
136 Homes Sold 4% 32 Avg. Days on Market 33%
$780,000
Median Sold Price 3%
69 Units Sold 35% 38 Avg. Days on Market 15%
$722,500 Median Sold Price 10%
$584,000 Units Sold Price 16%
NAVY YARD
$600,000
Median Sold Price 6%
18 Units Sold 38% 40 Avg. Days on Market 21%
THE WHARF
$623,500 Units Sold Price 3%
22 Homes Sold 39%
FOGGY BOTTOM / WEST END
$524,000
Median Sold Price 5%
76 Units Sold 28%
$1,000,000
Median Sold Price 60%
55 Units Sold 77% 50 Avg. Days on Market 14%
KALORAMA
$619,000 Units Sold Price 8%
51 Homes Sold 12% 31 Avg. Days on Market 3%
$630,700
Median Sold Price 1%
32 Units Sold 0% 35 Avg. Days on Market 3%
ARLINGTON
$475,000
Median Sold Price 9%
649 Units Sold 5% 27 Avg. Days on Market 16%
MCLEAN
$419,500 Units Sold Price 7%
162 Homes Sold 16%
FALLS CHURCH
$318,000
31 Avg. Days on Market 28%
Median Sold Price 1%
225 Units Sold 34% 19 Avg. Days on Market 27%
ALEXANDRIA CITY
$395,000
Median Sold Price 1%
531 Units Sold 13% 19 Avg. Days on Market 5%
ALEXANDRIA (FAIRFAX COUNTY)
$330,000 Units Sold Price 2%
259 Homes Sold 7% 16 Avg. Days on Market 14%
$424,500
Median Sold Price 6%
173 Units Sold 1% 11 Avg. Days on Market 35%
BETHESDA
$350,000
Median Sold Price 6%
164 Units Sold 15% 23 Avg. Days on Market 18%
CHEVY CHASE (MD)
$370,000
Units Sold Price 28%
83 Homes Sold 9% 40 Avg. Days on Market 0%
$247,000
Median Sold Price 1%
381 Units Sold 2% 30 Avg. Days on Market 6%
SILVER SPRING
what’s
Data courtesy of BRIGHT MLS, Comparison based on 1/1/23 - 12/31/24. vs. 1/1/22 - 12/31/23. Data deemed reliable, but not guaranteed. © TTR Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. TTR Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.