2024 Mid-Year Market Report

The 2024 Mid-Year

Market Review

P R E FAC E 2 0 2 4 M I D Y E A R M A R K E T R E V I E W

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.

P R E FAC E 2 0 2 4 M I D Y E A R M A R K E T R E V I E W

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.

P R E FAC E 2 0 2 4 M I D Y E A R M A R K E T R E V I E W

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.

P R E FAC E 2 0 2 4 M I D Y E A R M A R K E T R E V I E W

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.

P R E FAC E 2 0 2 4 M I D Y E A R M A R K E T R E V I E W

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.

C O N T I N U E TO T H E R E P O R T

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S I N G L E FA M I LY H O M E S WA S H I N GTO N D C N O R T H W E ST D O W N TO W N / N E V I R G I N I A N O R T H E R N VA H O R S E & W I N E C O U N T RY M A R Y L A N D M O N TG O M E R Y C O U N T Y C H E S A P E A K E B AY R EG I O N

CONDO & CO-OP WA S H I N GTO N D C VIRGINIA M A R Y L A N D

On the cover: 2400 Foxhall Rd NW, Washington DC

2024 MID YEAR MARKET REVIEW

Single Family Homes

5 0 2 2 C AT H E D R A L AV E N U E N W

NORTHWEST DC MARKET REVIEW

K A LO R A M A

$3,000,000 3% Median Sold Price

17

42%

Homes Sold

76

217%

Avg. Days on Market

C L E V E L A N D PA R K

$1,900,000 12% Median Sold Price

25

108% 17

Homes Sold

45%

Avg. Days on Market

CHEVY CHASE (DC)

$1,500,000 8% Median Sold Price

85 Homes Sold

18%

12

0%

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

M A S S . AV E H E I G H TS

$4,520,000 41% Median Sold Price

3

50%

Homes Sold

7

83%

Avg. Days on Market

F O R E ST H I L L S

$2,100,000 10% Median Sold Price

17

89%

Homes Sold

47

292%

Avg. Days on Market

MOUNT PLEASANT

$1,552,500

11%

Median Sold Price

20 Homes Sold

20%

11

38%

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

A U PA R K

$1,697,500

19%

Median Sold Price

36

44%

Homes Sold

12

40%

Avg. Days on Market

G EO R G E TOW N

$2,025,000 7% Median Sold Price

63

2%

Homes Sold

35

30%

Avg. Days on Market

G LOV E R PA R K / B U R L E I T H

$1,500,000 8% Median Sold Price

33 Homes Sold

27%

28

115%

Avg. Days on Market

NORTHWEST DC MARKET REVIEW

S P R I N G VA L L E Y

$2,100,000 16% Median Sold Price

11

27%

Homes Sold

27

286%

Avg. Days on Market

W E S L E Y H E I G H TS

$1,627,500

35%

Median Sold Price

14

33%

Homes Sold

42

9%

Avg. Days on Market

PA L I S A D E S

$1,719,500

2%

Median Sold Price

20 Homes Sold

0%

19

42%

Avg. Days on Market

D OWNTOWN & NE D C MARKET REVIEW

LO G A N

$1,630,100

8%

Median Sold Price

10

38%

Homes Sold

20 39% Avg. Days on Market

DUPONT

$1,557,450

23%

Median Sold Price

18

25%

Homes Sold

47

12%

Avg. Days on Market

S H AW

$1,095,000 10% Median Sold Price

19 Homes Sold

27%

45

137%

Avg. Days on Market

D OWNTOWN & NE D C MARKET REVIEW

CA P I TO L H I L L

$1,125,500

2%

Median Sold Price

174 31%

28

12%

Homes Sold

Avg. Days on Market

B LO O M I N G DA L E / L E D R O I T PA R K

$1,020,000 4% Median Sold Price

27

31%

Homes Sold

23

23%

Avg. Days on Market

P E T WO R T H

$779,000

7%

Median Sold Price

85 Homes Sold

29%

32

7%

Avg. Days on Market

2024 MID YEAR MARKET REVIEW

Single Family Homes

6 72 7 LU C Y L A N E , M C L E A N

N O R T H E R N VA MARKET REVIEW

CITY OF ALEXANDRIA

$960,654

9%

Median Sold Price

500 3%

15

38%

Homes Sold

Avg. Days on Market

A L E X A N D R I A ( FA I R FA X C O U N T Y )

$733,010

7%

Median Sold Price

835 5%

17

23%

Homes Sold

Avg. Days on Market

A R L I N GTO N

$1,200,000 6% Median Sold Price

532 1%

20 13%

Homes Sold

Avg. Days on Market

N O R T H E R N VA MARKET REVIEW

MCLEAN (22101)

$1,905,000 22% Median Sold Price

181 6%

40 38%

Homes Sold

Avg. Days on Market

MCLEAN (22102)

$1,950,000 18% Median Sold Price

65

3%

Homes Sold

33

43%

Avg. Days on Market

G R E AT FA L L S

$1,675,000

7%

Median Sold Price

99 Homes Sold

1%

33

50%

Avg. Days on Market

N O R T H E R N VA MARKET REVIEW

FA L L S C H U R C H

$916,500

14%

Median Sold Price

372 2%

18

18%

Homes Sold

Avg. Days on Market

VIENNA

$1,205,000 10% Median Sold Price

337 9%

18

18%

Homes Sold

Avg. Days on Market

R E STO N

$773,000

15%

Median Sold Price

312 3%

10

33%

Homes Sold

Avg. Days on Market

HORSE & WINE COUNTRY MARKET REVIEW

MIDDLEBURG

$1,465,000 20% Median Sold Price

18

5%

Homes Sold

75

32%

Avg. Days on Market

THE PLAINS

$1,026,000 40% Median Sold Price

11

10%

Homes Sold

123 56% Avg. Days on Market

MARSHALL

$610,000

16%

Median Sold Price

49 Homes Sold

69%

42

33%

Avg. Days on Market

HORSE & WINE COUNTRY MARKET REVIEW

UPPERVILLE

$580,000

38%

Median Sold Price

3

25%

Homes Sold

187 202% Avg. Days on Market

P U R C E L LV I L L E

$825,000

7%

Median Sold Price

89

0%

Homes Sold

17

6%

Avg. Days on Market

WA R R E N TO N

$660,000

8%

Median Sold Price

217 6%

20 26%

Homes Sold

Avg. Days on Market

2024 MID YEAR MARKET REVIEW

Single Family Homes

5 2 0 6 DA N B U R Y R OA D, B E T H E S DA

M O N T G O M E R Y C O. MARKET REVIEW

B E T H E S DA

$1,500,000 9% Median Sold Price

368 3%

21

5%

Homes Sold

Avg. Days on Market

CHEVY CHASE (MD)

$1,865,000 16% Median Sold Price

89

16%

Homes Sold

26 30% Avg. Days on Market

P OTO M AC

$1,350,000 3% Median Sold Price

235 4%

14

22%

Homes Sold

Avg. Days on Market

M O N T G O M E R Y C O. MARKET REVIEW

THE KENTLANDS

$800,000

0%

Median Sold Price

32

9%

Homes Sold

8

60%

Avg. Days on Market

GAITHERSBURG

$640,000

44%

Median Sold Price

359 0%

13

35%

Homes Sold

Avg. Days on Market

S I LV E R S P R I N G

$620,000

4%

Median Sold Price

747 2%

15

21%

Homes Sold

Avg. Days on Market

C H E S A P E A K E B AY R E G I O N MARKET REVIEW

ANNAPOLIS

$630,000

2%

Median Sold Price

503 0%

23

0%

Homes Sold

Avg. Days on Market

S E V E R N A PA R K

$760,000

16%

Median Sold Price

136 4%

17

32%

Homes Sold

Avg. Days on Market

E D G E WAT E R

$590,000

3%

Median Sold Price

137 6%

26 19%

Homes Sold

Avg. Days on Market

C H E S A P E A K E B AY R E G I O N MARKET REVIEW

ST E V E N SV I L L E

$547,500

11%

Median Sold Price

97

3%

Homes Sold

41

32%

Avg. Days on Market

E A STO N

$443,600

6%

Median Sold Price

140 6%

28

10%

Homes Sold

Avg. Days on Market

SAINT MICHAELS

$711,500

6%

Median Sold Price

34 Homes Sold

26%

35

20%

Avg. Days on Market

2024 MID YEAR MARKET REVIEW

Condos & Co-ops

3 1 5 0 S O U T H ST R E E T N W P H 1 B

DC CONDO / CO-OP MARKET REVIEW

D OW N TO W N D C

$499,000

9%

Median Sold Price

130 12%

39

15%

Units Sold

Avg. Days on Market

DUPONT

$461,250

11%

Units Sold Price

136 4%

32

33%

Homes Sold

Avg. Days on Market

LO G A N

$780,000

3%

Median Sold Price

69 Units Sold

35%

38

15%

Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

S H AW

$722,500

10%

Median Sold Price

30

6%

Units Sold

57

24%

Avg. Days on Market

CA P I TO L H I L L

$584,000

16%

Units Sold Price

47

28%

Homes Sold

43

48%

Avg. Days on Market

P E T WO R T H

$409,000

34%

Median Sold Price

38 Units Sold

54%

60 94% Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

N AV Y YA R D

$600,000

6%

Median Sold Price

18

38%

Units Sold

40 21% Avg. Days on Market

THE WHARF

$623,500

3%

Units Sold Price

22

39%

Homes Sold

36

16%

Avg. Days on Market

F O G GY B OT TO M / W E ST E N D

$524,000

5%

Median Sold Price

76 Units Sold

28%

46 45% Avg. Days on Market

DC CONDO / CO-OP MARKET REVIEW

G EO R G E TOW N

$1,000,000 60% Median Sold Price

55

77%

Units Sold

50 14% Avg. Days on Market

K A LO R A M A

$619,000

8%

Units Sold Price

51

12%

Homes Sold

31

3%

Avg. Days on Market

NOMA

$630,700

1%

Median Sold Price

32 Units Sold

0%

35

3%

Avg. Days on Market

2024 MID YEAR MARKET REVIEW

Condos & Co-ops

14 1 1 K E Y B O U L E VA R D # 6 0 6 , A R L I N G TO N

N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW

A R L I N GTO N

$475,000

9%

Median Sold Price

649 5%

27

16%

Units Sold

Avg. Days on Market

MCLEAN

$419,500

7%

Units Sold Price

162 16%

31

28%

Homes Sold

Avg. Days on Market

FA L L S C H U R C H

$318,000

1%

Median Sold Price

225 34%

19

27%

Units Sold

Avg. Days on Market

N O R T H E R N VA C O N D O / C O - O P MARKET REVIEW

ALEXANDRIA CITY

$395,000

1%

Median Sold Price

531 13%

19

5%

Units Sold

Avg. Days on Market

A L E X A N D R I A ( FA I R FA X C O U N T Y )

$330,000

2%

Units Sold Price

259 7%

16

14%

Homes Sold

Avg. Days on Market

FA I R FA X

$424,500

6%

Median Sold Price

173 1%

11

35%

Units Sold

Avg. Days on Market

2024 MID YEAR MARKET REVIEW

Condos & Co-ops

1 0 0 S E V E R N AV E # 6 0 6 , A N N A P O L I S

MA RYLA ND COND O / CO-OP MARKET REVIEW

B E T H E S DA

$350,000

6%

Median Sold Price

164 15%

23

18%

Units Sold

Avg. Days on Market

CHEVY CHASE (MD)

$370,000

28%

Units Sold Price

83

9%

Homes Sold

40 0% Avg. Days on Market

S I LV E R S P R I N G

$247,000

1%

Median Sold Price

381 2%

30 6%

Units Sold

Avg. Days on Market

You’re invited to imagine what’s next. explore our properties

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.