The 2024 Year-End
A look 2024’s Real Estate Market & the outlook for 2025
The real estate market in 2024 showed greater stability than in 2023, though it remained influenced by fluctuating mortgage rates, persistent supplydemand imbalances, and resilient consumer spending. A shortage of available homes continued to challenge the market, with nationwide home resales totaling just four million— significantly lower than the six million seen earlier in the decade.
PREFACE 2024 YEAR END MARKET REVIEW
In the Washington, DC metropolitan area, home sales saw a modest 2% increase throughout the year. Notably, the luxury market experienced a surge in activity during December and January, as members of the incoming administration relocated to the city following the presidential election. Limited housing inventory continued to drive price appreciation, with the median home price rising by 7% in 2024. Mortgage rates fluctuated throughout the year, starting at approximately 6.5%, peaking at 7.25% mid-year, and settling at 7% by year-end.
Looking ahead to 2025, market analysts anticipate a more active real estate environment. Mortgage rates are expected to ease slightly, potentially reaching 6.25% by year-end, which could encourage more homeowners to list their properties.
5244 Watson Street
PREFACE 2024 YEAR END MARKET REVIEW
While inventory will remain historically tight, a 14% increase in available homes is expected. Lower rates are also projected to unleash pent-up buyer demand, leading to an estimated 8% or more increase in home sales. Home prices are forecasted to rise another 5% in 2025.
7500 Ironwood Lane, Warrenton – SOLD
At TTR Sotheby’s International Realty, we leverage the strength of a globally recognized brand, cutting-edge marketing strategies, and an unparalleled regional and international network to guide our clients through this dynamic market. Whether you’re looking to buy or sell in the Washington region or beyond, we look forward to providing you with exceptional service and market expertise.
1515 15th Street NW, Unit 430, Logan Circle DC
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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
CLEVELAND PARK $1,850,000 Median Sold Price 16%
46
CHEVY CHASE (DC)
$1,525,000
Median Sold Price 5%
156
MASS. AVE HEIGHTS
$2,892,500
Median Sold Price 68%
8 Homes Sold 167% 48 Avg. Days on Market 71%
FOREST HILLS
$2,075,000
Median Sold Price 11%
22 Homes Sold 29% 86 Avg. Days on Market 69%
MOUNT PLEASANT
$1,422,500
Median Sold Price 1%
40 Homes Sold 17% 13 Avg. Days on Market 8%
AU PARK
$1,550,000
Median Sold Price 4%
69 Homes Sold 28% 17 Avg. Days on Market 11%
GEORGETOWN
$2,200,000
Median Sold Price 9%
125 Homes Sold 16% 41 Avg. Days on Market 16%
GLOVER PARK/BURLEITH
$1,405,000
Median Sold Price 3%
65 Homes Sold 16% 21 Avg. Days on Market 31%
$2,447,500
Median Sold Price 2%
34 Homes Sold 3% 19 Avg. Days on Market 10%
WESLEY HEIGHTS
$2,200,000
Median Sold Price 0%
21 Homes Sold 40% 52 Avg. Days on Market 24%
PALISADES
$1,661,688
Median Sold Price 4%
36 Homes Sold 0% 22 Avg. Days on Market 29%
$1,470,500
Median Sold Price 18%
18 Homes Sold 33% 16 Avg. Days on Market 62%
$1,765,000
Median Sold Price 6%
39 Homes Sold 25%
39 Avg. Days on Market 8%
$1,070,000
Median Sold Price 7%
33 Homes Sold 14%
41 Avg. Days on Market 46%
CAPITOL HILL
$1,129,000
Median Sold Price 0%
325 Homes Sold 25% 31 Avg. Days on Market 24%
$1,025,000
Median Sold Price 8%
68 Homes Sold 5% 38 Avg. Days on Market 31%
BLOOMINGDALE / LEDROIT PARK PETWORTH
$789,950
Median Sold Price 0%
170 Homes Sold 15% 41 Avg. Days on Market 37%
CITY OF ALEXANDRIA
$942,500
Median Sold Price 7%
900 Homes Sold 1% 17 Avg. Days on Market 23%
ALEXANDRIA (FAIRFAX COUNTY)
$730,000
Median Sold Price 7%
1,606 Homes Sold 3% 18 Avg. Days on Market 14%
ARLINGTON
$1,200,000
Median Sold Price 4%
1,009 Homes Sold 1% 21 Avg. Days on Market 5%
MCLEAN (22101)
$2,075,000
Median Sold Price 34%
350 Homes Sold 1% 39 Avg. Days on Market 34%
MCLEAN (22102)
$1,975,000
Median Sold Price 23%
123 Homes Sold 6%
GREAT FALLS
$1,720,000
29 Avg. Days on Market 32%
Median Sold Price 7%
196 Homes Sold 2%
39 Avg. Days on Market 70%
$920,000
Median Sold Price 8%
750 Homes Sold 8% 21 Avg. Days on Market 0%
$1,185,000
Median Sold Price 6%
652 Homes Sold 16% 20 Avg. Days on Market 9%
$751,500
Median Sold Price 7%
598 Homes Sold 9% 11 Avg. Days on Market 15%
$1,430,000
Median Sold Price 17%
47 Homes Sold 21% 87 Avg. Days on Market 14%
THE PLAINS
$850,000
Median Sold Price 21%
26 Homes Sold 37% 104 Avg. Days on Market 89%
MARSHALL
$612,500
Median Sold Price 3%
80 Homes Sold 5% 34 Avg. Days on Market 17%
$1,248,000
Median Sold Price 33%
9 Homes Sold 25% 142 Avg. Days on Market 129%
$824,625
Median Sold Price 6%
165 Homes Sold 4%
34 Avg. Days on Market 100%
$673,750
Median Sold Price 5%
424 Homes Sold 7% 21 Avg. Days on Market 19%
BETHESDA
$1,473,500
Median Sold Price 5%
690 Homes Sold 1% 20 Avg. Days on Market 5%
CHEVY CHASE (MD)
$1,685,000
Median Sold Price 8%
189 Homes Sold 9% 24 Avg. Days on Market 0%
POTOMAC
$1,350,000
Median Sold Price 4%
456 Homes Sold 3% 20 Avg. Days on Market 5%
$947,444
Median Sold Price 9%
164 Homes Sold 0% 22 Avg. Days on Market 10%
GAITHERSBURG
$630,000
Median Sold Price 8%
749 Homes Sold 4% 15 Avg. Days on Market 12%
$620,000
Median Sold Price 3%
1,513 Homes Sold 6% xx Avg. Days on Market xx%
SILVER SPRING
$641,875
Median Sold Price 3%
1,002 Homes Sold 1% 23 Avg. Days on Market 5%
SEVERNA PARK
$748,500
Median Sold Price 11%
262 Homes Sold 4% 19 Avg. Days on Market 10%
EDGEWATER
$565,000
Median Sold Price 3%
276 Homes Sold 3% 27 Avg. Days on Market 4%
STEVENSVILLE
$559,000
Median Sold Price 5%
168 Homes Sold 3% 44 Avg. Days on Market 42%
EASTON
$460,000
Median Sold Price 0%
299 Homes Sold 5% 36 Avg. Days on Market 6%
SAINT MICHAELS
$669,900
Median Sold Price 11%
73 Homes Sold 35% 44 Avg. Days on Market 13%
$494,998
Median Sold Price 9%
259 Units Sold 0% 34 Avg. Days on Market 6%
$429,000 Units Sold Price 2%
273 Units Sold 5% 30 Avg. Days on Market 30%
$635,000
Median Sold Price 6%
126 Units Sold 22%
38 Avg. Days on Market 19%
$767,500
Median Sold Price 0%
58 Units Sold 0% 44 Avg. Days on Market 2%
$555,000 Units Sold Price 10%
96 Units Sold 9% 38 Avg. Days on Market 27%
CAPITOL HILL PETWORTH
$467,500
Median Sold Price 0%
74 Units Sold 49% 55 Avg. Days on Market 25%
NAVY YARD
$575,000
Median Sold Price 3%
45 Units Sold 30% 44 Avg. Days on Market 38%
THE WHARF
$1,425,000 Units Sold Price 10%
27 Units Sold 7%
277 Avg. Days on Market 477%
FOGGY BOTTOM / WEST END
$515,000
Median Sold Price 5%
151 Units Sold 23%
62 Avg. Days on Market 11%
GEORGETOWN
$825,000
Median Sold Price 24%
91 Units Sold 26% 63 Avg. Days on Market 40%
KALORAMA
$625,000 Units Sold Price 7%
87 Units Sold 22% 32 Avg. Days on Market 14%
$612,500
Median Sold Price 3%
56
Sold
ARLINGTON
$469,500
Median Sold Price 8%
1,190 Units Sold 1% 28 Avg. Days on Market 7%
MCLEAN
$457,500 Units Sold Price 0%
315 Units Sold 16%
FALLS CHURCH
$320,000
33 Avg. Days on Market 34%
Median Sold Price 4%
433 Units Sold 12%
19 Avg. Days on Market 27%
ALEXANDRIA CITY
$385,000
Median Sold Price 1%
1,037
Units Sold 12% 21 Avg. Days on Market 5%
ALEXANDRIA (FAIRFAX COUNTY)
$334,250
Units Sold Price 10%
522 Units Sold 4%
18 Avg. Days on Market 20%
$422,250
Median Sold Price 7%
348 Units Sold 5%
14 Avg. Days on Market 0%
$342,000
Median Sold Price 2%
304 Units Sold 7% 25 Avg. Days on Market 4%
CHEVY CHASE (MD)
$483,500
Units Sold Price 12%
166 Units Sold 1% 44 Avg. Days on Market 19%
$255,000
Median Sold Price 2%
751
Units Sold 5% 27 Avg. Days on Market 7%
SILVER SPRING
Data courtesy of BRIGHT MLS, Comparison based on 1/1/23 - 12/31/23. vs. 1/1/24 - 12/31/24. Data deemed reliable, but not guaranteed.
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Photo: 4358 Argyle Ter NW, Washington DC