Welcome to Georgetown
Beyond the White House, Capitol, and monuments, it’s Georgetown that captures the public’s imagination when they think about the glamor of old Washington. From Federal townhouses and Georgian mansions on gas-lit streets to the gothic spires of the university and the industrial chic of the waterfront, today’s Georgetown residents effortlessly combine tradition and trendiness. Read More about Georgetown here.
Note: Real estate market statistics are released around the 10th of each month for the last closed month.
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This May, a total of 14 contracts settled with a median sold price of $1,654,000 — increasing nearly 20% from last month, but decreasing by 23% when compared to May 2018. This is also slightly under the 5-year May average of $1,700,300. Each of these homes spent an average of 51 days on the market and received 97.3% of their original asking price.
At the end of May, 12 contracts were pending settlement while 34 properties remained active on the market, resulting in a contract ratio of 0.35 pendings per active listing. This number is down from 0.62 in April 2019, down from 0.58 in May of last year, and 30% lower when compared to the 5-year May average of 0.56.
For reference, a higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates that the market is moving in the seller's favor. On the other hand, a lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates that the market is moving in the buyer's favor. That being said, Georgetown’s townhome submarket seems to be slowly moving in the buyer’s favor.
Condominiums & Co-ops
Turning our attention towards the condominium and co-op market, six new homeowners were welcomed to the neighborhood, each paying a median sold price of $580,000 for their new home. This number represents an 6.5% decrease from last May’s $620,000 and a 14.5% decrease when compared to the 5-year April average of $670,000.
Each these properties spent an average of 34 days on the market and their sellers received 97.3% of their asking price, which means that homes were priced lower than usual, which allowed them to sell 71% faster than the 5-year April average of 71 days.
Additionally, by the close of the month, 14 contracts were pending settlement while 20 listings remained active on the market. This resulted in a contract ratio of 0.70 pendings per active listings — up from 0.27 in April 2019 and up from 0.42 in May of last year. The Contract Ratio is also 52% higher when compared to the the 5-year May average of 0.46.
As usual, the detached home submarket remained relatively quiet in Georgetown. There were no closed sales, and only one new listing entered the market bringing the total number of active units to six. Additionally, one property went under contract. This activity resulted in a contract ratio of 0.50 pendings per active listing — up from 0.29 in April, down from 1.0 in May of last year, and slightly up when compared to the 5-year May average of 0.49. While the market still remains in the seller’s favor, it is slowly softening to benefit purchasers.
Neighborhood Real Estate Statistics
Sold Price (Median)
Price Per Square Foot (Median)
Sold Price to Original List Price Ratio (Median)
Days on Market (Median)
Supply and Demand (Months of Supply)
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