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.
This January, a total of nine contracts settled with a median sold price of $1,710,000 — a 2.3% decrease from this time last year, but still up from the 5-year January average of $1,660,000. Each of these homes spent an average of 116 days on the market and received 97.6% of their original asking price.
Although properties in Georgetown seem to be taking longer to sell when compared to last January’s average of 87 days, the number of closed sales increased more than 80% from five properties to nine.
Additionally, at the end of January, 10 contracts were pending and 21 properties remained active on the market, resulting in a Contract Ratio of 0.48 pendings per active listing. This number is down from the 5-year January average of 0.59, but up from January of last year (0.38).
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 remains favorable for sellers, but could be slowly moving in the buyer’s favor.
Condominiums & Co-ops
Turning our attention towards the condominium and co-op market, seven new home owners were welcomed to the neighborhood, each paying a median sold price of $365,000 for their new home. This number represents an 41.1% decrease from last January’s $620,000 and a 39.2% decrease when compared to the 5-year January average of $543,125.
Each these properties spent an average of 120 days on the market and their sellers received 93.7% of asking price, which means that homes were priced well, allowing them to sell 35.6% faster than the 5-year January average.
Additionally, by the close of the month, 4 contracts were pending settlement while 21 listings remained active on the market. This resulted in a Contract Ratio of 0.19 pendings per active listing — down from 0.26 in December 2018, 0.53 in January of last year and 58% lower when compared to the the 5-year January average of 0.46.
The lower sales prices paired with the small Contract Ratio might indicate that Georgetown’s Condominium and Co-Op submarket is softening and finally turning in the buyer’s favor.
As for detached homes, the Georgetown housing market remained relatively steady. Only one property closed last month for an admirable $5,125,000 — 150% greater than the median sales price of detached homes in December 2018 and 101% greater than January of last year.
Looking forward to the close of February, a five bedroom, five bathroom home on 31st Street is expected to close in late February and with and asking price of $5,100,000 trends are expected to stay relatively the same.
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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As leading experts in Georgetown real estate, we can help guide you with all of your real estate needs. If you’re interested in staying up to date with the latest housing trends in our neighborhood, connect with us today!