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.
Over the past several months, the Washington, DC region has begun to experience a slow, but steady trend towards a buyer’s market, as record prices and low inventory curb home sales in the area.
According to the most recent data from Bright MLS, DC proper experienced a 4.8% year-over-year hike in home prices, from $501,000 to $525,000 — the highest they’ve been in a decade. That being said, this upward trend in pricing is finally beginning to impact buyer demand as the number of closed sales dropped nearly 6% from the 5-year September average. Curious to know how luxury markets have been impacted by this trend? Find out as we deep dive into the Georgetown’s housing market below!
This September, a total of four contracts settled with a median sold price of $1,610,000 — a 1% increase from this time last year, but a 3.5% decrease when compared to the 5-year September average. Each of these homes spent an average of 51 days on the market and received 95.7% of their original asking price which means that these homes sold seven days faster and received 1.4% more than the 5-year average.
Although properties in Georgetown are selling more quickly and buyers are willing to pay more, the number of closed sales has dropped by more than half! When compared to the rest of the city, the townhome submarket in Georgetown seems to be be following the direction of the overall market trend for DC.
As further evidence, at the close of the month, nine contracts were pending and 32 remained active on the market, resulting in a Contract Ratio of 0.28 pendings per active listing. While this number is up from the 5-year September average of 0.26, it is 30% lower than August’s Contract Ratio of 0.40 and 7% lower than September of last year.
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, Georgetown residents welcomed five new home owners to the neighborhood, each paying a median sold price of $675,000 for their new home. This number represents an 8.9% increase from last September’s $620,000 and a 7.2% decrease when compared to the 5-year September average of $726,000.
Each these properties spent an average of 58 days on the market and their sellers received 93.7% of asking price, which means that they sold 6.8% slower and received 3.3% less than the 5-year September average.
Additionally, by the close of the month, 14 contracts were pending settlement while 35 listings remained active on the market. This resulted in a Contract Ratio of 0.40 pendings per active listing — up from 0.36 in August of this year, 0.38 in September of Last year and 26% higher when compared to the the 5-year September average of 0.32.
Similar to the townhome submarket, the Contract Ratio indicates that Georgetown’s Condominium and Co-Op submarket remains favorable for sellers, but the drop in sales price and pricing ratios, paired with longer days on the market, could indicate the beginning signs of a softening market.
As for detached homes, the Georgetown market remained relatively quiet. While there were no closed sales last month, two properties went under contract and four new listings entered the market. This activity resulted in a Contract Ratio of 0.33 pendings per active listing — a 24% increase from last September but 23% lower when compared to the 5-year September average of 0.43.
While September couldn’t offer too much insight into the state of the detached home submarket, the Contract Ratio and seemingly slow activity is indicative of a softening market that is trending towards equilibrium.
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!