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.
During August, nine properties settled with a median sold price of $2,360,000 — 69% higher than median sold price in June and 69% higher than August of 2017. Additionally, each of these homes spent an average of 80 days on the market, which is a week longer than the 5-year July average of 73 days. With sales prices this high in the neighborhood, it is no surprise to see homes staying on the market for a bit longer than normal.
This month, 15 townhomes entered the Georgetown housing market with asking prices ranging from $1,199,495 to $4,500,000. This brings the median asking price of all active townhomes in Georgetown to $1,832,000. Planning ahead for fall, of the eight properties that are currently under contract, three of them are expecting to close by the end of the month, four of them in October, and one later this year.
Condominiums & Co-ops
Turning our attention towards condominiums and co-ops, three new home owners were welcomed to the neighborhood, each paying a median of $1,035,000 for their new home. This number is drastically up by 74% compared to July 2018 and up by 85% when compared to August 2017.
In July, condos and co-ops were spending an average of 49 days on the market, but in August, this number jumped to 102 days, which is nearly double the 5-year August average. Like townhomes, with increasing sales prices, it is not atypical to see homes remain on the market for a bit longer.
With the end of September nearing, the Georgetown market is projected to see more activity than in August. Since the beginning of the month, 16 Condos & Co-ops have entered the market and three of them have already gone under contract.That being said, this brings the total number of all active properties to 35 and all pendings to 14. Looking ahead to a busy fall, four of these pendings are expected to close by the end of the month, nine more in October and one in November.
As for detached homes, the unusually busy Georgetown market returned back to a normal pace with only one property closing in August with a sold price of $6,731,709. That being said, the median sold price for detached homes increased by over 300% compared to July and by 69.4% compared to August of last year.
Looking ahead, the detached home submarket for September and October is projected to slow down as we move into fall. This month, three listings entered the market with asking prices ranging from $2,295,000 to an astounding $18,000,000 — the priciest home available in DC! That being said, this brings the total number of all active listings in Georgetown to eight and all pendings remain at zero.