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.
If you would like to request a personalized home valuation report for your home, please fill out the form at the bottom of the page.
This July, a total of eight contracts settled with a median sold price of $1,420,000 — a slight increase from June 2019 ($1,390,000) and from July of last year ($1,420,000). This is also slightly above the 5-year July average of $1,407,000. Each of these homes spent an average of 30 days on the market and received 98.3% of their original asking price.
At the end of July, 15 contracts were pending settlement while 27 properties remained active on the market, resulting in a contract ratio of 0.56 pendings per active listing. This number is up from June 2019 (0.42), up from from July of last year (0.42), and up by 7% when compared to the 5-year July average of 0.52.
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.
Condominiums & Co-ops
Turning our attention towards the condominium and co-op market, seven new homeowners were welcomed to the neighborhood, each paying a median sold price of $474,900 for their new home. This number represents an 20% decrease from last July’s $593,700 and a 15.3% decrease when compared to the 5-year June average of $553,620.
Each these properties spent an average of 78 days on the market and their sellers received 99.1% of their asking price. This is in line with the 5-year July average of 80 days on the market. Additionally, by the close of the month, nine contracts were pending settlement while 18 listings remained active on the market. This resulted in a contract ratio of 0.50 pendings per active listings — down from 0.52 in June 2019 and up from 0.17 in July of last year. The Contract Ratio is also 40% higher when compared to the the 5-year July average of 0.36.
As usual, the detached home submarket remained relatively quiet in Georgetown. Only one contract closed in July, but for a sold price of $4,350,000. This brings the number of closed sales down by 50% when compared to June 2019 and down by 75% when compared to July 2018.
Although there were no new pending contracts in July, there were two carried over from months prior and five active properties remained on the market. This resulted in a contract ratio of 0.40 pendings per active listing — down from 0.75 in June, up from 0.20 in July of last year, and slightly down when compared to the 5-year July average of 0.41. 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)
You’ve got questions. We’ve got answers.
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!