The Washington, D.C. Market Report

MARKET REPORT

The State of the Market

Established in 1790, Washington, D.C. is among the most important cities in the world, regarded as a hub of political activity, cultural attractions, and historical significance.

Designed by French engineer Pierre Charles L'Enfant, Washington, D.C. is known for its diverse range of architectural styles, residents and visitors to Washington, D.C. are often struck by the rich history and various influences that have shaped the city’s landscape over time, with neighborhoods such as Georgetown, Capitol Hill, and The Palisades serving as some of its most desirable.

The most expensive home sold in Washington, D.C. for the year ending 2023 was a beautiful Spanish Colonial residence located in American University Park.

Originally built by architect Arthur B. Heaton in 1925, the home sits on 6.7 acres and served as the former private residence to the Ambassador of Sweden. The home sold in February 2023 for $17.3 Million.

In nearby Georgetown, the acclaimed Newton Baker House — an assemblage of 4 separate townhouse residences — sold at auction in November 2023 for $15.1 Million.

“As the nation’s capital, Washington, D.C. is among the most important cities the world,” says Byron V. Hughey, Vice President at TTR Sotheby’s International Realty.

“Featuring historic homes, unmatched culture, and some of the nation’s finest schools and universities, Washington, D.C. truly has it all.”

For those seeking to purchase a single family home in Washington, D.C., you can expect to pay an average of $592.69 per square foot and an average total sales price of $1.43 Million. Single family homes in Washington, D.C. typically sell in 33 days.

For those seeking a new construction homes in Washington, D.C., options are available — with new construction representing 11% of all residential home sales — but come with a hefty price tag,

In Washington, D.C., for the year ending 2023, the average sale price for a new construction single family home was $2.90 Million, while more modestly-sized new construction town homes sold for an average of $986,488. The average sale price of new construction condominiums in Washington, D.C. for the year ending 2023 was $686,570.

Among the oldest and most dense cities in the United States, raw land in Washington, D.C. is scarce, with only 24 land sales recorded for the year ending 2023 and an average price per acre of $6.34 Million. To underscore this fact, a single garage parking space in the popular Dupont Circle neighborhood sold in May 2023 for $59,000.