New market data was released for Washington DC this morning. Prices are down across the board except for a slight uptick for condos and co-ops, median days on market have increased, and early spring inventory levels are showing some growth.

This should be a prompt to buyers. The market isn't likely to offer much much more opportunity for buyers before the Fed starts cutting rates and DC returns to its former cutthroat seller’s market.

During the month of February in Washington DC:

• The median sold price for Condo & Coop properties for February was $495,000, representing an increase of 3.4% compared to last month and an increase of 1% from Feb 2023. The average days on market for units sold in February was 54 days, 26% above the 5-year February average of 43 days. There was a 14.1% month over month increase in new contract activity with 259 New Pendings; a 7% MoM increase in All Pendings (new contracts + contracts carried over from January) to 338; and a 5.2% increase in supply to 1,024 active units. This activity resulted in a Contract Ratio of 0.33 pendings per active listing, up from 0.32 in January and a decrease from 0.46 in February 2023. The Contract Ratio is 45% lower than the 5-year February average of 0.60
• The median sold price for Detached properties for February was $850,000, representing a decrease of 9.6% compared to last month and a decrease of 8.4% from Feb 2023. The average days on market for units sold in February was 48 days, 36% above the 5-year February average of 35 days. There was a 36.1% month over month increase in new contract activity with 83 New Pendings; a 9.5% MoM increase in All Pendings (new contracts + contracts carried over from January) to 115; and a 15.1% increase in supply to 229 active units. This activity resulted in a Contract Ratio of 0.50 pendings per active listing, down from 0.53 in January and a decrease from 0.58 in February 2023. The Contract Ratio is 39% lower than the 5-year February average of 0.82. 
• The median sold price for Attached/Townhouse properties for February was $699,300, representing a decrease of 0.1% compared to last month and a decrease of 14.7% from Feb 2023. The average days on market for units sold in February was 40 days, 11% above the 5-year February average of 36 days. There was a 6.5% month over month increase in new contract activity with 198 New Pendings; a 5% MoM decrease in All Pendings (new contracts + contracts carried over from January) to 283; and a 9.5% increase in supply to 567 active units. This activity resulted in a Contract Ratio of 0.50 pendings per active listing, down from 0.58 in January and a decrease from 0.63 in February 2023. The Contract Ratio is 50% lower than the 5-year February average of 0.99. 

To put this data in perspective for DC homebuyers, a higher Contract Ratio demonstrates a relative increase in contract activity vs supply, and indicates the market is moving in the seller's favor.  A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

Read our full market data report