MARKET REPORT
The Washington, D.C. Market Report
Explore the data and trends powering the residential real estate market in Washington, D.C.
MARKET REPORT
Key Insights
Explore key insights about the residential real estate market in Washington, D.C. for the year ending 2023
AVERAGE DAYS ON MARKET
33 Days
The average days on market for single family detached homes sold in Washington, D.C.
AVERAGE PRICE PER SQUARE FOOT
$592.69 Sq. Ft.
The average price per square foot of single family detached homes in Washington, D.C.
AVERAGE SALE PRICE
$1.43 Million
The average sale price of single family detached homes in Washington, D.C.
THE HOMES COLLECTION
The Homes of Washington, D.C.
Explore a curated collection of the most iconic homes in Washington, D.C.
Browse homes for sale in Washington, D.C. presented by Sotheby’s International Realty
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.
Byron V. Hughey, Vice President at TTR Sotheby’s International Realty.
PARTNER INSIGHT
“Featuring historic homes, unmatched culture, and some of the nation’s finest schools and universities, Washington, D.C. truly has it all.”
— Byron V. Hughey, Vice President at TTR Sotheby’s International Realty
MARKET REPORT
The Top 10 Home Sales
Explore the top home sales in Washington, D.C. for the year ending 2023 courtesy of Bright MLS
1). 3900 Nebraska Avenue NW · 7.0 Bed · 6.0 Bath · 9,334 Sq. Ft. · $1,853.44 Sq. Ft. · $17,300,000 · View Map »
2). 3017, 3009, 3003 N Street NW · 13.0 Bed · 13.0 Bath · 11,570 Sq. Ft. · $1,305.10 Sq. Ft. $15,100,000 · View Map »
3). 601 Wharf Street SW #PH1 · 4.0 Bed · 5.0 Bath · 5,790 Sq. Ft. · $2,204.15 Sq. Ft. $12,762,000 · View Map »
4). 2221 30th Street NW · 9.0 Bed · 12.0 Bath · 12,595 Sq. Ft. · $972.61 Sq. Ft. · $12,250,000 · View Map »
5). 3301 Fessenden St NW · 11.0 Bed · 12.0 Bath · 12,343 Sq. Ft. · $769.67 Sq. Ft. · $9,500,000 · View Map »
6). 4620 Cathedral Avenue NW · 6.0 Bed · 7.0 Bath · 9,250 Sq. Ft. · $1,021.62 Sq. Ft. · $9,450,000 · View Map »
7). 2860 Woodland Drive NW · 6.0 Bed · 5.0 Bath · 1,118.01 Sq. Ft. · $600.57 Sq. Ft. · $9,000,000 · View Map »
8). 4640 Cathedral Avenue NW · 6.0 Bed · 7.0 Bath · 8,556 Sq. Ft. · $1,028.52 Sq. Ft. · $8,800,000 · View Map »
9). 2900 K Street NW #601 · 4.0 Bed · 4.0 Bath · 6,000 Sq. Ft. · $1,429.17 Sq. Ft. $8,575,000 · View Map »
10). 3021 Q Street NW · 8.0 Bed · 5.0 Bath · 5,487 Sq. Ft. · $1,457.99 Sq. Ft. · $8,000,000 · View Map »
THE RAPPAHANNOCK RIVER COMPANY
Find a Trusted Design Professional in Washington, D.C.
For those who seek the very best, The Rappahannock River Company can help you find the best design professional for the job.
Poplar Cloud of The Palisades, Washington, D.C. Image courtesy of Ty Cole.
Country Club Hills Colonial of Arlington, Virginia. Image courtesy of Stacy Zarin Goldberg.
WASHINGTON, D.C.
Richardson & Associates
Richardson & Associates is a Landscape Architecture firm in Washington, D.C.
Elegance in Edgemoor of Bethesda, Maryland. Image courtesy of Francesco Lagnese.
WASHINGTON, D.C.
Mary Douglas Drysdale
Mary Douglas Drysdale is an Interior Decorator in Washington, D.C.
MARKET REPORT
Frequently Asked Questions
Browse frequently asked questions about our industry research, data, and reporting methodologies
HOW DO I GET ACCESS TO YOUR INDUSTRY RESEARCH?
Raw market data is available for free to members of our Partner Network. Additionally, you may purchase individual reports for a one time fee of $99.95.
WHAT KIND OF DATA IS INCLUDED IN YOUR INDUSTRY RESEARCH?
Industry research and reports include a variety of data, including anecdotes regarding the business of new home construction from industry professionals, as well as a complete list and data set of all new construction homes in the market.
HOW DO I SPONSOR YOUR INDUSTRY REPORTS?
Market data and research may be sponsored upon request by qualified design professionals. To learn more, please contact partners@rappahannock.co.
WHAT CRITERIA IS USED TO ACQUIRE DATA FOR THE REPORT?
Sales data is acquired from closed sales records as published in Bright MLS. In addition, the report focuses only on single family homes — specifically those marked as fee simple transactions.
HOW DO YOU ACQUIRE DATA FOR YOUR REPORTS?
Data for our reports is acquired through a combination of public, private, and panel-based sources. For editorial content and insights, we survey residential architects, interior designers, landscape architects, and custom home builders with experience in the subject market.
HOW DO YOU DETERMINE YOUR KEY INSIGHTS ABOUT THE MARKET?
Key Insights focus on a specific segment of the housing market, specifically those that are single family homes, detached, and and designated as fee simple.
MARKET REPORT
Download the Complete Data Set
Learn more about the Washington, D.C. housing market. Download a CSV of complete sales data for only $99.95.