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More To The Story: The 5 Most Important Stats From The January Housing Market

  • February 13th 2024

by UrbanTurf Staff

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An Alexandria home that went under contract in January.

The story of what is happening in the DC-area housing market seems fairly straightforward: home prices are high and the number of listings for sale is low. However, if you take a closer look, you can see that things are more nuanced. Despite both high prices and elevated interest rates, there continues to be demand among a sector of homebuyers in the DC region. 

Below we plucked out some of the more telling statistics from last month's market, which in addition to prices and supply of homes for sale, includes the median number of days that homes are spending on the market, as well as contract ratio, which compares the total number of homes under contract in a given period to the overall number of active listings.

  • $535,000 -- The median price for a home in the DC area in January, up 7% compared to a year ago.
  • 3,886 -- The number of new listings to come online, down 11% compared to last January. 
  • 2,471 -- The number of closed sales in January, up slightly from last year.
  • 0.89 -- The contract ratio in January. 
  • 20 -- The median number of days that homes spent on the market in the region, down 10 days from last year.

See other articles related to: dc area housing market

This article originally published at https://dc.urbanturf.com/articles/blog/more_to_the_story_the_5_most_important_stats_from_the_january_housing_mar/21963.

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