a look back
Past Market Trends
As a homeowner, it is helpful to be aware of how the real estate market is performing over time. The Dupont Circle market is always changing. Here you can review past market trends and compare them with how the market is currently trending.
January
New Year 2023
Real Estate Market Report
With the New Year upon us, we can look back and get a fuller picture of the real estate market in Dupont Circle in 2022. Despite seven rate hikes by the Fed over the past 12 months, there was a solid level of local sales activity. True, there were fewer closings than the previous year. But it was never reasonable to expect the torrid pace to continue forever, and anti-inflationary measures had their desired effect. Still, Dupont Circle remains an active marketplace as evidenced by a flurry of sales and pending contracts over the final three months of 2022
In total, 63 homes sold in Dupont in 2022, including 12 toward the end of the year. There are three properties still pending from that period that are due to close shortly. The most active time of the year was during the spring, a perennial trend regardless of the economy. There were 27 closings from March through May, followed by seven more in June. The market began to cool at that point but rebounded strongly in October with eight sales.
Market slumps can be a mixed bag. The 63 closings in 2022 are certainly a drop from the 74 sales the previous year, and the average days on market of 27 reflects a slower decision period compared to 20 DOM in 2021. On the other hand, prices have continued to rise, with an average sold price of $1,907,444, a 3.3 percent increase from 2021. It is also worth noting that the 12 most recent transactions were only on the market for 14 days before going under contract, yet another example of an end-of-the-year rally.
As mentioned in previous market reports, Dupont Circle has held up admirably during a national market stagnation, outperforming many other neighborhoods in Washington, DC, and outpacing national trends significantly. I wish you all the best in 2023, and as always, please feel free to reach out for advice about real estate marketing, or information about our beloved neighborhood in general.
December
Year End 2022
Real Estate Market Report
The year-end real estate report for Dupont Circle shows a neighborhood with a surprising amount of sales activity this late in the year. There were nine closings in October and November, and seven of those sold at or above the asking price. It is true that the real estate market is tightening nationally, and we would expect that to have at least some degree of effect locally. Nonetheless, Dupont is ending the year with a burst of energy.
Looking at a snapshot of current active listings, we see that the average list price is $3,026,406. Although that amount is higher than previous months, it’s a skewed median, due to the presence of a $14,500,000 listing at 2040 S Street NW. This 17,000 square foot brick and limestone Georgian Revival home features 12 bedrooms and 7 baths and is a rare example of one of Dupont’s grand old mansions being offered up for sale.
Compared to the misleading average list price, the average fall quarter sales price of $1,777,273 is very representative of where the market is right now in Dupont Circle. Not only are homes selling at a strong list-to-sales ratio, the average time on market for this period was only 10 days. To add further context, our falls quarter sales price average of $1,777,273 outpaced the summer quarter of $1,637,725 but lags the spring and winter quarters of $1,994,000 and $1,848,766 respectively.
The overall takeaway as we close out 2022, is that Fed rate hikes throughout the year have had a predictable effect of cooling the market nationally, and to a somewhat lesser extent in Washington, DC. Meanwhile, Dupont Circle itself has weathered the downturn admirably, as it is a very specific market and not one that caters to entry-level buyers. The recent flurry of activity and a solid list-to-sales ratio, shows that Dupont sellers are displaying reasonable expectations and pricing their properties accurately
I wish you and yours the very best during the holiday season, and as always, feel free to reach out with any questions about the real estate market in our cherished neighborhood.
November
Late Fall 2022
Real Estate Market Report
The late fall real estate market report in Dupont Circle continues to paint a picture of tightening sales, albeit with a certain stability afforded to a small in-demand neighborhood. Our most recent data continues to be third quarter sales statistics, along with October numbers providing a glimpse into the fourth quarter as well.
There has been a recent uptick in the number of closings, with six in October compared to just two the previous month. Nonetheless, volume still lags significantly in contrast to 2021 which was something of an outlier year with its 70 percent jump in sales over 2020. It is also worth noting that the average sales price of 11 recent closings is $1,637,725 representing a noticeable drop from the previous two quarters of $1,994,000 and $1,848,766 respectively.
Public confidence in the market has been falling recently, as reported in the early fall months by Fannie Mae and Freddie Mac. That won’t be helped by the Fed’s November 2 announcement of a new “jumbo rate” hike of 0.75 percent. This is the fourth consecutive jump with rates expected to top out between 4.5 to 4.75 percent in 2023.
What does this mean for buyers and sellers in Dupont Circle? The bad news is that most mortgage loans in this neighborhood are of the jumbo variety with the current average Dupont asking price hitting $2,769,871. The silver lining is that there is a healthy inventory of available listings at present, with the days on market (DOM) at just 16. In other words, there is still a strong appetite on the part of local home buyers, and there are enough choices to allow room for negotiation.
During this period of market fluctuation, I invite you to reach out with any questions about buying and selling strategy, as well as more general information about our beloved neighborhood.
October
Fall 2022
Real Estate Market Report
Now that we are in the fall months, we are getting a clearer year-to-year picture. The most recent data involves third quarter sales statistics, offering more of a late summer/early fall capsule rather than an exact current time analysis. Regardless, one thing seems apparent. Sales volume in Dupont Circle, as with Washington, DC, and the nation in general, is down.
The most significant stat is the number of closings in Dupont, just five in the third quarter of 2022 compared to 16 in the third quarter of 2021. That is 11 fewer sales. On the other hand, the average sales price is ticking upward, $1,994,000 for the third quarter of 2022 compared to $1,848,766, representing a 7.9 percent increase.
In other words, fewer homes are selling but they are selling for more money. This tracks closely to national trends showing that third quarter prices have risen year-to-year, although not at the same accelerated rate of 2021 compared to 2020. Also, housing inventory has decreased, and fewer buyers are emerging.
To some extent, the picture in Dupont and in Washington mirrors what Fannie Mae and Freddie Mac have been reporting about the national outlook: that public confidence in the market is falling, prompted by rising interest rates, and that the likelihood of buying a home has decreased since the last quarter.
It’s not all doom and gloom, however. Dupont Circle is an upper tier market and not typically a place for first time buyers or bargain hunters. This is evidenced by the current average list price of $2,270,095. Additionally, there is a respectable available inventory. In other words, if you are interested in buying a home in Dupont and are in the position to do so, you will find some very good opportunities. As always, I invite you to reach out with any questions you may have about the state of the market, and whether it’s the right time to buy or sell in Dupont Circle.
September
Early Fall 2022
Real Estate Market Report
Moving into the fall months for 2022, we’re able to get a better view of how the real estate market in Dupont Circle fared during the traditionally active summer period. We can also start to access whether any meaningful trends will emerge during the closing chapters of the year.
Sales volume in Washington, DC through the first seven months of 2022 was down 14 percent compared to the same period in 2021, reflecting a microcosm of national trends. Dupont Circle itself has shown year-to-year consistency with the overall number of closings, although slowing its most recent pace with seven sales in June, three in July, and just one in August. Is this a future trend indicator? Not necessarily, with three homes having recently gone under contract.
That said, it is unreasonable to expect that the sizzling heat of the market during the pandemic years of 2020 and 2021 would continue indefinitely. Additionally, three recent rate hikes by the Fed with more rumored to follow has predictably cooled the economy to some degree. The housing market is one of the economy’s key drivers.
Despite any national or regional trends, there were 16 closings in Dupont Circle from May through August with an average sales price of $1,703,594 and a hearty ratio of 99.9 percent of the asking price. Additionally, these homes were on the market for an average of just 18 days before going under contract. Putting aside the month of May, the average DOM edges up only slightly to 20 for the three summer months.
As of this writing, asking prices for 11 active listings in Dupont start at $1,099,000 and climb to $4,250,000 for a stately 10-bedroom Grande Dame with 6,256 square feet of living space. All-in-all, the real estate market in our little neighborhood continues to flourish. The inventory may not rival that of the pre-pandemic years but there’s still a lot to choose from. As always, feel free to contact me for any questions or advice as you consider selling or purchasing a home in Dupont Circle.
August
Summer 2022
Real Estate Market Report
With August in the books, we’re able to compare summer months to the year to date. The market has held steady in recent months, with a slight uptick in the number of active listings in August as well as the average list price; $2,434,436 compared to $2,291,633 in July. However, that small price increase was likely the result of one outlier; a five-bedroom home at 1337 21st Street priced at $4,199,000.
Year-to-date, there have been 46 closings in Dupont Circle with an average sales price of $1,933,565. The days on market stat of 31 fits closely with the Y-T-D numbers we saw in our last report. However, the summer months on whole displayed a faster pace with 14 sales and an average of just 14 days on market. The median closing price of $1,830,682 was pulled slightly lower than the Y-T-D figure due to a couple sales right at the seven-figure mark.
The Fed has been raising interest rates in recent months to curb inflation. Those hikes include 25 basis points in March, 75 basis points in June, and an additional 75 in July. It is anticipated that similar increases will occur throughout the remainder of the year. The current prime interest rate of 5.50 percent compared to 3.50 percent in early March is not insignificant. That said, Dupont Circle’s summer sales figures clearly demonstrate that buyers’ appetites remain robust.
Steeped in history and culture, and with a wonderful walkability, Dupont is one of Washington’s true treasures. From lovely architecture to a vibrant diversity of people, it’s a place where community thrives and comes together. Please don’t ever hesitate to reach out to me about neighborhood information or your own real estate needs.
July
Early Summer 2022
Real Estate Market Report
We’re now at the mid-way point of the year, and in the full heat of summer. It’s been a bit of a zig-zag journey when it comes to real estate inventory in Dupont Circle, starting slowly in January and spiking a couple months later. There were 11 recent sales with another four currently under contract.
July brings another slight dip with nine active listings in the neighborhood. It’s something of a microcosm of the national housing crunch, and perhaps more pronounced in one of Washington’s most desirable neighborhoods. The average asking price for the current listings in Dupont is $2,291,633, ranging from $1,199,900 for a two-bedroom, two-bath rowhouse to $3,750,000 for a grand old five-story home with 11 bedrooms in the heart of the Golden Triangle.
Year-to-date, there have 44 sales with an average closing price of $1,928,786 and 30 days on market. A snapshot of transactions in May and June shows an average price of $1,740,682 and 37 days on market. The slight downward shift shouldn’t be viewed as a meaningful trend, however. It is more a factor of what comes to market during a particular period—a few properties at either end of the price spectrum can really sway the averages.
The Fed raised interest rates in June in an effort to curb inflation and may well put another basis-point hike into effect in July. It is hard to predict whether this will cool down the landscape to any significant degree in our historic Dupont Circle community. It seems more likely that the local market will continue to be driven by individual priorities, such as relocation due to job changes or the desire to either upsize or downsize one’s home.
Overall, the housing inventory in Dupont Circle remains low compared to pre-pandemic levels, with a continued influx of high-paying jobs in the nation’s capital. Our next report will come out in August. Please don’t hesitate to contact me in the interim for more specific information or guidance with your real estate needs.
June
Spring 2022
Real Estate Market Report
The spring market report for Dupont Circle covers the trends for active properties as of the start of May, along with sales data from the tail end of March through April. In that sense, it doesn’t reflect the entire spring season on whole, but it does offer a perspective on the current climate and what might be coming down the pike.
The Fed raised interest rates by a half-point at the beginning of May. It’s the second uptick already this year, and corresponding mortgage hikes could cool the housing market, not only nationwide but here in Washington as well.
The rate increases haven’t yet had a profound effect on the local market, although that could certainly change in the coming months. The average list price for current active properties is $2,447,767, somewhat higher than the winter period. That number is overly influenced, however, by a pricy $3,750,000 listing on 19th Street.
The average sales price for the 11 homes sold from late March through April, stands at $1,945,364 with 50 days on market. This aligns almost exactly with the first quarter sales average of $1,928,545, while the DOM has increased by a noticeable margin. In other words, the dollar figures remain robust, but buyers may be taking longer to decide.
On a personal note, my listing at 1830 S Street is currently pending and due to close shortly. Offered at $1,695,000, the four-story Victorian in the heart of Dupont has been extensively renovated. The home was on market for 26 days before receiving an accepted offer, a significantly faster turnaround then the current average DOM. Strategic marketing helps!
A new report will come out in June, with a fuller picture of the spring months on whole. In the interim, do not hesitate to reach out, for market advice or just to say hello!
May
Spring 2022
Real Estate Market Report
The spring market report for Dupont Circle covers the trends for active properties as of the start of May, along with sales data from the tail end of March through April. In that sense, it doesn’t reflect the entire spring season on whole, but it does offer a perspective on the current climate and what might be coming down the pike.
The Fed raised interest rates by a half-point at the beginning of May. It’s the second uptick already this year, and corresponding mortgage hikes could cool the housing market, not only nationwide but here in Washington as well.
The rate increases haven’t yet had a profound effect on the local market, although that could certainly change in the coming months. The average list price for current active properties is $2,447,767, somewhat higher than the winter period. That number is overly influenced, however, by a pricy $3,750,000 listing on 19th Street.
The average sales price for the 11 homes sold from late March through April, stands at $1,945,364 with 50 days on market. This aligns almost exactly with the first quarter sales average of $1,928,545, while the DOM has increased by a noticeable margin. In other words, the dollar figures remain robust, but buyers may be taking longer to decide.
On a personal note, my listing at 1830 S Street is currently pending and due to close shortly. Offered at $1,695,000, the four-story Victorian in the heart of Dupont has been extensively renovated. The home was on market for 26 days before receiving an accepted offer, a significantly faster turnaround then the current average DOM. Strategic marketing helps!
A new report will come out in June, with a fuller picture of the spring months on whole. In the interim, do not hesitate to reach out, for market advice or just to say hello!