The Latest Dupont Circle Market Trends
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Summer 2023 Real Estate Market Report
The real estate market in Dupont Circle continues its steady pace. There were fewer transactions in June compared to the notable spike in May, but the sales volume and list-to-sales ratio remains strong. Of the 12 most recent home closings, more than half were at full price or over-asking.
Inventory is also inching upward, always a positive sign in a neighborhood where homes are so sought-after. There were 16 active single-family listings at the end of June, compared to 15 in May and 12 in April. That said, new offerings are barely keeping up with the demand, with 29 home sales in the first six months of the year. The average sales price of $2,237,750 over the most recent period compares favorably to the previous figure of $2,008,792, which was also an uptick from $1,988,700 for the April report.
According to a recent summer predictions report in Forbes, lingering high mortgage rates, fears of a potential recession, and overheated prices are resulting in market stagnation on a national level. But our beloved Dupont Circle community exists in its own particular bubble. Both the national and local markets were considered to be very active this time last year. Here in Dupont, the appetite has not abated. June of 2022 showed an average single-family home sale price of $2,037,091 with 38 Days on Market. Flash forward one year to the current average of $2,237,750 and 30 DOM.
In a nutshell, the summer heart wave continues in both a literal sense and in the local real estate market. Washingtonians sometimes escape to the country or the coast in search of relief. But there's still plenty to do and enjoy in the city, including festivals, parades, and barbeques. As always, feel free to reach out for advice when it comes to neighborhood information or home marketing advice.