The Latest Dupont Circle Market Trends

Late Winter 2023 Real Estate Market Report

In last month’s report for the Dupont Circle real estate market, we provided a summary for all of 2022. For our February review, we’re taking a look at the current late winter period. Interest rates continue to be part of the picture with the Federal Reserve bumping the numbers another 0.25 percent during its February meeting. Borrower costs are now the highest in 16 years. If there is a bright side, it’s that the increase was lower than previously anticipated, as inflation starts to ease.

As mentioned in prior reports, climbing mortgage rates over the past year had the expected result of cooling housing prices on a national level. That certainly includes the Washington, DC real estate market. Given Dupont Circle’s status as one of the best neighborhoods in DC, buyers and sellers have remained active throughout what has generally been seen as a tamer market than years past. Over the past four months, there have been 16 closings in the neighborhood, and there’s every reason to believe that Spring will bring a heightened level of activity.

The current average list price in Dupont Circle of $3,579,143 is unusually high, the result of an outlier that has been lingering on the market since October. One of Dupont’s grand historic homes, a Georgian Revival at 2040 S Street NW with 12 bedrooms and more than 17,000 square feet of space, is listed at $14,500,000. The stats for the last 16 closings provide a more accurate snapshot, with an average sales price of $1,847,813, and a strong list-to-sales ratio of 97.8 percent. The median of just 20 days on market is also encouraging.

I am honored to be a Dupont Circle realtor, representing the community that I live in and cherish deeply. As always, please feel free to reach out if you need any advice about marketing or purchasing a home in the neighborhood.