Columbia Heights, DC Real Estate

In October 2024, home prices in Columbia Heights experienced an 11.9% year-over-year decrease, with a median sale price of $650,000. Despite this decline, homes sold faster on average, spending just 45 days on the market compared to 57 days in the same period last year, indicating steady demand among buyers. However, the number of homes sold dropped significantly, with only 71 transactions this October compared to 104 the previous year. This reduction in sales volume could point to limited inventory or shifting market dynamics, offering potential buyers fewer choices while giving sellers a slight edge in attracting serious offers.

Columbia Heights is a moderately competitive housing market, with homes typically selling within 56 days. While multiple offers are not uncommon, they tend to be limited to highly desirable properties. On average, homes sell for around their list price and go under contract within approximately 56 days. However, "hot" homes—those that are priced right and located in sought-after areas—perform better, often selling for about 1% above the list price and going pending in just 34 days. This indicates that while the overall market pace is steady, well-positioned and attractive properties can generate strong buyer interest and move quickly. For buyers, acting decisively on high-demand homes is key, while sellers can benefit by ensuring their properties are competitively priced.

In October 2024, Columbia Heights was a buyer's market, meaning there were more homes available for sale than there were active buyers. This surplus of inventory gives buyers an advantage, providing them with more options and greater leverage in negotiations. For sellers, this market condition may require competitive pricing and strategic marketing to attract potential buyers. The current dynamics could be an opportunity for buyers to secure favorable deals, especially on homes that have been on the market for an extended period.