2024 Real Estate Market in Georgetown and Zip Code 20007 Shows Remarkable Growth
The Georgetown and 20007 zip code of Washington DC demonstrated exceptional strength in the real estate market throughout 2024, with
substantial increases across multiple key metrics. The total sold dollar volume reached an impressive $835.8 million, representing a dramatic 38.6% increase from 2023's $602.9 million.
Property Values Continue to Climb
Average home prices in the area saw significant appreciation, with the mean sold price rising 20.9% to reach $1.77 million, up from $1.46 million in 2023. The median sold price, which often better reflects the typical homebuyer's experience, increased by 11.1% to $1.31 million. This difference between mean and median prices suggests that several high-value property sales helped push the average higher than the typical sale price.
Georgetown Market Activity Remains Strong
The market showed healthy activity levels, with 458 units sold in 2024 compared to 416 in 2023, marking a 10.1% increase in transaction volume. Properties spent an average of 38 days on the market, nearly identical to 2023's 37 days, indicating sustained demand despite higher prices.
Property Type Performance
Both attached and detached homes saw substantial price appreciation:
- Detached homes averaged $3.58 million, up 22.2% from 2023
- Attached homes reached $1.51 million, increasing 18.5% from the previous year
- Sales volume increased for both categories, with detached homes seeing a particularly strong 23.4% rise in units sold
Financing Patterns
The market showed a balanced mix of financing methods
- 235 conventional loans
- 191 cash purchases
Price Range Distribution
The Georgetown market showed particular strength in the luxury segment:
- The majority of sales occurred in the $1M-$2.5M range
- There was significant activity in the $2.5M-$5M segment, especially for detached homes
- The ultra-luxury market above $5M saw 19 sales
Market Efficiency
Properties generally sold close to their asking prices, with an average sold-to-original-list price ratio of 97.2%. This represents a minimal decrease from 2023's 97.8%, suggesting that despite the price increases, buyers and sellers continued to find common ground in their negotiations.
The data indicates a strong and expanding market in Georgetown and the 20007 zip code, especially in the luxury segment, with consistent demand across all property types.
*All data from Smart Charts Pro.
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