AI-Powered Market Trends Assistant

Georgetown, Washinton DC

Output Example

What are the latest market trends in the Georgetown neighborhood of Washington, DC area for the past 6 months?

Based on the search results, I can provide you with the latest market trends for the Georgetown neighborhood in Washington, DC over the past 6 months. Here's a summary of the key points:

1. Median Home Prices:
- As of August 2024, the median home sold price in Georgetown was $1,600,000, showing an 11.3% increase from the previous year.
- In July 2024, the median price was reported at $1.7M, indicating a 5.9% increase compared to the previous year.

2. Price per Square Foot:
- The median price per square foot in Georgetown was $941 as of August 2024.
- Another source reported the median listing home price per square foot at $920 in July 2024.

3. Listing Prices:
- The median listing home price in Georgetown was $2M in July 2024, but this represented a 3.7% decrease year-over-year.

4. Days on Market:
- On average, homes in Georgetown were selling after 34 days on the market.

5. Property Type Differences:
- Single-family homes in Georgetown were selling for an average of $2.21M more than condos in recent months.
- The sale price of single-family homes increased by 3.7% in the last reported month.

6. Overall Market Trends:
- While Georgetown's market shows strength, there are some mixed signals. The increase in median sold prices suggests a robust market, but the slight decrease in listing prices could indicate a minor cooling trend.
- The Washington, DC metro area as a whole saw strong growth, with the median sold price hitting a record-tying $640,000 in May, marking a 6.7% increase from the previous year.

7. Market Stability:
- The DC market, including Georgetown, is considered one of the most stable housing markets in the country due to the high concentration of high-earning professionals and a relatively stable job market.

It's important to note that while these trends provide a general overview, the luxury market in Georgetown may have its own unique dynamics that aren't fully captured in broader market statistics. Additionally, the data shows some variations between sources, which is common in real estate reporting due to differences in methodology and timing of data collection.