Home Prices Drop in Glover Park

In 2025, Glover Park row houses experienced their largest average percentage price drop since 2018 and reached the lowest price level since 2021. Now, there is no need to panic-sell – the average row house price was $1,279,002, down 5% from $1,346,820 in 2024. The last time the price was below $1.3 million was in 2021 when the average price rose 9.5% to $1.182 million. The number of home sales rose to a healthier 40 (up 21% from 33 in 2024) and the first time sales broke 40 since 2021.

What has caused this Great Easing in Glover Park and Washington DC real estate? A number of factors: 1) the average 30 year fixed mortgage rate remained persistently high relative to years prior to 2023, at the mid to upper 6% range before dropping to around 6% at the end of the year, 2) DOGE (Department of Government Efficiency) had a real effect on the real estate market in the summer and fall, both from lost jobs and the perception of future economic difficulties for the city, which causes some homebuyers to pause and think even if it does not affect them directly, 3) the cost of everything (else) keeps going up. Homeowners insurance often is a hidden and unpleasant surprise when factored into homeownership cost estimates, and property taxes continue to be adjusted upwards based on recent sales and new city assessments. In addition, the cost to do any repairs or improvements usually shocks and worries people these days, 4) people who locked in 3% interest rates still are reluctant to sell even if they should, so they rent, which added some rental inventory to the market and made that option cheaper and more attractive for a segment of potential buyers, 5) income growth has not kept up with the overall growth of the cost of homeownership when factoring in all costs, not just the mortgage, and 6) 40 sales is a relatively small sample, and prices varied widely, from $837K to $1.935 million. Average prices year to year can vary based on the number of new renovations compared to the number of older un-renovated home sales.

As a result of these factors, days on market rose 67% from an average of 12 days in 2024 to 20 days in 2025, which seems like a high percentage, though 20 days on the market of course is nothing to panic about. In addition, 27 of the 40 (two-thirds) of the houses sold for a price lower than their asking price. This is quite a change from a few years ago when it seemed most houses were selling over their asking price. Buyers are thinking more, negotiating more, and are significantly more sober in evaluating what they are willing to pay for a house. Though, the good news is they still buy in Glover Park and the neighborhood continues to be a desirable and “affordable” option relative to other areas of the city. As the years tick by, the 3% mortgage effect which tightened the market will continue to wind down as homeowners sell, and it will continue to ease the house supply problem of the last few years. This will be good for home buyers, and this slow and muted effect won’t be a shock to home sellers either.

The one-bedroom condo market did not fare as well. Average one-bedroom condo prices in Glover Park dropped from $313,000 in 2024 to $242,000 in 2025 (down 23%) on the same number of sales (23 units). Days on market doubled to 88 days on average, which is a lot of time on market, and stressful for homeowners trying to sell. Part of the reason for the price drop was the slow-down in condo conversions, which tend to sell for higher prices than the older buildings. Financing these projects has gotten more challenging, and frankly, we’re simply running out of the old apartment buildings to covert. In addition, some developers have been swayed by lucrative city offers to keep them as apartment buildings with rents guaranteed by DC with little or no marketing and time on market, in exchange for reserving the building for low and reduced income residents. This changes the math for the developers. Two bedroom condo prices rose from $440K to $545K in 2025, bolstered by three condo conversions that came online in 2025, though 23 of the 28 sold for less than the asking price. 13 of the 28 2BR sales were new conversion sales though on average the 2BR’s still took 6 weeks to sell. Condo buyers tend to be more sensitive to interest rates and monthly costs than house buyers, though one trend which helped these sales was buyers getting priced out of houses at the margin, thus resorting to a 2BR condo as a more affordable alternative to live in their neighborhood of choice, and Glover Park is the neighborhood of choice for lots of people!

Chris Jones

• Notes on sales data: data is from Bright MLS listings, and does not include off-market sales. Sold prices are net of seller concessions/credits to buyers.