Washington DC Real Estate Market Analysis Dashboard (June - December 2023)

Overview

The Tableau Dashboard designed for the Washington DC Real Estate Market Analysis provides a comprehensive exploration of real estate trends within the region from June to December 2023. The initial stage involved meticulous data cleaning using Python, ensuring accuracy and reliability of the data for subsequent analysis. The dashboard integrates various calculated fields created in Tableau to dissect intricate market dynamics.To facilitate the analysis of home sales numbers, categorical data were converted into numeric variables in Python, streamlining subsequent quantitative evaluations.

Data Preparation and Analysis

Data preprocessing was crucial to this analysis, involving the removal of inconsistencies and the integration of relevant calculated fields in Tableau. This allowed for an enhanced interpretation of key metrics such as number of home sales, average and median Days on Market (D.O.M.), sale to list ratio, and median home sales prices across all zip codes and neighborhoods within Washington DC.

Key Metrics and Interactive Features

The dashboard focuses on several vital metrics:

  • Median Home Sales Price: Identified at $630,000 for the district, providing a central value for home prices across various types of properties.
  • Number of Home Sales: Totaled 6,716, indicating the volume of transactions completed within the period.
  • Average D.O.M.: Averaged 25.5 days, showing the typical market time before a sale.

Interactive features enable users to filter data by month, number of bedrooms, and condominium states. These filters assist users in tailoring the information to reflect specific market segments, enhancing the utility of the dashboard for targeted analysis.

Neighborhood Insights

The dashboard provides a detailed breakdown of performance by neighborhood, featuring:

  • Top Neighborhoods by Sales Volume: DuPont Circle, Columbia Heights, Adams Morgan, Kalorama, and others, highlighting areas with the highest buyer activity.
  • D.O.M. Analysis: Reveals U Street Corridor as the fastest moving area with an average D.O.M. of just 8 days, while Logan Circle exhibited a higher D.O.M. of 32.5 days among the popular neighborhoods.

Price Segmentation

The analysis categorizes homes into segments: Average Priced, Low Priced, High Priced, and Super High Priced homes, with distribution metrics and percentage breakdowns to offer insights into the diversity of the housing market.

  • Bedroom Specific Analysis: Shows the median sales price for homes categorized by the number of bedrooms—$429K for one bedroom, $715K for two bedrooms, and $789K for three bedrooms. Notably, one-bedroom homes experienced the highest sales volume, signaling a strong market preference or investor interest in smaller, more affordable units.
  • Sales by Property Type: Both condos and non-condos showed equal sales distribution, each accounting for 50% of the market, with similar pricing structures.

Brokerage and Financing

  • Top Brokerage: Compass emerged as the leading brokerage firm by the number of serviced zip codes.
  • Financing Trends: Conventional financing was the most prevalent, followed by cash purchases, with minimal usage of FHA loans.

Conclusion

The Washington DC Real Estate Market Analysis Dashboard offers an interactive and detailed overview of the market’s current state, leveraging sophisticated data visualization tools in Tableau. This analysis serves as an invaluable tool for stakeholders looking to make informed decisions in the Washington DC real estate market.