The number of home sold in Washington, D.C., increased in July, according to The Long & Foster Market Minute reports. Long & Foster Real Estate, the largest independent residential real estate company in the United States, has updated its neighborhood level versions of The Long & Foster Market Minute for 15 areas within Washington, D.C. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Overall, Washington, D.C., experienced no year-over-year change in median sale price in July compared to the previous year. The city experienced an 8 percent increase in the number of homes sold, and many individual neighborhoods saw stronger gains. Active inventory fell by 10 percent compared to the same month last year, and properties continued to sell at a quick pace, with the city seeing a days on market average of 24 days.
Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in July. For example, the Southwest and Waterfront neighborhood saw a 71 percent jump in the number of units sold and the Brookland and Woodridge neighborhood experienced a 49 percent increase. Additionally, the Columbia Heights and Mt. Pleasant neighborhood experienced a 39 percent increase in the number of homes sold.
According to July data, the median sale price in Washington, D.C., remained the same compared to the same month last year, though several neighborhoods enjoyed significant growth. The median sale price in the neighborhood of Cleveland Park and Kalorama rose by 25 percent. In the Logan Circle and Dupont neighborhood, the median sale price rose by 22 percent. Improvements were also made in the Spring Valley and Wesley Heights neighborhood, which saw an increase of 21 percent.
Active inventory decreased by 10 percent throughout Washington, D.C., in July compared to the prior year, with the Shepherd Park and Petworth neighborhood experiencing a decrease of 33 percent. In the Anacostia and Hillcrest neighborhood, active inventory fell by 28 percent, and in the Georgetown neighborhood, active inventory declined by 22 percent.
The District as a whole experienced a days on market (DOM) average of 24 days in July. The Columbia Heights and Mt. Pleasant neighborhood had a DOM average of just 13 days. The Penn Quarter and Shaw neighborhood experienced a DOM average of 17 days, and in the Logan Circle and Dupont neighborhood, the DOM average was 19 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.