The number of homes sold increased in the Washington, D.C., real estate market last month, 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 a 15 percent increase in the number of homes sold year-over-year, and properties continue to sell at a steady pace, with the city seeing a days on market (DOM) average of 28 days. Active inventory fell by 10 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., increased by 9 percent year-over-year, though many individual neighborhoods in the city continued to outperform the District as a whole.
Across the city, a number of individual neighborhoods experienced increases in the number of homes sold in November. For example, the Spring Valley and Wesley Heights neighborhood saw a 104 percent jump in number of units sold and the Capitol Hill (SE) neighborhood experienced an 80 percent increase. In the Logan Circle and Dupont neighborhood, the number of homes sold increased by 43 percent.
According to November data, the median sale price in Washington, D.C., increased by 9 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Spring Valley and Wesley Heights neighborhood rose by 50 percent. Improvements were also made in the Southwest and Waterfront neighborhood, which saw an increase of 40 percent, and the Cleveland Park and Kalorama neighborhood, which saw a 30 percent increase.
Active inventory decreased by 10 percent throughout the city in November. The Anacostia and Hillcrest neighborhood saw a decrease of 38 percent, followed by the Capitol Hill (SE) neighborhood with a 36 percent decline. The Foggy Bottom and West End neighborhood saw a decrease of 25 percent.
The District experienced a days on market (DOM) average of 28 days in November. The Southwest and Waterfront neighborhood experienced an average marketing period of just 11 days, followed by the Adams Morgan and U Street neighborhood with a DOM of 20 days, and the Capitol Hill (SE) neighborhood with a DOM average of 21 days.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Washington, D.C., region, we saw continued improvements in the number of homes sold and median sale prices, and we anticipate a steady and healthy real estate market in 2016.”
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, Inc.