Jul 201717

Washington, D.C., Saw Increase in Median Sale Price in June

Jul 201717

Washington, D.C., Saw Increase in Median Sale Price in June

The median sale price in Washington, D.C., increased in June, according to The Long & Market Minute Logo 2017Foster 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.

Washington DC Chart June 2017

Overall, Washington, D.C., experienced a 6 percent increase in median sale price in June compared to the previous year. The city experienced a 3 percent decrease in the number of homes sold, though many individual neighborhoods saw positive gains. Active inventory fell by 5 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 (DOM) average of 23 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in June. For example, the Anacostia and Hillcrest neighborhood saw a 29 percent jump in the number of units sold and the Southwest and Waterfront neighborhood experienced a 17 percent increase. Additionally, the Logan Circle and Dupont neighborhood experienced a 10 percent increase in the number of homes sold.

According to June data, the median sale price in Washington, D.C., rose by 6 percent compared to the same month last year, and several neighborhoods enjoyed significant growth. The median sale price in the neighborhood of Southwest and Waterfront rose by 26 percent. In the Adams Morgan and U Street neighborhood and the Georgetown neighborhood, the median sale price rose by 23 percent. Improvements were also made in the Logan Circle and Dupont neighborhood, which saw an increase of 19 percent.

Active inventory decreased by 5 percent throughout Washington, D.C., in June compared to the prior year, with the Anacostia and Hillcrest neighborhood experiencing a decrease of 22 percent. In the Georgetown neighborhood, active inventory fell by 20 percent, and in the Shepherd Park and Petworth neighborhood, active inventory declined by 19 percent.

The District as a whole experienced a days on market (DOM) average of 23 days in June. The Chevy Chase D.C. neighborhood had a DOM average of just 11 days. Both the Capitol Hill (SE) neighborhood and the Columbia Heights and Mt. Pleasant neighborhood experienced a DOM average of 14 days, and in the Capitol Hill (NE) neighborhood, the DOM average was 15 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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.