May 201718

Washington, D.C., Saw Slight Decrease in Median Sale Prices in April 2017

May 201718

Washington, D.C., Saw Slight Decrease in Median Sale Prices in April 2017

Market Minute Logo 2017Median sale prices in Washington, D.C., declined slightly overall in April, 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.

WashingtonDC MM April2017

Overall, Washington, D.C., experienced a 13 percent decrease in the number of homes sold in April compared to the previous year. The city experienced a 1 percent decrease in median sale price, although many individual neighborhoods saw positive gains. Active inventory fell by 14 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 27 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in April. For example, the Southwest and Waterfront neighborhood saw a 93 percent jump in the number of units sold and the Foggy Bottom and West End neighborhood experienced a 29 percent increase. Additionally, the Capitol Hill (SE) neighborhood experienced a 26 percent increase in the number of homes sold.

According to April data, the median sale price in Washington, D.C., fell by 1 percent compared to the same month last year, but several neighborhoods enjoyed significant growth. The median sale price in the neighborhood of Cleveland Park and Kalorama rose by 23 percent. Improvements were also made in the Logan Circle and Dupont neighborhood, which saw an increase of 21 percent. In the Southwest and Waterfront neighborhood, the median sale price increased by 17 percent last month.

Active inventory decreased by 14 percent throughout Washington, D.C., in April compared to the prior year, with the Columbia Heights and Mt. Pleasant neighborhood experiencing a decrease of 33 percent. In the Shepherd Park and Petworth neighborhood, active inventory fell by 25 percent, followed by the Capitol Hill (NE) neighborhood with a decrease of 24 percent.

The District as a whole experienced a days on market (DOM) average of 27 days in April. Both the Logan Circle and Dupont neighborhood and the Penn Quarter and Shaw neighborhood had a DOM average of just 15 days. The Brookland and Woodridge neighborhood experienced a DOM average of 17 days. In the Cleveland Park and Kalorama neighborhood, the DOM average was 18 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

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.