The number of homes sold rose 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 2 percent increase in the number of homes sold in November compared to the previous year. The city experienced no year-over-year change in median sale price, though many individual neighborhoods outperformed the District as a whole. Active inventory fell by 13 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 28 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in November. For example, the Southwest and Waterfront neighborhood saw a 77 percent increase in number of units sold and the Chevy Chase DC neighborhood experienced a 38 percent increase. Additionally, the Georgetown neighborhood experienced a 29 percent increase in the number of homes sold.

According to November data, the median sale price in Washington, D.C., remained unchanged compared to the same month last year, although several neighborhoods enjoyed significant growth. The median sale price in the Cleveland Park and Kalorama neighborhood rose by 82 percent, and improvements were also made in the Shepherd Park and Petworth neighborhood, which saw an increase of 21 percent. In the Anacostia and Hillcrest neighborhood, the median sale price increased by 13 percent last month.

Active inventory decreased by 13 percent throughout Washington, D.C., in November compared to the prior year, with the Shepherd Park and Petworth neighborhood experiencing a decrease of 26 percent. In the Adams Morgan and U Street neighborhood, active inventory fell by 20 percent, followed by the Anacostia and Hillcrest neighborhood where it decreased by 19 percent.

The District as a whole experienced a days on market (DOM) average of 28 days in November. Three neighborhoods, including the Brookland and Woodridge neighborhood, the Capitol Hill (SE) neighborhood, and the Logan Circle and Dupont neighborhood, experienced DOM averages of 18 days. In the Foggy Bottom and West End neighborhood, the DOM average was 21 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.