The median sale price of homes picked up slightly in Washington, D.C., last month, according to The Long & Foster Market Minute reports. Long & FosterReal 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.

 

 

Overall, Washington, D.C., experienced a 6 percent decrease in the number of homes sold year-over-year, but properties continue to sell at a rapid pace, with the city seeing a days on market (DOM) average of 35 days. Active inventory fell by 22 percent in the city compared to the same month in 2013. The median sale price of homes sold in Washington, D.C., increased by 6 percent year-over-year, though many individual neighborhoods in the city continued to outperform the District as a whole.

Across the city, many individual neighborhoods experienced significant increases in the number of homes sold in December. For example, the Cleveland Park and Kalorama neighborhood saw a 24 percent jump in number of units sold and the Brookland and Woodridge neighborhood enjoyed a 16 percent increase. The Southwest and Waterfront neighborhood followed with a 15 percent uptick in the number of units sold.

According to December data, the median sale price in Washington, D.C., increased by 6 percent compared to the same month in 2013, but several neighborhoods enjoyed more significant increases. Median sale prices in the Columbia Heights and Mt. Pleasant neighborhood rose by 33 percent—the largest growth across the city. Improvements were also made in the Capitol Hill (SE) and Brookland and Woodridge neighborhoods, which saw jumps of 26 percent and 22 percent, respectively.

Active inventory decreased by 22 percent throughout the city in December. The Columbia Heights and Mt. Pleasant neighborhood had a 48 percent drop in active inventory, and the Southwest and Waterfront neighborhood saw a 37 percent decrease. The Chevy Chase neighborhood experienced a 35 percent decline.

In December, the District experienced a days on market (DOM) average of 35 days. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of 18 days, followed by the Capitol Hill (SE) neighborhood with a DOM of 22 days. The Brookland and Woodridge neighborhood saw a DOM average of 27 days.

“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in Washington, D.C., with many areas enjoying rising median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”

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 users can subscribe to free updates for the reports in which they’re interested.