In Washington, D.C., median home sale prices increased from $550,000 to $600,000 last month, resulting in growth of 9 percent compared to November 2017, according to the latest Long & Foster Real Estate Market Minute report.

Many neighborhoods within the nation’s capital outperformed the city as a whole last month. The median sale price in Cleveland Park and Kalorama jumped 92 percent and in the Chevy Chase D.C. neighborhood it spiked by 40 percent. The Chevy Chase DC neighborhood also experienced a 44 percent increase in the number of homes sold last month.

The Long & Foster Real Estate Market Minute report provides data for 15 neighborhood areas within Washington, D.C.

“Inventory continues to contract in many of our markets, including Washington, D.C. It’s been the same story for the past 36 months, and in the past few months the low inventory has been a drag on unit sales,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With interest rates so low, there are still opportunities in the market to buy, but it may take more effort to find them.”

Some of those opportunities require vision, Foster said. Most buyers are seeking the move-in ready homes that sell quickly, but there are many homes that sit on the market much longer, often because they aren’t updated. Being open to those properties can help buyers create a home that fits their needs and tastes.

“It helps to be aware and do your homework – being an informed buyer is very important right now,” Foster said. “Often consumers don’t know that there are construction and renovation loan options that roll the cost of renovating a home into the mortgage loan. This is why it’s so important to have a knowledgeable, professional real estate agent, like those at Long & Foster, representing you on the biggest investment you’ll ever make.”

For home sellers, it’s important that they base their list price on the actual sale price of comparable homes in their neighborhood. Foster said if buyers don’t feel the features and benefits of the home justify the list price, it won’t sell.

“People worry that they’re going to price their home too low, but if a home is underpriced, it will receive multiple offers that push the price up to what the market will bear,” Foster said. “For the most part, consumers don’t sell homes very frequently, which can make it hard to understand the importance of pricing. Good agents, on the other hand, do it every day. Trust their opinions and recommendations.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.