Washington, D.C. saw a jump in units sold throughout most of the region in September, according to the Long & Foster Real Estate Market Minute Report. Capitol Hill (SE) saw a whopping 196% increase, followed by Capitol Hill (NE) with 117%. The median sale price fluctuated throughout the region, with Southwest and Waterfront having a 30% increase, while Georgetown had an 11% decline. Inventory continued to drop throughout most of the region and days on market remained low. 

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

“People are not letting the pandemic or election deter them from opportunities to be homeowners,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “While we have seen a bit of a slowdown since our summer high, the market is a lot more brisk than previous years.” The uncertainty that typically foreshadows a presidential election, causing a slowdown in the market has been offset by historically low interest rates and consumers not wanting to pass that up. 

These low interest rates and strong consumer buying power has also caused shifts in available inventory, with more people buying luxury properties in recent months. This is due to a desire to be more socially distant, to take advantage of low interest rates and the availability of homes in upper brackets. On the other hand, median-priced and entry-level homes have remained more stagnant as inventory remains low. 

“People should be patient when it comes to buying a home right now,” Foster cautions, “Since it’s a very hot market currently, the chances of consumers buying the first home they put an offer on are low.” However, being prepared with an approved mortgage, going in with a strong offer and having a good agent will make navigating the market a lot easier. 

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.