The inventory in the Washington, D.C. area got some relief in November, with inventory increasing in some areas, according to the Long & Foster Real Estate Market Minute Report. 

Logan Circle and Dupont saw an astounding 93% increase, followed by Southwest and Waterfront with a 73% rise. The number of homes sold also saw an upward tick, with Penn Quarter and Shaw having a 63% rise, while Columbia Heights and Mt. Pleasant had a 45% incline. Median sale prices also saw modest increases throughout most of the region, ranging from 6% in Anacostia and Hillcrest to 18% in Shepherd Park and Petworth. 

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

“The numbers this month are slightly shocking,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Considering how slow the winter months typically are, Foster is surprised that the real estate market is still seeing the effects of the delayed spring market. There are high numbers in units sold and median sale prices, along with all-time low mortgage rates, so people are still out buying homes in large numbers. 

There has been a heavy reliance on technology this past year in order to operate virtually. While this has made doing business easier and more efficient, Foster does not see real estate transitioning to virtual operations permanently. “Real estate is a relationship building business and technology can’t substitute face-to-face interactions or the feeling of stepping into your dream home.” Most people will not be comfortable buying a home sight unseen, so Foster predicts that once the pandemic is over the real estate business will go back to how it was. 

This rise in technology has also led to an increase in cyber scams, with criminals spoofing email addresses to gain information or money. It has become more important to be vigilant when it comes to doing business online, with people needing to be more cautious about their email accounts and what they’re clicking on. Foster said, “never click on any links that seem suspicious and always verify where the email is coming from. If it seems fishy, double-check by calling the sender.” 

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.