Median Sale Prices Increased Across the Washington, D.C. Region in June

July 21, 2020
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Median sale prices rose across most of the Washington, D.C., region in June, according to the Long & Foster Real Estate Market Minute Report. The highest increase was a 43% incline in Cleveland Park and Kalorama, followed by a 29% rise in Foggy Bottom and West End. Inventory continued to decline across the region, aside from Penn Quarter and Shaw, which had a 5% increase. Days on market also remained low, with most homes selling within or under a month. 

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

Washington, D.C. Market Minute Chart June 2020

“Within the D.C. area, there’s significant declines in units sold,” said Larry “Boomer” Foster, president of Long & Foster Real Estate, “this is due to many homes going under contract in April and May, as well as declining inventory levels.”  

With the spring market shifting into the summer months, the numbers that are typically seen in April were present in June. For those thinking of buying or selling, now is the time to do so since the market is expected to slow down as it gets closer to the election date. 

“Since buying power is high and interest rates are low, it is a very brisk market right now for buying or selling a home,” Foster said. With inventory levels so low, people selling their homes can expect to get off the market quickly as days on market continue to shrink in conjunction with that. However, low inventory levels are no excuse for being complacent. Homeowners should still put in effort to ensure their home looks presentable and ready for showings.  

Though doing business in-person can still come with risks due to COVID-19, much of the home buying and selling process can be done virtually. The amount of people that you have to meet with is so minimal, that the entire process is safer than going to the grocery store, Foster said. Furthermore, Long & Foster agents are fully trained on conducting business safely, ensuring that they always wear masks and gloves and maintain social distancing guidelines. 

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.