Median sale prices rose throughout most of the Washington, D.C. region in April, according to the Long & Foster Real Estate Market Minute Report. Spring Valley and Wesley Heights demonstrated the largest increase with a 55% jump, followed by Georgetown with a 29% incline. 

The number of units sold, on the other hand, fell across the region, with both Logan Circle and Dupont and Penn Quarter and Shaw having a 53% decrease. Days on market remain low, with many homes selling on average within a month, indicating strong demand.  

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

“The April market is showing us that demand is still outpacing supply in the Washington, D.C. area,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This is evidenced by the shrinking number of average days on market, while the average home sales price went up. However, the number of buyers and sellers appear to be balancing out, with sellers still able to find buyers at most price points in most geographic areas. 

In terms of mortgage forbearance, Foster noted that it changes from lender to lender. However, he doesn’t believe that the number of foreclosures or short sales will reach the amount that happened during the 2008 recession. “We’re not in the same place from an equity or loan perspective, people are still looking and buying homes right now.”  

When it comes to Long & Foster’s ability to do business, Foster touched upon our ability to operate in seven states and the District of Columbia. Though each of those jurisdictions have different stay-in-place provisions, making our ability to transact state by state to differ, we still have a unique geographic portfolio.  

Long & Foster’s vision remains the same for both agents and consumers, in that we are still the destination brokerage for the best agents and our agents will represent you as you make one of the biggest investments you’re likely to ever make. Though the execution of that vision has changed due to COVID-19, in that the safety and virtual aspects have heightened, everything else remains the same. 

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.