Median sale prices increased in much of Washington, D.C., last month, according to The Long & Foster Market Minute reports. Long & Foster Real Estate, the largest independent residential real estate company in the United States, has updated its neighborhood level versions of The Long & Foster Market Minute for 15 areas within Washington, D.C.
Overall, Washington, D.C., experienced a 6 percent decrease in the number of homes sold year-over-year, and properties continue to sell at a quick pace, with the city seeing a days on market (DOM) average of 27 days. Active inventory fell by 16 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., increased by 5 percent year-over-year, though many individual neighborhoods in the city continued to outperform the District as a whole.
Across the city, many individual neighborhoods experienced significant increases in the number of homes sold in May. For example, the Brookland and Woodridge neighborhood saw a 23 percent jump in number of units sold and the Columbia Heights and Mt. Pleasant neighborhood enjoyed a 17 percent increase. The Capitol Hill (SE) neighborhood saw the number of homes sold increase by 16 percent.
According to May data, the median sale price in Washington, D.C., increased by 5 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Brookland and Woodridge neighborhood rose by 21 percent. Improvements were also made in the Penn Quarter and Shaw neighborhood, which saw an increase of 14 percent, and the Capitol Hill (NE) and Capitol Hill (SE) neighborhoods, each of which saw a 13 percent increase.
Active inventory decreased by 16 percent throughout the city in May. Both the Brookland and Woodridge neighborhood and the Shepherd Park and Petworth neighborhood saw decreases of 29 percent. Similarly, the Anacostia and Hillcrest neighborhood and the Chevy Chase neighborhood each saw decreases of 25 percent.
The District experienced a days on market (DOM) average of 27 days in May. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of just 15 days, followed by the Capitol Hill (NE) neighborhood with a DOM of 17 days. The Capitol Hill (SE) neighborhood saw a DOM average of 19 days.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Washington, D.C., region where we saw increasing median sale prices in many areas and low days on market averages,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.