The number of homes sold increased in 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 10 percent increase 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 30 days. Active inventory fell by 10 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., increased by 4 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 April. For example, the Chevy Chase neighborhood saw a 120 percent jump in number of units sold and the Capitol Hill (NE) neighborhood enjoyed a 53 percent increase. The Foggy Bottom and West End neighborhood saw the number of homes sold increase by 41 percent.
According to April data, the median sale price in Washington, D.C., increased by 4 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Anacostia and Hillcrest neighborhood rose by 47 percent—the largest growth across the city. Improvements were also made in the Cleveland Park and Kalorama, and Foggy Bottom and West End neighborhoods, which saw jumps of 35 percent and 29 percent, respectively.
Active inventory decreased by 10 percent throughout the city in April. The Brookland and Woodridge neighborhood had a 30 percent drop in active inventory, and the Penn Quarter and Shaw neighborhood saw a 26 percent decrease. Both the Chevy Chase and Shepherd Park and Petworth neighborhoods experienced a 24 percent decline.
The District experienced a days on market (DOM) average of 30 days in April. The Chevy Chase neighborhood experienced an average marketing period of just 10 days, followed by the Penn Quarter and Shaw neighborhood with a DOM of 15 days. The Southwest and Waterfront neighborhood saw a DOM average of 17 days.
“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Washington, D.C., region where we saw an increase in the number of homes sold and continued low inventory,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring market.”
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.