Washington, D.C., Enjoys Increase in Median Sale Prices in August 2015

September 23, 2015

Market Minute LogoMedian 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. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

WashingtonDC MM Aug 2015 Chart

Overall, Washington, D.C., experienced no change in the number of homes sold year-over-year, though properties continue to sell at a quick pace, with the city seeing a days on market (DOM) average of 28 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 8 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 August. For example, the Capitol Hill (SE) neighborhood saw a 20 percent jump in number of units sold and the Anacostia and Hillcrest neighborhood enjoyed a 15 percent increase. The Foggy Bottom and West End neighborhood saw the number of homes sold increase by 13 percent.

According to August data, the median sale price in Washington, D.C., increased by 8 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Spring Valley and Wesley Heights neighborhood rose by 82 percent. Improvements were also made in the Columbia Heights and Mt. Pleasant neighborhood, which saw an increase of 28 percent, and the Cleveland Park and Kalorama neighborhood, which saw a 26 percent increase.

Active inventory decreased by 16 percent throughout the city in August. The Anacostia and Hillcrest neighborhood saw a decrease of 39 percent, followed by the Shepherd Park and Petworth neighborhood with a 30 percent decline. The Capitol Hill (NE) neighborhood saw a decrease of 28 percent.

The District experienced a days on market (DOM) average of 28 days in August. The Capitol Hill (SE) neighborhood experienced an average marketing period of just 16 days, followed by both the Columbia Heights and Mt. Pleasant neighborhood and Southwest and Waterfront neighborhood, which both saw DOM averages of 20 days. The Cleveland Park and Kalorama neighborhood experienced a DOM average of 22 days.

“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Washington, D.C., region continued to see improvements in a number of areas, and we’re looking forward to a strong fall 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 you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.