Washington, D.C., Enjoys Increase in Number of Homes Sold in September 2015

October 18, 2015

Market Minute LogoThe number of homes that were sold increased in much of the Washington, D.C., real estate market 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.

DC MM Sept2015

Overall, Washington, D.C., experienced an 11 percent increase in the number of homes sold year-over-year, and properties continue to sell at a steady pace, with the city seeing a days on market (DOM) average of 31 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 10 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 September. For example, the Chevy Chase neighborhood saw an 85 percent jump in number of units sold and both the Cleveland Park and Kalorama, and Logan Circle and Dupont neighborhoods saw the number of homes sold increase by 55 percent.

According to September data, the median sale price in Washington, D.C., increased by 10 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 32 percent. Improvements were also made in the Georgetown neighborhood, which saw an increase of 23 percent, and the Penn Quarter and Shaw neighborhood, which saw a 19 percent increase.

Active inventory decreased by 16 percent throughout the city in September. The Anacostia and Hillcrest neighborhood saw a decrease of 41 percent, followed by the Shepherd Park and Petworth neighborhood with a 27 percent decline. The Brookland and Woodridge neighborhood saw a decrease of 26 percent.

The District experienced a days on market (DOM) average of 31 days in September. The Southwest and Waterfront neighborhood experienced an average marketing period of 21 days, followed by both the Adams Morgan and U Street neighborhood, and Penn Quarter and Shaw neighborhood, which both saw DOM averages of 25 days.

“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Washington, D.C., region, we continued to see improvements in the number of homes sold and median sale prices, and we anticipate a healthy last few months of 2015.”

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.