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 1 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 26 days. Active inventory fell by 19 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 June. For example, the Cleveland Park and Kalorama neighborhood saw a 53 percent jump in number of units sold and the Capitol Hill (SE) neighborhood enjoyed a 50 percent increase. The Columbia Heights and Mt. Pleasant neighborhood saw the number of homes sold increase by 18 percent.

According to June 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 Cleveland Park and Kalorama neighborhood rose by a whopping 70 percent. Improvements were also made in the Southwest and Waterfront neighborhood, which saw an increase of 31 percent, and the Columbia Heights and Mt. Pleasant neighborhood, which saw a 21 percent increase.

Active inventory decreased by 16 percent throughout the city in June. The Anacostia and Hillcrest neighborhood saw a decrease of 39 percent, followed by the Brookland and Woodridge neighborhood with a 36 percent decline. The Chevy Chase neighborhood saw a decrease of 30 percent.

The District experienced a days on market (DOM) average of 26 days in June. The Southwest and Waterfront neighborhood experienced an average marketing period of just 9 days, followed by the Logan Circle and Dupont neighborhood with a DOM of 17 days. Both the Adams Morgan and U Street and the Columbia and Mt. Pleasant neighborhoods saw a DOM average of 18 days.

“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Washington, D.C., region, where we saw increased median sale prices and low days on market,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”

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.