The median sale price of homes increased in Washington, D.C., last month, according to The Long & Foster Market Minute reports. Long & FosterReal 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 an 11 percent decrease in the number of homes sold year-over-year, but properties continue to sell at a quick pace, with the city seeing a days on market (DOM) average of 39 days. Active inventory fell by 20 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., increased by 7 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 February. For example, the Chevy Chase neighborhood saw a staggering 133 percent jump in number of units sold and the Logan Circle and Dupont neighborhood enjoyed a 36 percent increase. The Spring Valley and Wesley Heights neighborhood followed with a 26 percent uptick in the number of units sold.
According to February data, the median sale price in Washington, D.C., increased by 7 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Columbia Heights and Mt. Pleasant neighborhood rose by 56 percent—the largest growth across the city. Improvements were also made in the Foggy Bottom and West End, and Brookland and Woodridge neighborhoods, which saw jumps of 45 percent and 24 percent, respectively.
Active inventory decreased by 20 percent throughout the city in February. The Brookland and Woodridge neighborhood had a 38 percent drop in active inventory, and the Chevy Chase neighborhood saw a 36 percent decrease. The Penn Quarter and Shaw neighborhood experienced a 33 percent decline.
In February, the District experienced a days on market (DOM) average of 39 days. The Logan Circle and Dupont neighborhood experienced an average marketing period of 20 days, followed by the Southwest and Waterfront neighborhood with a DOM of 26 days. The Capitol Hill (NE) neighborhood saw a DOM average of 29 days.
“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Washington, D.C. region, with areas seeing rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”
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.