Median sale prices rose 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.
Overall, Washington, D.C., experienced a 14 percent decrease in the number of homes sold year-over-year, though properties continue to sell at a steady pace, with the city seeing a days on market (DOM) average of 30 days. Active inventory fell by 9 percent in the city compared to the same month in 2014. The median sale price of homes sold in Washington, D.C., increased by 2 percent year-over-year, though many individual neighborhoods in the city continued to outperform the District as a whole.
Across the city, a number of individual neighborhoods experienced increases in the number of homes sold in October. For example, the Anacostia and Hillcrest neighborhood saw an 18 percent jump in number of units sold and the Capitol Hill (SE) neighborhood experienced a 17 percent increase. In the Brookland and Woodridge neighborhood, the number of homes sold increased by 8 percent.
According to October data, the median sale price in Washington, D.C., increased by 2 percent compared to the same month in 2014, but several neighborhoods enjoyed more significant growth. Median sale prices in the Georgetown neighborhood rose by 34 percent. Improvements were also made in the Cleveland Park and Kalorama neighborhood, which saw an increase of 27 percent, and the Brookland and Woodridge neighborhood, which saw a 13 percent increase.
Active inventory decreased by 9 percent throughout the city in October. The Anacostia and Hillcrest neighborhood saw a decrease of 30 percent, followed by the Shepherd Park and Petworth neighborhood with a 25 percent decline. The Foggy Bottom and West End neighborhood saw a decrease of 18 percent.
The District experienced a days on market (DOM) average of 30 days in October. The Adams Morgan and U Street neighborhood experienced an average marketing period of just 14 days, followed by both the Brookland and Woodridge neighborhood, and Columbia Heights and Mt. Pleasant neighborhood, which both saw DOM averages of 16 days.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Washington, D.C., region where we saw improvements in median sale prices and days on market averages. We predict to see continued stability in housing as 2015 comes to a close.”
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.