The median sale price of homes picked up slightly in 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 6 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 45 days. Active inventory fell by 23 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 January. For example, the Foggy Bottom and West End neighborhood saw a 76 percent jump in number of units sold and the Brookland and Woodridge neighborhood enjoyed a 43 percent increase. The Logan Circle and Dupont neighborhood followed with a 14 percent uptick in the number of units sold.

According to January 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 Georgetown neighborhood rose by 42 percent—the largest growth across the city. Improvements were also made in the Foggy Bottom and West End, and Capitol Hill (SE) neighborhoods, which saw jumps of 35 percent and 24 percent, respectively.

Active inventory decreased by 23 percent throughout the city in January. The Chevy Chase neighborhood had a 38 percent drop in active inventory, and the Adams Morgan and U Street neighborhood saw a 37 percent decrease. The Penn Quarter and Shaw neighborhood experienced a 36 percent decline.

In January, the District experienced a days on market (DOM) average of 45 days. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of 18 days, followed by the Southwest and Waterfront neighborhood with a DOM of 27 days. The Brookland and Woodridge neighborhood saw a DOM average of 34 days.

“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in District of Columbia, with areas seeing increases in median sale prices and declining inventory,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 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 users can subscribe to free updates for the reports in which they’re interested.