Washington, D.C., Saw Increase in Home Sales in May 2017

June 16, 2017

Market Minute Logo 2017The number of homes sold in Washington, D.C., increased in May, 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.

WashingtonDC Chart May 2017

Overall, Washington, D.C., experienced a 6 percent increase in the number of homes sold in May compared to the previous year. The city experienced a 5 percent increase in median sale price, with many individual neighborhoods seeing positive gains. Active inventory fell by 12 percent compared to the same month last year, and properties continued to sell at a quick pace, with the city seeing a days on market (DOM) average of 25 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in May. For example, the Chevy Chase D.C. neighborhood saw a 100 percent jump in the number of units sold and the Spring Valley and Wesley Heights neighborhood experienced a 38 percent increase. Additionally, the Penn Quarter and Shaw neighborhood experienced a 28 percent increase in the number of homes sold.

According to May data, the median sale price in Washington, D.C., rose by 5 percent compared to the same month last year, and several neighborhoods enjoyed significant growth. The median sale price in the neighborhood of Southwest and Waterfront rose by 25 percent, and in the Foggy Bottom and West End neighborhood, the median sale price rose by 24 percent. Improvements were also made in the Adams Morgan and U Street neighborhood, which saw an increase of 23 percent.

Active inventory decreased by 12 percent throughout Washington, D.C., in May compared to the prior year, with the Logan Circle and Dupont neighborhood experiencing a decrease of 31 percent. In the Anacostia and Hillcrest neighborhood, as well as the Shepherd Park and Petworth neighborhood, active inventory fell by 27 percent. In the Cleveland Park and Kalorama neighborhood, active inventory declined by 21 percent.

The District as a whole experienced a days on market (DOM) average of 25 days in May. The Logan Circle and Dupont neighborhood had a DOM average of just 13 days. The Capitol Hill (SE) neighborhood experienced a DOM average of 14 days, and in the Penn Quarter and Shaw neighborhood, the DOM average was 15 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including in Washington, D.C.,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”

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.