The number of homes sold in Washington, D.C., increased in March, 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 16 percent increase in the number of homes sold in March compared to the previous year. The city experienced a 7 percent increase in median sale price, and many individual neighborhoods outperformed the city as a whole. Active inventory fell by 15 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 28 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in March. For example, the Capitol Hill (SE) neighborhood saw a 91 percent jump in the number of units sold and the Cleveland Park and Kalorama neighborhood experienced a 40 percent increase. Additionally, the neighborhoods of Logan Circle and Dupont, and Spring Valley and Wesley Heights experienced a 39 percent increase in the number of homes sold.

According to March data, the median sale price in Washington, D.C., rose by 7 percent compared to the same month last year, with several neighborhoods enjoying significant growth. The median sale price in the neighborhood of Cleveland Park and Kalorama rose by 30 percent. Improvements were also made in the Foggy Bottom and West End neighborhood, which saw an increase of 23 percent. In the Columbia Heights and Mt. Pleasant neighborhood, the median sale price increased by 17 percent last month.

Active inventory decreased by 15 percent throughout Washington, D.C., in March compared to the prior year, with the Columbia Heights and Mt. Pleasant neighborhood experiencing a decrease of 41 percent. In the Anacostia and Hillcrest neighborhood, active inventory fell by 32 percent, followed by the Adams Morgan and U Street neighborhood where it decreased by 31 percent.

The District as a whole experienced a days on market (DOM) average of 28 days in March. The Columbia Heights and Mt. Pleasant neighborhood had a DOM average of just 17 days, followed by the Southwest and Waterfront neighborhood with a DOM average of 18 days. In both the Foggy Bottom and West End neighborhood and the Logan Circle and Dupont neighborhood, the DOM average was 19 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Washington, D.C., region where both home sales and sale prices increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing 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.