The number of homes sold increased in 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 10 percent increase in the number of homes sold year-over-year, and properties continue to sell at a quick pace, with the city seeing a days on market (DOM) average of 32 days. Active inventory fell by 22 percent in the city compared to the same month last year. The median sale price of homes sold in Washington, D.C., rose by 11 percent when compared to the previous year, though many individual neighborhoods in the city continued to outperform the District as a whole.
Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in August. For example, the Logan Circle and Dupont neighborhood saw a 42 percent increase in number of units sold and the Anacostia and Hillcrest neighborhood saw a 41 percent increase. Additionally, the Chevy Chase DC neighborhood experienced a 38 percent increase.
According to August data, the median sale price in Washington, D.C., increased by 11 percent compared to the same month last year, and several neighborhoods enjoyed significant growth. The median sale price in the Georgetown neighborhood jumped by 109 percent, and significant improvements were also made in the Penn Quarter and Shaw neighborhood, which saw an increase of 26 percent. In the Cleveland Park and Kalorama neighborhood, the median sale price increased by 22 percent last month.
Active inventory decreased by 22 percent throughout Washington, D.C., in August compared to the prior year. The Chevy Chase DC neighborhood saw a decrease of 45 percent, followed by the Brookland and Woodridge neighborhood with a 42 percent decrease. The Penn Quarter and Shaw neighborhood saw a decrease of 41 percent.
The District experienced a days on market (DOM) average of 32 days in August. The Logan Circle and Dupont neighborhood experienced an average marketing period of 17 days, followed by the Brookland and Woodridge neighborhood with a DOM of 18 days. Three additional neighborhoods – Chevy Chase DC, Columbia Heights and Mt. Pleasant, and Penn Quarter and Shaw – experienced DOM averages of 20 days in August.
“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Washington, D.C., region, where we saw home sales and median sale prices increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”
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.