Oct 201618

Washington, D.C., Sees Increase in Home Sales in September 2016

Oct 201618

Washington, D.C., Sees Increase in Home Sales in September 2016

Market Minute LogoThe 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.

WashingtonDC MarketMinute September 2016

Overall, Washington, D.C., experienced a 7 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 15 percent in the city compared to the same month last year. The median sale price of homes sold in Washington, D.C., rose by 3 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 September. For example, the Capitol Hill (NE) neighborhood saw a 36 percent increase in number of units sold and the Spring Valley and Wesley Heights neighborhood saw a 35 percent increase. Additionally, the Anacostia and Hillcrest neighborhood experienced a 23 percent increase.

According to September data, the median sale price in Washington, D.C., increased by 3 percent compared to the same month last year, and several neighborhoods enjoyed significant growth. The median sale price in the Cleveland Park and Kalorama neighborhood rose by 23 percent, and improvements were also made in the Brookland and Woodridge neighborhood, which saw an increase of 19 percent. In the Chevy Chase DC neighborhood, the median sale price increased by 18 percent last month.

Active inventory decreased by 15 percent throughout Washington, D.C., in September compared to the prior year. The Chevy Chase DC neighborhood experienced a decrease of 34 percent, followed by the Anacostia and Hillcrest neighborhood with a 30 percent decrease. The Capitol Hill (NE) neighborhood saw a decrease of 25 percent.

The District experienced a days on market (DOM) average of 32 days in September. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of 19 days, followed by the Brookland and Woodridge neighborhood with a DOM average of 22 days. The Shepherd Park and Petworth neighborhood experienced a DOM average of 24 days in September.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Washington, D.C., region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.