Washington, D.C., Sees Increase in Homes Sales in January 2017

February 17, 2017

Market Minute LogoThe number of homes sold in Washington, D.C., increased in January, 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 MM Jan2017

Overall, Washington, D.C., experienced an 18 percent increase in the number of homes sold in January compared to the previous year. The city experienced a 6 percent increase in median sale price, though many individual neighborhoods outperformed the District as a whole. Active inventory fell by 17 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 39 days.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in January. For example, the Logan Circle and Dupont neighborhood saw a 160 percent increase in number of units sold and the Southwest and Waterfront neighborhood experienced an 88 percent increase. Additionally, the Chevy Chase DC neighborhood experienced a 75 percent increase in the number of homes sold.

According to January data, the median sale price in Washington, D.C., rose by 6 percent compared to the same month last year, with several neighborhoods enjoying significant growth. The median sale price in the Logan Circle and Dupont neighborhood rose by 63 percent, and improvements were also made in the Cleveland Park and Kalorama neighborhood, which saw an increase of 44 percent. In the Foggy Bottom and West End neighborhood, the median sale price increased by 41 percent last month.

Active inventory decreased by 17 percent throughout Washington, D.C., in January compared to the prior year, with the Columbia Heights and Mt. Pleasant neighborhood experiencing a decrease of 33 percent. In the Adams Morgan and U Street neighborhood, active inventory fell by 32 percent, followed by the Anacostia and Hillcrest neighborhood where it decreased by 27 percent.

The District as a whole experienced a days on market (DOM) average of 39 days in January. The Penn Quarter and Shaw neighborhood had a DOM average of 27 days, followed by the Adams Morgan and U Street neighborhood with a DOM average of 28 days. In the Brookland and Woodridge neighborhood, the DOM average was 31 days.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring 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.