The median sale price 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 4 percent decrease in the number of homes sold year-over-year, and properties continue to sell at a steady pace, with the city seeing a days on market (DOM) average of 40 days. Active inventory fell by 4 percent in the city compared to the same month in 2015. The median sale price of homes sold in Washington, D.C., rose by 2 percent when compared to the previous year, though many individual neighborhoods in the city continued to outperform the District as a whole.

Across the city, a number of individual neighborhoods experienced increases in the number of homes sold in January. For example, the Chevy Chase neighborhood saw a 71 percent jump in number of units sold and the Adams Morgan and U Street neighborhood experienced a 47 percent increase. In the Columbia Heights and Mt. Pleasant neighborhood, the number of homes sold increased by 43 percent.

According to January data, the median sale price in Washington, D.C., increased by 2 percent compared to the same month in 2015, and several neighborhoods enjoyed significant growth. Median sale prices in the Southwest and Waterfront neighborhood rose by 65 percent. Improvements were also made in the Anacostia and Hillcrest neighborhood, which saw an increase of 36 percent. In the Penn Quarter and Shaw neighborhood the median sale price increased by 14 percent last month.

Active inventory decreased by 4 percent throughout the city in January. The Capitol Hill (SE) neighborhood saw a decrease of 32 percent, followed by the Shepherd Park and Petworth neighborhood with a 27 percent decline. The Brookland and Woodridge neighborhood saw a decrease of 24 percent.

The District experienced a days on market (DOM) average of 40 days in January. The Southwest and Waterfront neighborhood experienced an average marketing period of 24 days, followed by the Columbia Heights and Mt. Pleasant neighborhood with a DOM of 27 days. The Logan Circle and Dupont neighborhood had a DOM average of 29 days.

“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Washington, D.C., region real estate market for 2016.”

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, Inc.