Median sale prices rose 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 5 percent increase in median sale prices in October compared to the previous year. The city experienced a 5 percent decrease in the number of homes sold year-over-year, though many individual neighborhoods continued to outperform the District as a whole. Active inventory fell by 21 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 October. For example, the Capitol Hill (NE) neighborhood saw a 33 percent increase in number of units sold and the Georgetown neighborhood experienced a 32 percent increase. Additionally, the Logan Circle and Dupont neighborhood experienced an 18 percent increase the number of homes sold.

According to October data, the median sale price in Washington, D.C., increased by 5 percent compared to the same month last year, and several neighborhoods enjoyed significant growth. The median sale price in the Southwest and Waterfront neighborhood rose by 26 percent, and improvements were also made in the Anacostia and Hillcrest neighborhood, which saw an increase of 16 percent. In the Cleveland Park and Kalorama neighborhood, the median sale price increased by 14 percent last month.

Active inventory decreased by 21 percent throughout Washington, D.C., in October compared to the prior year, with the Anacostia and Hillcrest neighborhood experiencing a decrease of 35 percent. In both the Adams Morgan and U Street neighborhood and the Brookland and Woodridge neighborhood, active inventory fell by 31 percent.

The District experienced a days on market (DOM) average of 28 days in October. The Southwest and Waterfront neighborhood experienced an average marketing period of just 16 days, followed by the Foggy Bottom and West End neighborhood with a DOM average of 17 days. The Logan Circle and Dupont neighborhood experienced a DOM average of 18 days in October.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Washington, D.C., region where we saw the median sale price increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.