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 6 percent increase 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 32 days. Active inventory fell by 9 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 April. For example, the Brookland and Woodridge neighborhood saw an 82 percent jump in number of units sold and the both the Anacostia and Hillcrest neighborhood and the Georgetown neighborhood experienced a 50 percent increase.
According to April 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 Columbia Heights and Mt. Pleasant neighborhood rose by 18 percent. Improvements were also made in the Spring Valley and Wesley Heights neighborhood, which saw an increase of 14 percent. In the Anacostia and Hillcrest neighborhood and the Capitol Hill (SE) neighborhood the median sale price increased by 13 percent last month.
Active inventory decreased by 9 percent throughout the city in April. The Anacostia and Hillcrest neighborhood saw a decrease of 28 percent, followed by the Brookland and Woodridge neighborhood with a 26 percent decline. The Shepherd Park and Petworth neighborhood saw a decrease of 24 percent.
The District experienced a days on market (DOM) average of 32 days in April. The Capitol Hill (SE) neighborhood experienced an average marketing period of 18 days, followed by the Columbia Heights and Mt. Pleasant neighborhood with a DOM of 20 days. The Chevy Chase neighborhood had a DOM average of 22 days.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.