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 2 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 26 days. Active inventory fell by 13 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.

Within Washington, D.C., a number of individual neighborhoods experienced increases in the number of homes sold in June. For example, the Capitol Hill (NE) neighborhood saw a 44 percent increase in number of units sold and the Anacostia and Hillcrest neighborhood saw a 34 percent increase. Additionally, the Foggy Bottom and West End neighborhood experienced a 24 percent increase.

According to June 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 Penn Quarter and Shaw neighborhood rose by 15 percent. Improvements were also made in the Georgetown neighborhood, which saw an increase of 12 percent. In the Brookland and Woodridge neighborhood, the median sale price increased by 10 percent last month.

Active inventory decreased by 13 percent throughout the city in June. The Capitol Hill (SE) neighborhood saw a decrease of 32 percent, followed by the Anacostia and Hillcrest neighborhood with a 31 percent decline. The Brookland and Woodridge neighborhood saw a decrease of 26 percent.

The District experienced a days on market (DOM) average of 26 days in June. The Logan Circle and Dupont neighborhood experienced an average marketing period of 14 days, followed by the Foggy Bottom and West End neighborhood with a DOM of 18 days. The Brookland and Woodridge neighborhood had a DOM average of 19 days.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Washington, D.C., region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”

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.