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 12 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 4 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 May. For example, the Anacostia and Hillcrest neighborhood as well as the Spring Valley and Wesley Heights neighborhood saw a 30 percent increase in number of units sold. Additionally, both the Capitol Hill (NE) neighborhood and the Logan Circle and Dupont neighborhood experienced a 24 percent increase.

According to May data, the median sale price in Washington, D.C., increased by 4 percent compared to the same month in 2015, and several neighborhoods enjoyed significant growth. Median sale prices in the Cleveland Park and Kalorama neighborhood rose by 93 percent. Improvements were also made in the Shepherd Park and Petworth neighborhood, which saw an increase of 24 percent. In the Brookland and Woodridge neighborhood, the median sale price increased by 18 percent last month.

Active inventory decreased by 13 percent throughout the city in May. The Brookland and Woodridge neighborhood saw a decrease of 36 percent, followed by the Anacostia and Hillcrest neighborhood with a 35 percent decline. The Capitol Hill (SE) neighborhood saw a decrease of 22 percent.

The District experienced a days on market (DOM) average of 26 days in May. The Columbia Heights and Mt. Pleasant neighborhood experienced an average marketing period of 14 days, followed by the Chevy Chase neighborhood with a DOM of 15 days. The Logan Circle and Dupont neighborhood had a DOM average of 16 days.

“May was a good month for the real estate industry overall this year, as well as in the Washington, D.C., region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the 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.