Month-by-month sales statistics of individual neighborhoods in the District tend to be volatile and based on often just a handful of sales, but for the month of March, the leafy streets of Chevy Chase easily won the title of most expensive D.C. neighborhood.
Long & Foster Real Estate Inc. said the median price of a home that sold in Chevy Chase, D.C. in March was $1.2 million. That is based on just 17 sales, but the median price was up 15% from a year ago and those 17 sales in Chevy Chase were more than double the number of sales in March of last year.
Spring Valley and Wesley Heights ranked No. 2 for median selling prices in March, at $1.05 million. Based on 44 sales, that median price was a surprising 90% more than March 2018.
Georgetown ranked No. 3 for median selling prices in March, at $887,700, but that was actually down 8% from a year earlier. And the 28 sales in Georgetown last month was 30 percent fewer than March 2018.
Rounding out the top five D.C. neighborhoods for highest median selling prices in March were Capitol Hill, Southeast, at $799,000, and Penn Quarter, at $720,000.
Across D.C., March repeated a familiar trend. Rising prices, falling sales and fewer listings on the market.
The median selling price in D.C. was $572,000, up 4% from a year ago. Sales were down 7% and the number of active listings was down 8%.
It also remains a seller’s market in D.C., with the average contracted sales price at 99.6% of list.
“Any seller with equity that wants to sell is in a sweet spot because of limited inventory,” said Larry “Boomer” Foster, Long & Foster president. “If the seller is in a desirable geographic area with a good price point, they can dictate a lot of terms of the sale and buyers will be willing to work with them.”
This content was republished with permission from CNN.