“If you look at most places in D.C., there is around a 100% list price to sale price,” said Larry Foster, president of Long & Foster Real Estate.
“This signifies the high demand for homes within the Washington, D.C. region, as buyers are accepting the prices that sellers are setting without much negotiation.”
The District’s older, more established neighborhoods remain more affordable that the up-and-coming locations.
In July, the median price of what sold in Columbia Heights and Mount Pleasant was higher than median selling prices in Cleveland Park, Kalorama, Foggy Bottom, West End, Logan Circle and Dupont Circle.
Prices in Shepherd Park and Petworth now exceed most of those established neighborhoods as well.
There are fewer properties for potential buyers in the District to consider. In July, the number of homes actively for sale was down 12% from a year ago. Sales fell 7%, largely the result of tight inventory.
Below is a July snapshot of residential sales in the District, broken down by neighborhood, courtesy of Long & Foster. Click to enlarge.