Closed residential sales in the District were down last month, but it’s not for lack of buyers, and prices continued to rise.
The median price of a home that sold in D.C. in June was $620,000, up 2% from a year ago. But the number of homes for sale was down 25% from June 2019, pushing overall sales down 15%.
“Within the D.C. area, there are significant declines in units sold. This is due to many homes going under contract in April and May, as well as declining inventory levels,” Long & Foster president Larry “Boomer” Foster said.
“Since buying power is high and interest rates are low, it is a very brisk market right now for buying or selling a home,” he said.
Long & Foster expects sales in D.C. to slow down as it gets closer to the election date.
Chevy Chase led the median selling price in the District in June at $1.1 million.
Anacostia and Hillcrest had the lowest median selling prices at $352,500, but that was also up 10% from a year ago.
Below is a June D.C. home sale market snapshot, from Long & Foster Real Estate Inc.: