The magic number in the District is now $640,000.
That is the median price of a home that sold in D.C. in July, 10% higher than the median selling price a year ago.
Long & Foster data also shows the number of sales in July reached almost 1,000, up 16% from July 2019, and homes were selling faster.
“The days on the market are remarkably low in and around Washington, D.C.,” said Larry “Boomer” Foster, president of Long & Foster Real Estate.
“This is indicative of a high demand for housing and a strong housing market, even though inventory is still low.”
The number of homes listed for sale in D.C. in July was down 9% from a year ago.
D.C. sellers are also largely getting what they are asking, with the average list to sale price last month at 99.8%.
Chevy Chase, D.C. had the highest median selling price in July at $1.2 million. Despite the wave of pricey, luxury condos on D.C.’s Southwest Waterfront, Southwest and Waterfront had the lowest overall median price in July, at $416,000. That is based on just 19 sales.
Columbia Heights remains more expensive than Dupont Circle now, with a median selling price in July of $735,000, compared to $557,500 in Dupont and Logan Circle.
Below is a market snapshot of sales and prices by D.C. neighborhood in July, courtesy of Long & Foster Real Estate: