DC home sales jump 16%, prices up 10%

The median price of homes in D.C. are going up and sellers are mostly getting what they are asking. (Photo by ERIC BARADAT/AFP via Getty Images)

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:

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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