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:

Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.

Get breaking news and daily headlines delivered to your email inbox by signing up here.

© 2020 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up