Home prices in D.C.’s Columbia Heights neighborhood are now an average of six figures higher than they are in Dupont Circle, and buyers are competing to pay those prices.
The median price of a home that sold in Columbia Heights and Mount Pleasant in August was $745,000, up 19% from a year ago. Sellers in those neighborhoods got an average of 101.2% of list price, indicating multiple offers from potential buyers.
August was a strong month for home sales in the District as a whole.
Long & Foster Real Estate reports the median price of a house or condo that sold in D.C. last month was $648,500, up 14% from 2019. And total sales — 919 of them — were up 11% from last August.
Districtwide, sellers got an average of 100.5% of their list price, with most neighborhoods showing signs of buyer bidding wars.
“We speculated when the spring market started later, that it might subsequently trickle into fall and that is evident in August’s numbers,” said Long & Foster president Larry Foster. “Though we have yet to see what September’s numbers will look like, (I believe) that September will continue to showcase high numbers and a robust market.”
Capitol Hill, Northeast, Adams Morgan and the U Street neighborhoods had the most closed sales in D.C. throughout August.
Chevy Chase, D.C. had the highest median selling price, of $1.09 million, up 11% from a year earlier.
Below is a snapshot of D.C.’s housing sales and prices for August, courtesy of Long & Foster Real Estate: