The pace of home sales across the country remains remarkably brisk, with sales in the District outpacing even the strong gains nationally.
Potential buyers in D.C. may not get the first house or condo they want.
The number of closed home sales in D.C. in September — 930 — was up 47% from a year ago, and Long & Foster says the median price of what sold in the District last month was $640,000, which is 11% higher than last September.
As evidence of homes selling quickly, there were 1,838 homes listed for sale in D.C. as of the end of September ——1,607 of those were brand-new listings. The number of active listings in the District is down 10% from a year ago.
“Since it is a very hot market currently, the chances of consumers buying the first home they put an offer on are low,” said Long & Foster President Larry “Boomer” Foster.
Nationally, the number of homes for sale last month was the lowest since 1982, according to the National Association of Realtors.
Capitol Hill led D.C. neighborhoods for the number of sales in September, double a year ago in Capitol Hill Northeast, and nearly triple in Capitol Hill Southeast.
Higher-end properties are selling more briskly than lower-priced ones. Long & Foster says more people are buying luxury properties in recent months, while median-priced and entry-level home sales have remained more stagnant, where inventory remains low.
Below is a snapshot of the District housing market in September, courtesy Long & Foster Real Estate Inc.: