DC home prices up 10% and more are for sale

D.C.’s short supply of homes got a bit of a reprieve in November, with some Washington neighborhoods seeing more new listings than others.

But the median price of what sold in the District in November was $682,500, up 10% from a year ago. The number of sales was up 19%, according to Long & Foster data.

“The numbers are slightly shocking. Considering how slow the winter months typically are, the real estate market is still seeing the effects of the delayed spring market,” said Larry “Boomer” Foster, president of Long & Foster Real Estate.

“There are high numbers in units sold and median sale prices, along with all-time low mortgage rates, so people are still out buying in large numbers.”

Sellers in D.C. received, on average, 99.7% of list price, with average selling prices over list in several neighborhoods.

Overall, for-sale inventory was up 1% from a year ago.

New listings are now staying ahead of sales, with 1,045 homes coming on the market in D.C. last month, and 848 homes sold.

In Dupont and Logan Circles, the 116 active listings as of the end of November was almost double a year ago. Listings in Southwest and Waterfront were up 76%. The number of homes for sale in Penn Quarter and Shaw was up 54%, and the 239 active listings in Adams Morgan and U Street were up 52%.

Below is a market snapshot of D.C. home sales and listings by neighborhood, courtesy Long & Foster Real Estate:

Click to enlarge. (Courtesy Long & Foster)
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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