Buyers paying more than asking price in these DC neighborhoods

WASHINGTON – Anyone house-hunting or condo-hunting in D.C. will probabally have to pay what the seller is asking for, or even more.

Long & Foster’s monthly market snapshot shows a half dozen neighborhoods in the District where sellers received, on average, more than their asking price in March including Capitol Hill Northeast, Chevy Chase D.C., Columbia Heights/Mount Pleasant, Foggy Bottom/West End and Logan Circle/Dupont. The higher sales prices indicate that these were the most likely neighborhoods where sellers weighed multiple offers.

Properties sold the fastest last month in Columbia Heights and Mount Pleasant, where homes were on the market for an average of just 17 days.

March was also a busy month for real estate agents in the District.

Long & Foster reports a 16 percent increase in sales compared to March 2016 citywide and a 7 percent increase in the median selling price.

Sales were up even though the number of houses and condos on the market in D.C. last month was down 15 percent compared to a year ago.

The median selling price in D.C. last month was $534,750.

Here’s a neighborhood breakdown of sales in the District in March, from Long & Foster Real Estate Inc.:

DC home sales in March 2017
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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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