Persistent Price Increases Create Challenging Housing Market in Washington, D.C.

by Real estate financingMission+
23 minutes read

housing market in washington d.c.

Washington, D.C., home values rose 4.8 percent in May from a year ago and sales fell for the first time in three months as buyers outnumbered sellers.
The city’s median sale price was $550,000 last month, up from about $522,000 in April, and more homes fetched above asking price. Homes have notched year-over-year price increases every month since November as inventory grows more limited.
In May, new listings were down more than 7 percent from a year ago. Washington buyers had less than a two-month supply of houses, condominiums and co-ops offered for sale, the lowest level since December and the fourth-straight month of inventory decreases.
 
washington-dc-median-sale-price-yoy-may-2015
As a result, half of all properties found a buyer in eight days or less. It’s the fastest Washington housing market in a year. Redfin agent Leslie White called the market “exhausting” for buyers.
“Buyers are becoming more creative when writing competitive offers, and even a well-crafted offer can lose out to bidder with a huge bucket of money,” White said. “It’s not uncommon to see several competing offers similar in terms. When we see one offer swooping in well above all others in price, that’s usually the winner.”

Luxury and Affordability

Foxhall/Palisades/Spring Valley/Wesley Heights, where the median sales price was $1.38 million, was the city’s most-expensive neighborhood for the second month, followed by Georgetown, at nearly $1.175 million. More than 47 percent of Georgetown transactions were all cash. City-wide, cash sales fell for the fourth consecutive month, to just less than 18 percent of all sales, down from 23.3 percent in January.
washington-dc-homes-sold-yoy-may-2015
More-affordable neighborhoods showed the biggest percentage bump up in year-over-year sales prices, led by Bellevue/Washington Highlands, Edgewood, Anacostia, Congress Heights, Stanton Park and Deanwood. The inventory of homes for sale in Anacostia is down 24 percent from last year; in Edgewood it’s down almost 13 percent. Buyers snapped up homes in Mount Pleasant and Cleveland Park in less than a week.

Here’s what’s happening in your neighborhood:

Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
16th Street Heights $605,000 5.7% 68 11.5% 61 -12.9%
Adams Morgan / Kalorama Heights / Lanier Heights $484,825 -11.8% 144 -11.1% 168 -1.8%
American University Park / Friendship Heights / Tenleytown $915,000 -1.4% 65 47.7% 47 -11.3%
Anacostia $240,000 36.3% 11 -42.1% 19 -24.0%
Atlas District $702,000 13.2% 68 19.3% 70 48.9%
Bellevue / Congress Heights / Washington Highlands $239,250 66.7% 48 -4.0% 92 33.3%
Benning Heights / Capitol View / Marshall Heights $185,000 -21.6% 65 62.5% 79 16.2%
Bloomingdale $723,000 11.2% 53 -10.2% 39 14.7%
Capitol Hill $775,000 15.2% 141 3.7% 120 3.4%
Chevy Chase $1,000,000 14.6% 77 6.9% 75 -9.6%
Chinatown / Mount Vernon Square / Penn Quarters $475,000 -0.5% 120 -13.0% 134 -11.3%
Cleveland Park $485,000 8.5% 34 0.0% 39 30.0%
Columbia Heights $580,000 11.4% 150 -26.8% 135 20.5%
Congress Heights $225,000 28.6% 23 15.0% 44 57.1%
Deanwood $210,500 23.8% 30 0.0% 39 56.0%
Dupont Circle $404,500 -1.9% 155 -5.5% 132 -10.8%
Eckington $572,500 21.2% 36 -18.2% 33 -19.5%
Edgewood $657,750 43.3% 20 -4.8% 27 -12.9%
Fairlawn / Twining / Randle Highlands / Penn Branch $262,500 8.0% 45 9.8% 66 1.5%
Foggy Bottom / George Washington University / West End $542,000 20.7% 105 43.8% 106 -13.8%
Fort Totten / Lamont Riggs / Pleasant Hill / Queens Chapel $399,000 15.2% 52 36.8% 54 -6.9%
Foxhall / Palisades / Spring Valley / Wesley Heights $1,381,000 -1.5% 69 -23.3% 124 1.6%
Georgetown $1,174,500 5.6% 99 5.3% 114 -15.6%
Glover Park / Cathedral Heights / McLean Gardens $399,999 -6.9% 139 15.8% 192 11.0%
Greenway / Benning / Dupont Park / River Terrace $220,000 18.6% 21 -16.0% 32 10.3%
Hill East $654,000 2.2% 100 9.9% 73 7.4%
Howard University / Le Droit Park $595,000 1.9% 95 1.1% 64 -1.5%
Kingman Park $462,500 11.4% 66 57.1% 51 70.0%
Logan Circle $597,000 6.2% 280 0.7% 211 -9.8%
Massachusetts Avenue Heights $410,000 13.9% 39 25.8% 65 30.0%
Mount Pleasant $726,000 11.7% 35 -2.8% 23 -14.8%
Navy Yard $467,500 21.4% 24 50.0% 16 14.3%
NoMa $672,000 5.8% 27 -6.9% 25 -7.4%
Petworth $589,500 11.4% 104 0.0% 89 2.3%
Pleasant Plains $450,000 -22.7% 55 161.9% 37 94.7%
Shaw $700,000 14.8% 57 21.3% 48 -5.9%
Southwest / Waterfront $318,000 10.4% 91 -6.2% 59 -13.2%
Stanton Park $730,000 24.8% 124 0.0% 104 -1.0%
Takoma Park $700,000 5.3% 17 -43.3% 15 -34.8%
Trinidad / Arboretum / Ivy City $425,000 7.5% 78 14.7% 70 27.3%
Truxton Circle $645,000 18.6% 27 -10.0% 19 -36.7%
U Street Corridor $569,000 4.8% 83 -11.7% 58 -19.4%
Union Station / Kingman Park / Stanton Park $602,400 14.7% 178 3.5% 159 16.9%
Van Ness / Forest Hills / Wakefield $490,000 18.1% 38 -22.4% 56 -12.5%
Woodley Park $527,944 -17.5% 22 -8.3% 22 -8.3%
Woodridge $490,000 11.1% 31 29.2% 29 -19.4%
Washington, DC $550,000 4.8% 760 -5.2% 1,326 -4.1%

 

Neighborhood New Listings Median Days on Market Avg Sale-to-List Months of Supply
16th Street Heights 102 9 99.2% 0.3
Adams Morgan / Kalorama Heights / Lanier Heights 254 8 99.6% 0.3
American University Park / Friendship Heights / Tenleytown 90 7 99.9% 0.1
Anacostia 21 22 98.6% 0.9
Atlas District 112 8 99.5% 0.4
Bellevue / Congress Heights / Washington Highlands 88 28 99.2% 0.8
Benning Heights / Capitol View / Marshall Heights 68 20 99.3% 0.7
Bloomingdale 67 10 102.5% 0.3
Capitol Hill 209 7 99.4% 0.2
Chevy Chase 124 8 98.9% 0.3
Chinatown / Mount Vernon Square / Penn Quarters 201 12 98.5% 0.4
Cleveland Park 65 6 99.2% 0.3
Columbia Heights 221 9 99.4% 0.2
Congress Heights 42 33 99.3% 0.7
Deanwood 40 27 99.6% 0.7
Dupont Circle 232 8 99.2% 0.2
Eckington 51 10 101.1% 0.2
Edgewood 37 18 98.5% 0.3
Fairlawn / Twining / Randle Highlands / Penn Branch 79 18 98.2% 0.6
Foggy Bottom / George Washington University / West End 145 14 97.2% 0.4
Fort Totten / Lamont Riggs / Pleasant Hill / Queens Chapel 68 24 97.2% 0.5
Foxhall / Palisades / Spring Valley / Wesley Heights 143 18 96.4% 0.6
Georgetown 154 11 96.7% 0.3
Glover Park / Cathedral Heights / McLean Gardens 229 23 97.5% 0.5
Greenway / Benning / Dupont Park / River Terrace 38 16 98.0% 0.8
Hill East 121 11 100.0% 0.2
Howard University / Le Droit Park 121 7 101.4% 0.2
Kingman Park 83 10 98.4% 0.3
Logan Circle 385 7 100.6% 0.2
Massachusetts Avenue Heights 76 28 98.5% 0.7
Mount Pleasant 49 6 102.2% 0.1
Navy Yard 30 7 98.0% 0.3
NoMa 47 6 100.1% 0.3
Petworth 154 9 99.3% 0.3
Pleasant Plains 62 10 101.0% 0.3
Shaw 80 9 100.9% 0.2
Southwest / Waterfront 109 10 98.9% 0.2
Stanton Park 176 8 99.5% 0.2
Takoma Park 25 18 98.0% 0.3
Trinidad / Arboretum / Ivy City 126 8 99.6% 0.4
Truxton Circle 31 7 99.8% 0.3
U Street Corridor 119 7 101.6% 0.2
Union Station / Kingman Park / Stanton Park 266 8 99.2% 0.3
Van Ness / Forest Hills / Wakefield 79 12 97.1% 0.5
Woodley Park 33 10 97.6% 0.1
Woodridge 33 15 97.7% 0.5
Washington, DC 1,088 8 100.0% 1.7

NOTE: Not all neighborhoods are listed, but totals for Washington, D.C., encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood data is measured over the three months ended May 31. Inventory measures listings active as of May 31.
For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com

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