D.C. Home Sales Surge While Inventory Takes a Dive - Redfin Real Estate News

D.C. Home Sales Surge While Inventory Takes a Dive

by
Updated on October 6th, 2020

Washington, D.C. home prices fell 2.3 percent in June from a year earlierthe third time prices have fallen in the past two years. The typical home sold for $550,000 as home sales made an impressive 18.6 percent leap since last year.

Median Sale Price (7) (1)

In June, 1,058 homes were sold in The District.This is the largest number of home sales recorded in any month since Redfin began tracking data in January 2009.

Home Sales (4) (1)

The overall number of properties for sale in The District declined 5.1 percent since last June resulting in just 1.3 months of supply on the marketthe lowest level on record since 2009.

DC inventory

 

“I’d pay attention to the fact that sales were up and inventory was down,” Redfin real estate agent Dan Galloway said. “Buyers are still moving.”

“Buyers should take advantage of the remainder of the summer,” Galloway said. “The political class is out campaigning, which means the pool of buyers will be smaller and there will be less competition.”

What’s Happening in the D.C. Metro Region?

Across the broader D.C., Maryland and Virginia region, the median sale price grew 1.8 percent in June from last year, to $387,000. Home sales fell 12.8 percent year over year.

The number of homes listed in the region fell 2.5 percent, pushing the total number of properties for sale down by 18 percent from last year. The region had a 2.1-month supply of homes for sale.

The typical home found a buyer in 21 days. Buyers continued to pay more than the asking price on one in four homes.  

Washington, D.C., Neighborhood Trends

One reason for the decline in D.C. home prices was a reversal in several neighborhoods that had strong price growth in May but either fell or softened in June. The median sale price in Mount Pleasant, which posted double-digit growth in May, fell 8.1 percent in June from last year. Prices also tumbled in Georgetown (-6.6%), Edgewood (-27.3%) and Adams Morgan (-10.7%) among others.

Despite the fact that prices have declined in Mount Pleasant, it remained one of the district’s hottest neighborhoods with the typical home selling in six days and for nearly 4 percent above the asking price.

Other hot ‘hoods were American University Park, Chevy Chase-DC, Petworth and Logan Circle-Shaw. In each of these neighborhoods the typical home sold in under 10 days and more than half of all the homes sold in June went for more than asking.

See our city page for the most up-to-date data on Washington-area home prices.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
16th Street Heights $660,000 4.7% 49 -15.5% 30 0.0% 90 10 99.2%
Adams Morgan / Kalorama Heights / Lanier Heights $460,000 -10.7% 122 -9.6% 62 -10.1% 139 13 99.8%
Alexandria $487,000 3.6% 595 -0.7% 1,158 -9.9% 643 16 98.8%
American University Park / Friendship Heights / Tenleytown $940,000 -3.7% 60 7.1% 14 -26.3% 67 7 103.3%
Arlington $623,500 9.4% 344 -2.6% 657 -11.2% 361 14 99.5%
Atlas District $700,000 0.0% 85 49.1% 31 0.0% 84 15 99.8%
Bellevue / Congress Heights / Highlands $188,500 -24.4% 38 -5.0% 34 -24.4% 42 46 97.3%
Benning Heights / Capitol View / Marshall Heights $253,000 33.2% 62 82.3% 29 -25.6% 64 21 102.3%
Bethesda $790,000 -8.1% 112 -42.9% 366 9.9% 120 17 98.8%
Bloomingdale $677,500 -4.8% 50 25.0% 14 -12.5% 57 12 101.3%
Capitol Hill $849,550 9.6% 138 8.7% 42 -20.8% 141 8 101.7%
Chevy Chase-DC $1,010,000 -3.1% 54 10.2% 29 3.6% 78 7 102.0%
Chinatown / Mount Vernon Square / Penn Quarter $523,500 11.6% 110 4.8% 44 -35.3% 99 18 99.4%
Cleveland Park $435,000 -31.6% 39 50.0% 15 -46.4% 42 20 100.5%
College Park $266,000 2.3% 21 -32.3% 22 -45.0% 24 21 101.0%
Columbia Heights $570,000 2.2% 160 40.4% 65 -1.5% 148 12 100.4%
Congress Heights $237,575 -27.5% 16 14.3% 17 -26.1% 16 46 99.7%
Deanwood $230,000 7.0% 25 31.6% 20 25.0% 34 24 98.3%
Dupont Circle $424,900 2.6% 131 7.4% 62 10.7% 149 12 99.5%
Eckington $609,000 6.8% 36 71.4% 21 -8.7% 42 11 99.1%
Edgewood $465,000 -27.3% 35 150.0% 13 0.0% 41 10 104.1%
Fairlawn / Twining / Randle Highlands / Penn Branch $319,500 16.2% 48 29.7% 33 -29.8% 56 31 99.5%
Foggy Bottom / George University / West End $409,000 -14.0% 72 -11.1% 51 -21.5% 94 16 99.7%
Fort Totten / Lamont Riggs / Pleasant Hill / Queens Chapel $430,000 1.5% 51 15.9% 11 -50.0% 41 15 99.4%
Foxhall / Palisades / Spring Valley / Wesley Heights $1,451,125 20.9% 70 0.0% 61 -6.2% 103 10 98.9%
Georgetown $1,035,000 -6.6% 80 21.2% 76 26.7% 120 16 97.8%
Glover Park / Cathedral Heights / McLean Gardens $481,500 14.0% 136 9.7% 99 25.3% 164 22 98.4%
Greenway / Benning / Dupont Park / River Terrace $283,000 39.8% 19 18.8% 13 -40.9% 34 29 98.0%
Hill East $725,000 6.8% 77 4.0% 19 -36.7% 83 11 101.2%
Historic Anacostia $285,000 11.8% 19 171.4% 7 -12.5% 14 21 100.2%
Howard University / Le Droit Park $700,000 18.1% 73 -8.8% 35 12.9% 88 9 101.3%
Kingman Park $490,000 10.4% 53 20.4% 19 -13.6% 54 18 100.4%
Logan Circle-Shaw $674,900 4.6% 107 11.5% 46 39.4% 137 8 102.3%
Logan Circle-Shaw $686,000 6.4% 123 9.8% 53 32.5% 154 8 102.1%
Massachusetts Avenue Heights $699,500 89.1% 51 45.7% 31 -6.1% 59 19 98.5%
Mount Pleasant $719,500 -8.1% 38 35.7% 7 16.7% 49 6 103.8%
Navy Yard $468,000 -19.0% 15 -16.7% 6 50.0% 17 14 99.7%
NoMa $715,000 1.4% 47 67.9% 13 -18.8% 28 14 98.3%
Petworth $660,000 9.1% 83 -2.4% 40 14.3% 115 7 100.8%
Pleasant Plains $640,000 18.5% 36 -7.7% 10 -9.1% 32 14 102.3%
Rockville $455,500 -14.5% 178 -50.6% 439 -23.4% 195 14 99.1%
Silver Spring $359,500 -6.6% 276 -50.2% 580 -26.4% 295 20 99.5%
Southwest / Waterfront $319,950 -1.2% 58 -10.8% 24 26.3% 65 12 99.5%
Stanton Park $675,000 -7.4% 128 42.2% 45 -6.2% 141 8 101.3%
Takoma $495,000 8.2% 17 112.5% 1 -66.7% 13 11 101.3%
Trinidad / Arboretum / Ivy City $440,000 4.4% 59 -3.3% 51 54.5% 76 40 99.4%
Truxton Circle $722,450 10.9% 16 0.0% 7 0.0% 17 65 100.8%
Union Station / Kingman Park / Stanton Park $630,000 0.5% 195 37.3% 75 4.2% 204 11 100.8%
Van Ness / Forest Hills / Wakefield $502,500 -7.6% 42 0.0% 29 31.8% 53 20 99.2%
Woodley Park $540,000 2.3% 25 38.9% 11 22.2% 30 11 100.7%
Woodridge $525,000 NA 1 NA NA NA NA 278 100.0%
Woodridge-Fort Lincoln $494,000 7.9% 34 41.7% 12 -14.3% 26 25 100.0%
Washington, DC $550,000 -2.3% 1,058 18.6% 1,368 -5.1% 988 13 100.2%

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-specific data is measured over the three months ended June 30. Inventory measures listings active as of June 30.

For more information, contact Redfin journalist services:

Phone: 206-588-6863
Email: press@redfin.com

See Redfin’s data center to find out what’s happening in other cities.

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Alina Ptaszynski

Alina Ptaszynski

Alina is on the communications and PR team at Redfin. She helps consumers and the media understand what's going on in the housing market, the real estate industry and inside Redfin.

Email Alina

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