Washington, D.C., Home Prices Rise 6.1 Percent as Competition Heats Up

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Washington, D.C., Home Prices Rise 6.1 Percent as Competition Heats Up

Washington, D.C., home prices increased 6.1 percent in February from a year earlier, with the typical home selling for nearly $515,000. Sales inched up 1 percent over the same period.

A 9.2 percent increase in new listings boosted the overall number of homes for sale 4 percent compared to a year earlier. Despite new homes coming on the market, the District was left with only 2.2 months of supply in February, far below the six months that signals a balanced market.

As the weather starts to warm, competition is also heating up. More than a third of homes in February sold above asking price. The typical home sold in 17 days, similar to last February when homes sold in 16 days and at a quicker pace than last month when homes sold in 22 days.

Washington DC Median sale price

“There’s already a lot of pent-up demand from buyers who’ve been looking over the winter and haven’t found what they’re looking for,” Washington agent Marshall Carey said. “Those clients are hopeful about new homes hitting the market this spring.”

“Meanwhile, new buyers are jumping into their home search now, too,” Carey said. “With a lot of buyers and only so many quality homes for sale, it’s shaping up to be another competitive year.”

Washington DC Home Sales

Across the broader D.C, Maryland and Virginia region, the median sale price fell 2.2 percent from a year earlier to $340,000. While prices have been cooling in the region for several months, the District has been insulated from the trend thus far.

Sales increased 6.6 percent year over year. The number of homes for sale was down 8.6 percent, leaving the metro area with a 3.5-month supply. The typical home found a buyer in 48 days.

Hot Neighborhoods

Prices in several neighborhoods east of the Anacostia River surged over the past few months. In Benning Heights/Capitol View/Marshall Heights, home prices rose 52.6 percent compared to last year. In Greenway/Benning/Dupont Park/River Terrace and Fairlawn/Twining/Randle Highlands/Penn Branch, prices rose 28.6 percent and 27 percent.

Georgetown was the most expensive neighborhood, with a median sale price of $1.29 million, followed by Foxhall/Palisades/Spring Valley at $1.1 million. These were the only neighborhoods where the median sale price exceeded $1 million.

Southwest/Waterfront, Logan Circle/Shaw, LeDroit Park and Adams Morgan/Kalorama shared honors for the fastest-moving neighborhood, with the typical home finding a buyer in just eight days.

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

Here’s what’s happening in your neighborhood:

Neighborhood 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
Adams Morgan / Kalorama Heights / Lanier Heights $517,000 -1.7% 101 8.6% 73 10.6% 100 9 99.4%
American University Park / Friendship Heights / Tenleytown $1,023,000 11.2% 52 20.9% 16 -36.0% 33 8 99.9%
Atlas District $720,000 10.3% 44 -32.3% 41 41.4% 52 8 100.7%
Bellevue / Congress Heights / Washington Highlands $215,500 6.9% 40 48.1% 61 -7.6% 65 32 102.5%
Benning Heights / Capitol View / Marshall Heights $260,500 18.4% 39 18.2% 49 -44.3% 48 28 97.9%
Bloomingdale $752,000 12.2% 32 0.0% 29 11.5% 53 8 100.3%
Capitol Hill $794,500 8.1% 103 1.0% 57 14.0% 90 8 99.5%
Chevy Chase-DC $928,000 9.4% 57 11.8% 43 16.2% 43 12 97.2%
Chinatown / Mount Vernon Square / Penn Quarters $499,500 1.5% 84 -10.6% 63 -8.7% 75 18 96.9%
Cleveland Park $462,450 4.5% 36 38.5% 18 38.5% 32 10 100.1%
Columbia Heights $544,000 7.2% 99 26.9% 84 33.3% 113 11 99.2%
Congress Heights $220,000 -13.7% 21 61.5% 32 10.3% 30 32 99.6%
Deanwood $200,000 -1.7% 27 42.1% 27 -15.6% 32 29 93.7%
Dupont Circle $434,325 9.4% 88 -12.9% 58 -4.9% 84 14 100.0%
Eckington $600,000 36.4% 18 -14.3% 22 120.0% 20 13 97.7%
Edgewood $530,000 -10.2% 13 -35.0% 17 41.7% 26 8 99.4%
Fairlawn / Twining / Randle Highlands / Penn Branch $285,000 -2.4% 33 6.5% 40 2.6% 39 34 101.1%
Foggy Bottom / George Washington University / West End $439,000 -12.0% 72 18.0% 50 -21.9% 52 25 96.6%
Fort Totten / Lamont Riggs / Pleasant Hill / Queens Chapel $385,500 10.8% 30 -3.2% 29 -21.6% 36 21 99.7%
Foxhall / Palisades / Spring Valley / Wesley Heights $1,269,750 4.5% 48 17.1% 71 22.4% 55 24 95.1%
Georgetown $1,312,500 16.2% 46 -22.0% 63 14.5% 61 15 95.6%
Glover Park / Cathedral Heights / McLean Gardens $442,000 -5.9% 106 5.0% 94 2.2% 107 12 98.3%
Greenway / Benning / Dupont Park / River Terrace $220,000 8.1% 17 -15.0% 16 -40.7% 18 33 95.1%
Hill East $692,500 8.4% 64 16.4% 27 -34.1% 55 8 99.7%
Historic Anacostia $191,000 -27.2% 20 66.7% 22 46.7% 28 9 100.1%
Howard University / Le Droit Park $688,000 17.1% 60 13.2% 30 -6.3% 48 8 99.2%
Kingman Park $485,000 2.6% 34 13.3% 38 22.6% 52 13 99.2%
Logan Circle-Shaw $605,000 11.5% 167 -20.1% 85 -8.6% 150 10 99.7%
Logan Circle-Shaw $698,750 9.7% 32 -11.1% 15 15.4% 34 8 100.4%
Massachusetts Avenue Heights $834,500 77.6% 25 -35.9% 30 0.0% 37 14 97.7%
Mount Pleasant $890,000 10.3% 23 4.5% 14 100.0% 23 7 102.5%
Navy Yard $632,545 39.3% 13 30.0% 2 0.0% 9 7 100.4%
NoMa $710,000 6.0% 20 -42.9% 21 133.3% 20 14 99.7%
Petworth $645,000 7.5% 59 -18.1% 42 -14.3% 71 15 98.1%
Pleasant Plains $597,500 17.7% 27 -15.6% 19 -9.5% 31 8 101.5%
Southwest / Waterfront $335,750 17.0% 46 -27.0% 38 18.8% 49 8 99.3%
Stanton Park $700,000 13.8% 81 -13.8% 62 26.5% 102 8 100.2%
Takoma $765,000 118.6% 23 64.3% 16 60.0% 25 18 99.1%
Trinidad / Arboretum / Ivy City $400,000 -8.0% 57 35.7% 63 16.7% 76 12 100.4%
Truxton Circle $638,000 3.7% 14 -17.6% 18 0.0% 20 25 100.5%
Union Station / Kingman Park / Stanton Park $649,000 6.7% 117 -16.4% 101 36.5% 140 9 100.0%
Van Ness / Forest Hills / Wakefield $480,000 17.5% 33 -21.4% 27 3.8% 30 16 96.2%
Woodley Park $522,500 -4.7% 17 6.3% 8 -20.0% 8 8 96.2%
Washington, DC $500,500 -0.9% 739 5.4% 1,241 -7.1% 502 16 98.7%

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-specific data is measured over the three months ended Feb. 29. Inventory measures listings active as of Feb. 29.

For more information, contact Redfin journalist services

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

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