Washington D.C. home prices fell 2.3 percent in June from a year earlier—the 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.
In June, 1,058 homes were sold in D.C. — the largest number of home sales recorded in any month since Redfin began tracking data in January 2009.
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 market — the lowest level on record since 2009.
“Buyers should take advantage of the remainder of the summer,” Redfin real estate agent Dan 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?
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 18 percent from last year. The region had a 2.1-months 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.
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 percent), Edgewood (-27.3 percent) and Adams Morgan (-10.7 percent), 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.
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.
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