Home buying across the United States and right here in the District continues to remain competitive and increasingly costly for buyers. Roughly half (47%) of the homes on the market in the United States today sell in less than a month. This year homes in D.C. averaged 39 days on the market. While we weren’t too surprised to learn that average sales prices year to date are roughly up 1.44%, we were excited to see that the growth was occurring both to the west and east of the Anacostia river. Average sales prices so far in Anacostia have grown roughly 17.7%, one of the largest gainers across the entire city.
While not close to the 928 homes sold in June, August saw a roughly 3% increase in total home from July (720 sales). Total home sales weren’t the only thing that increased in August. Buyers had to pay an average of 5% more for their home than they did in the month of July ($661,368). As for the average cost per square foot, August was a lot like June ($489) than July’s whopping $1,416 average cost per square foot. While there was some movement in these areas from July to August, the same neighborhoods continue to dominate D.C. in terms of most homes sold. As you’ll see, there is not as even of a geographic distribution across DC when it comes to which neighborhoods see the most sales.
Since April, with the exception of that month where Dupont Circle ranked third, both Columbia Heights and Dupont Circle have held either the number one or two spots for neighborhoods with the most D.C. home sales. Thus, not only are we seeing little to no change in this category, we can also see its concentrated to a small pocket of Northwest as opposed to equal distribution across the quadrant as a whole. In general, there hasn't been much movement in the overall top five neighborhoods with most home sales. For example, both Logan Circle/Shaw and Petworth have each made the top five in this category with the exception of April (Petworth did not make the top five that month).
This visual shows us the top 5 neighborhoods (with at least 10 home sales) with an over/under list/close price. If you drag your mouse over each bar, you can see more information like average days on the market, average close price, and average list price. Unlike the neighborhoods with the most home sales, we see some more even geographic distribution in this category, but not much. This is especially true for those neighborhoods with the highest average over/ask. Like for the top 5 neighborhoods with the most home sales, these all appear to be in concentrated areas of Northwest. This is evinced by the fact that Logan Circle/Shaw and Petworth make both the top 5 neighborhoods with most home sale sand the top 5 for average over/ask.
This last visual lets you see where all home sales occurred in August by quadrant in order to give you a better idea of the geographic distribution of home sales. If you drag your mouse over each marker, you can see more information about each sale such as closing price, address, neighborhood, year the home was built, and more.