WASHINGTON — House and condo sales in the District in May were up 6 percent from a year ago, the median selling price rose 5 percent to $599,000, and buyers in bidding wars drove selling prices above list prices in more than a half dozen D.C. neighborhoods last month.
Long & Foster Real Estate Inc. says the median price of what sold in Adams Morgan and the U Street Corridor, Brookline, Capitol Hill, Chevy Chase, Columbia Heights, Logan and Dupont Circle, Penn Quarter and Shaw, Petworth and the Southwest Waterfront all closed above for what the properties were originally listed.
Georgetown reclaimed the title of D.C.’s most expensive neighborhood, with a median selling price of $945,000 last month, edging out Chevy Chase D.C., where the median selling price was $931,000.
And, while the Southwest Waterfront had the lowest median selling prices in the District in May at $319,900, based on the 25 sales that closed, it was a median price that was up 25 percent from a year earlier.
Properties sold the fastest last month in Logan Circle and Dupont, with an average number of days on the market at just 13.
There continues to be a shortage of listings for buyers in the District, with active inventory down 12 percent, led by a 31 percent decrease in properties listed for sale in Logan Circle and Dupont.
“Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including in Washington, D.C.,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Cos.
“This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”