Though the Washington, DC real estate market is still recovering from COVID-19 on a sales volume basis, the continuing rise in prices has never ceased. Washington, D.C. secured an overall ten-year median sales price high last month, with sales closing at 100.0% of list price. The deals that are able to get done are benefiting sellers in a big way.
The Numbers Month to Month and Year to Year
The median sales price for Washington, DC Homes for Sale hit a new May record at $660,000 last month, a 9.9% increase over the same month in 2019. The median sales price was $619,950 in March.
The number of Washington, DC Homes that sold was 566 in May 2020 vs. 926 that sold in May 2019. This represented an expected 38.9% decrease. By comparison, 600 homes sold in April of 2020.
All of these changes affect your home value. If you want to know the new value of your home, click here!
A few highlights of the current Washington, DC Homes for Sale are shown below and represent a nice cross-section of properties available, under contract and that have sold.
This Month’s Most Expensive
The most expensive of all Washington, DC Homes for sale last month was a historic Dupont Circle mansion. This massive 16th Street property offered 10 bedrooms and an entertaining space fit for a diplomat. The final sales price was $4.0 million.
This Month’s Least Expensive
The least expensive of all Washington, DC homes for sale was a well-maintainedcondo in the Washington Highland neighborhood. The freshly renovated interior and convenient access to transit attracted a buyer at $87,000.
What These Numbers Mean to You
The District of Columbia has now entered Phase 1 of reopening. This means that traditional Open Houses are not yet permitted, but showings with one person at a time may continue by appointment only, as can final inspections and appraisers, as long as they’re limited to the minimum number of people necessary. The record-setting median sales price this month indicates that the coronavirus did not mute the demand for city living. If owning a home in DC is part of your dream, contact your real estate professional today and start putting your plan into action.
Love Living DC is Washington’s #1 real estate team for dependable neighborhood expertise. If you have any questions about buying, selling, or investing in DC real estate, feel free to reach out to me anytime. I’d be happy to help.