For the first time in two years, home prices in Washington, D.C. fell. According to Redfin's latest report, sale prices fell two percent year-over-year in March 2016, while the number of sales surged 14.3 percent year-over-year. In the report, Redfin agent Sam Khosh described the price decline as an anomaly due to how prices have been appreciating in nearly every neighborhood in the city.
When compared to a year ago, the median listing price of a home in Washington, D.C. has risen 6.8 percent. Additionally, more than a third of properties in Washington, D.C. sold above listing price this past month. The supply has also been on the rise. According to Redfin, the number of properties this past month on the D.C. market was up 6.2 percent from a year go.
The areas that you should be keeping an eye on include Congress Heights, Benning Heights/Capitol View/Marshall Heights, and Fairlawn/Twining/Randle Highlands/Penn Branch. These neighborhoods all experienced double-digit increases in prices. For Congress Heights, it was a 39.5 percent increase, for Fairlawn/Twining/Randle Highlands/Penn Branch, prices were 26.8 percent higher, and for Benning Heights/Capitol View/Marshall Heights, the increase was by 42.2 percent.
• Washington, D.C., Home Prices Fall for First Time Since 2014; Sales Surge 14.3 Percent [Redfin]