Last month, there was a high demand for homes in Washington, D.C. with 677 homes sold and 1,166 homes active by July 31, according to the latest report from The Open House. 790 homes were listed over the course of the month.
The most popular types of homes sold were single-family homes with 364 purchased last month. 284 condos sold, and 29 townhomes sold. 35 percent of homes sold were under the asking price. One home, located at 5221 C Street SE was sold $121,000 under asking.
In Washington, D.C., the median listing price in July 2016 was $566,000, $9,000 less than the previous month.
On how fast homes are selling, the median days on the market for sold listings was 54 days, up 2 percent month over month. 132 homes were purchased after being on the market for over three months. 499 homes were purchased after being on the market for one to three months. Finally, 46 homes were sold after being on the market for under one month. The fastest selling home, located at 3312 Clay Street NE, sold after being on the market for 11 days.
The Open House reported that Cathedral Avenue was the "hottest street" in Washington, D.C. in July. The avenue spans from Wesley Heights to Cathedral Heights.