Much has been made of the potentially negative impact from President Trump’s vocal attempts to “drain the swamp” in Washington, D.C. After all, shouldn’t even the threat of reduced Government employment, lobbying efforts, and the like put a crimp on the surging real estate markets throughout the area?
Well, let’s put some of these projections to rest, because the early returns are in, courtesy of our friends at Champion Title.
Data from the end of March shows the following:
- Overall sales in D.C. are occurring in less than 30 days on average, with the average sale price 1.7% above listing price.
- Citywide increases in homes sales are up 16% compared to last year.
- The most active markets are Cleveland Capital Hill, up a whopping 91% from previous year’s activity, and high-end Kalorama, up 40 percent from a year ago in number of sales.
- Prices are also surging. The median price in Cleveland Park/Kalorama is now $585,000, up an average of 30%.
- Foggy Bottom/West End is up an average of 23%.
- Citywide average price increase for all sales is 7 percent.
- The highest median home price remains in Georgetown at $997,525.
- Average Days on market (DOM) for the entire city was 28 days; the lowest was Cleveland Park/Kalorama at 17 days; the highest was Georgetown at 56 days.
To say that the D.C. market remains robust is a major understatement.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA
Samson Properties
703-855-7299
#RayWedellDCRealEstate
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