May 2020 Washington, DC Real Estate Report

If you’re in the market to buy or sell a home, you may be happy to hear that there are signs that the DC real estate market is beginning to return to normal.

May 2020 Purchase Contracts

For the first time since the pandemic hit our city, the number of new purchase contracts per week is nearly equal to last year.  As you can see in the chart above, we had been trailing last year pretty significantly throughout this crisis.

In fact, last month’s market set a monthly record for the highest median sales price and for the shortest median days market in over a decade.

The Numbers Month to Month and Year to Year

The median sales price for Washington, DC Homes for Sale hit a new April record at  $619,950 last month, a 5.9% increase over the same month in 2019. The median sales price was $609,950 in March.

The number of Washington, DC Homes that sold was 600 in April 2020 vs. 872 that sold in April 2019. This represented a not unexpected 31% decrease. By comparison, 819 homes sold in March 2020.

May 2020 Sales Report

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 new, four-bedroom home in Kalorama Heights.  The nearly 7,000 sq. ft. home once served as a consulate. The final sales price was a touch over $4.0 million.

This Month’s Least Expensive

The least expensive of all Washington, DC homes for sale was a 2 bedroom, 1 bath co-op just off of the popular U Street Corridor.  This unit sold for $87,000 as a part of a low-income housing opportunity.  It sported views of the Washington Monument, an upgraded open kitchen with dark espresso cabinets, granite, and stainless steel appliances.

What These Numbers Mean to You

Showing Homes During COVID-19

If you need to buy or sell a home during this time, put your mask 😷 on, and Let’s GO! We are still showing homes 🏡 during COVID-19. I am ready to work with you to find your next home. We are doing it a little differently now, but still bringing you the same high level of care and support.

About Love Living DC

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.

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