Photo: Ryan McKnight/Flickr
Single family homes were the biggest movers on the DC market in July. Of the 681 total homes sold, 367 were single family according to a new report by The Open House.
While the market was dominated by single family home sales, which made up 54 percent of total sales, condo sales made up 42 percent of sales. Townhouses made up 4 percent of total sales during the same period.
Five hundred homes, or 73 percent of total sales, were on the market between one and three months. Only about 7 percent sold in under a month while roughly 20 percent of homes were on the market over 3 months.
The median sale price fell by $9,000 in July from the previous month, to $566,000. There were a total of 1,160 active listings in July and 64 percent of homes sold at above or asking. 5221 C St SE sold $121,000 below asking, the largest gap seen either above or below asking price in July.
According to The Open House, July was a strong seller’s market with 59 percent of the active listings being sold.
Read The Open House’s full report here.