Luxury Real Estate Sales Are on the Rise in the Capital Region

Jul 201727

Luxury Real Estate Sales Are on the Rise in the Capital Region

Capital Region Market Report Now Available for Second Quarter 2017

In the second quarter of 2017, luxury home sales in the Washington, D.C., Capital Region continued on the upswing, outperforming the rest of the area’s real estate market. The $1 million-plus high-end market enjoyed a 15.6 percent jump in sales. The vast majority of the Capital Region’s luxury market is in the $1 million to $1.9 million price range, with sales in that category growing by an even greater 17.7 percent in the second quarter.

While the Capital Region’s home inventory remained tight, the supply of luxury homes for sale rose by 5.7 percent this quarter. Overall, though, the number of homes for sale in the greater D.C. area decreased by 10.7 percent compared to the same time last year. This restricted inventory is causing a seller’s market, which is likely to continue throughout 2017.

Read more about the D.C. area real estate market in Long & Foster’s Q2 2017 Capital Region Market Report.

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