Long & Foster’s Capital Region Market Report details trends in luxury real estate
In the greater Washington, D.C., area, 2016 proved successful for the luxury real estate market, according to the Long & Foster | Christie’s International Real Estate 2016 Capital Region Market Report. Throughout the region, luxury sales steadily increased while median prices held strong on a year-over-year basis. The D.C. area’s luxury market consists of properties priced at $1 million and above.
“Luxury real estate sales accounted for a little less than 7 percent of the greater D.C. market last year, and they held steady from previous years, with $1 million-plus property sales growing by almost 7 percent,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “Looking toward 2017, we anticipate a moderating yet healthy real estate market, with access to credit increasing but mortgage rates rising. Whatever the market conditions, our family of exceptional sales professionals will be ready to guide buyers, sellers and investors on their journeys home.”
Within the District luxury real estate market, sales increased by about 11 percent and median prices remained steady. While average inventory increased by almost 18 percent in 2016, luxury homes in D.C. sold faster in 2016 than the previous four years, staying on the market for an average of 37 days. The city’s most prominent luxury neighborhoods—as rated by the percent of active listings over $1 million—included Spring Valley with nearly 60 percent luxury listings, Kalorama with about 49 percent, and Georgetown with almost 26 percent.
Northern Virginia also saw an increase in the number of luxury properties sold, rising 7 percent over the previous year. Other key market indicators remained stable in 2016, with a slight increase in average monthly inventory and average marketing time declining by one day. Among the area’s luxury neighborhoods, Great Falls had the highest percent of luxury listings at 63 percent, followed by McLean at 51 percent and Vienna at 30 percent.
Luxury real estate sales also increased in Montgomery County, Maryland, with units sold growing by nearly 3 percent. While average monthly inventory grew by over 5 percent, median sale prices remained steady. The suburban Maryland areas with most luxury homes on the market included Potomac, which had almost 26 percent luxury property listings, as well as Chevy Chase with over 15 percent and Bethesda with nearly 8 percent.
In addition to highlighting major trends in the D.C. region, the Long & Foster | Christie’s Capital Region Market Report spotlights individual neighborhoods, such as Capitol Hill, D.C., McLean, Virginia, and Chevy Chase, Maryland. The report also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market.
You can view the e-book of the report at http://mydigitalpublication.com/view/long-and-foster/market-report-capital-region, and you can download a PDF here.
Long & Foster | Christie’s is a recognized leader in the Washington, D.C., region’s luxury real estate market. The company was No. 1 in sales volume and transactions in 2016, selling over 19,300 properties valued at $10.4 billion. For more information about Long & Foster, visit LongandFoster.com.