The third quarter of 2019 brought steady results across both the luxury and traditional real estate markets. As a whole, home sales increased 1.9 percent last quarter, while luxury sales—those homes priced above $1 million—enjoyed double-digit growth of 14 percent. The largest jump occurred in the $2 million to $4.9 million price range, which had a 16.3% improvement in the third quarter.
These increases occurred despite continued challenges with inventory. The number of homes for sale in the traditional market (sub-$1 million) had dropped a staggering 25.6% at the end of the third quarter. Inventory of high-end homes also declined, albeit not as significantly with a 6% decrease reported at the quarter’s end.
As we look toward 2020, we expect inventory to remain a challenge, but the expert guidance of a real estate professional with Long & Foster | Christie’s can help you achieve success. Our team has over 50 years of experience in the greater D.C. area, and that expertise has helped us become the No. 1 real estate traditional and luxury brokerage in the Capital Region.
Read more about the market conditions in Long & Foster’s Q3 2019 Capital Region Market Report.