Long & Foster’s Year-End Capital Region Market Report details real estate trends
A strong real estate market prevailed across the Capital Region in 2018, with some notable characteristics. Inventory remained tight—down 6.5 percent in December 2018 compared with December of the prior year, according to the Long & Foster | Christie’s International Real Estate 2018 Year-End Capital Region Market Report.
Sales declined modestly (2.7 percent) in 2018, though homes spent fewer days on the market than the year before. Of course, real estate is local and not all markets performed the same. Inventory of luxury homes—those above $1 million—rose 8.5 percent, and sales were flat.
“For the coming year, we expect many of these trends to remain the same,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “The good news is that the U.S. economy continues to demonstrate growth, low unemployment and historically low interest rates, bringing homeownership in reach for many.”
Within Washington, D.C., luxury home sales and median sale prices held steady for 2018, seeing less than a 1 percent change from the year prior. Average monthly inventory increased by 11.5 percent, while the days on market decreased 2.1 percent to 46 days.
Luxury real estate sales also remained relatively unchanged in Northern Virginia throughout 2018, with units sold down by 0.4 percent and median sale prices up 0.5 percent. Average monthly inventory dropped by 4.6 percent compared to 2017, while the average time properties spent on the market declined by 10.4 percent, selling faster than a year ago.
In Montgomery County, Maryland, the number of luxury properties sold in 2018 rose by a modest 2.9 percent. Average monthly inventory of luxury homes for sale declined by a 2.6 percent for the year, and the median sale price decreased by 1.6 percent. The average marketing time dropped 11.9 percent to 74 days.
In addition to highlighting major trends in the D.C. region, the Long & Foster | Christie’s Capital Region Market Report spotlights individual neighborhoods. It 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. View the report in its entirety here.
For more information about Long & Foster, visit LongandFoster.com.