Long & Foster’s Quarterly Capital Region Market Report details trends in luxury real estate
Luxury home sales outpaced the traditional market in the Capital Region in the first half of 2022 compared to the same period in 2021, according to Long & Foster Real Estate’s mid-year market report.
While sales of properties less than $1 million were down almost 17% in the first half of 2022, high-end homes—those priced above $1 million—increased over 8% from the same period the prior year. At the mid-way point of the year, we’re continuing to see inventory challenges, with a slight decline in the traditional market and a modest 2.5% increase in luxury.
“Looking ahead, we predict a more balanced market than we’ve had recently,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With increased mortgage rates, we expect demand will cool, shifting from the strong sellers’ market we’ve had,” Foster added that for homebuyers who’d become frustrated with the lack of inventory, the number of homes on the market is expected to increase. Conversely, because the supply of homes available remains at record lows, it’s still a great time for sellers.
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.