Long & Foster’s year-end report details real estate trends in Capital Region
The real estate market in the Capital Region remained steady in 2019, with little change from 2018, while luxury home sales ($1M+ properties) outpaced the market with a 12% rise over the year prior, according to the Long & Foster | Christie’s International Real Estate 2019 Year-End Capital Region Market Report.
Housing inventory remained tight during the past year, with December inventory in the Capital Region dropping 40% below December 2018 figures. The high-end market also experienced a 25% decline in properties available for sale, with the exception of homes in the over $5M price point, which increased by nearly 45%.
“Similar market conditions are expected in 2020, as inventory remains low and prices steadily appreciate,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Interest rates are expected to stay around 4% and overall, a healthy real estate market is predicted for this year, with high consumer confidence and a strong stock market likely to continue.”
Within Washington, D.C., luxury home sales increased by 10.2% compared to the prior year, while median sale prices declined by 2.6%. Average monthly inventory decreased by 27.3%, and the days on market dipped by 11.1% to 32 days compared to 36 days a year ago.
Luxury real estate sales increased by double-digits in Northern Virginia throughout 2019, with units sold up by 14.3%. Average monthly inventory dropped by 20.7% compared to 2018, while median sale prices decreased slightly by 0.1%. The average time properties spent on the market decreased by 10%, selling faster than a year ago.
In Montgomery County, Maryland, the number of luxury properties sold in 2019 rose by 8.3%. Average monthly inventory of luxury homes for sale declined by a significant 30.5% for the year, while the median sale price increased by 1.1%. The average marketing time was 58 days with no change from days on market in 2018.
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.