Long & Foster’s Capital Region Market Report details latest real estate trends
Across the Capital Region, the real estate market has been affected by a declining number of properties for sale. In the second quarter of 2019, home sales overall were 2.7% less than the same period in 2018. Luxury homes priced between $1 million and $1.9 million were the only price category with an increase in sales of nearly 4%.
Year-over-year active inventory throughout the region was 22.3% lower at the end of the second quarter 2019. While luxury home inventory was down by nearly 10%, the supply of homes in the over $5M price point increased by 13.3%, according to the Long & Foster | Christie’s International Real Estate 2019 Q2 Quarterly Capital Region Market Report.
“Inventory will likely remain a challenge toward the end of 2019, but the expert guidance of a Long & Foster | Christie’s agent can help you achieve success,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “With over 50 years of experience in the greater D.C. area, our team has become the Capital Region’s No. 1 real estate firm in both luxury and traditional sales.”
Within Washington, D.C., luxury home sales decreased by 1.1% in the second quarter of the year, while median sale prices declined by 2.3%. Average monthly inventory increased by 10.4%, and the days on market jumped by 17.2% to 34 days compared to 29 days a year ago.
Luxury real estate sales increased by double-digits in Northern Virginia in the second quarter of 2019, with units sold up by 12.7%. Average monthly inventory dropped by 5.3% compared to the second quarter of 2018, while median sale prices decreased slightly by 0.7%. The average time properties spent on the market increased by 12%, selling slower than a year ago.
In Montgomery County, Maryland, the number of luxury properties sold in the second quarter fell by 9.9%. Average monthly inventory of luxury homes for sale declined by 5.3% for the quarter, while the median sale price increased by 0.9%. The average marketing time grew 28.6% percent to 63 days, up from 49 days in the same quarter 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.