High-priced properties are selling quicker and high level of demand continues for million dollar-plus properties. While the DC-area housing market is showing signs of a slowdown, the market for homes priced over $1 million is holding strong.
A new quarterly report from Coldwell Banker Residential Brokerage shows that sales for listings at the upper end of the market in the DC region rose 6.4 percent during the third quarter of this year (1,047) compared to the third quarter of 2017 (984).
During the third quarter, properties priced above $1 million sold at a median of $1.325 million, a slight drop from the Q3 2017 median of $1.349 million. However, considering how much area home prices have risen, the additional properties breaking the $1 million threshold may be weighing the median down somewhat.
High-priced properties are also selling quicker, spending 48 days on the market in Q3 2018 compared to an average of 52 days in Q3 2017. Also indicative of a high level of demand for million dollar-plus properties is that listings sold for an average of 97.1 percent of listing price, a one percent increase year-over-year.
This report considers the DC metro area to encompass the District, Arlington and Fairfax Counties in Virginia, and Montgomery, Prince George’s and Charles Counties in Maryland.