What’s going on in the Washington D.C. luxury real estate market?
Frankly, it’s exploding. It’s grown substantially. I just pulled the numbers for the past 90 days of sales and what I looked at was Montgomery County, District of Columbia, Fairfax County, Arlington, and Alexandria, and I looked at houses that sold for more than 3 million dollars in the past 90 days.
67 houses sold in that time period. They got 97% of ask and they sold in 66 days.
If I go back to 2019 and look at the same number from that time period, there were 23 sales, they were getting an average of 97% of ask and taking 111 days to sell.
So when we compare those numbers, basically the D.C. Metro luxury market, $3 million and above, grew by 191%. Then when I looked at the averages during those time periods, our average sales price back then in 2019 was $3,870,000 for those above $3 million and today is $4,684,000, that’s a 21% jump in the average prices.
Bottom line, the luxury market here in D.C. is on fire.
Matt Cheney
Washington Fine Properties
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