What’s going on in the luxury market? Well in DC, Arlington, Alexandria, Montgomery, and Fairfax a $2M priced home is becoming normal.
Four years ago, before the pandemic, June 2018 to June 2019, 430 homes sold between $2M and $3M and averaged 64 days on the market.
Compare that with this past year. 830 homes sold between $2M and $3M and averaged only 35 days on the market.
That is a 93% expansion and a 45% quicker absorption for these $2M homes.
Matt Cheney
Washington Fine Properties
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