1 in 10 homes on the market in DC area priced over $1 million

WASHINGTON — Sales activity at the very high end of Washington’s housing market slowed in July, but 11.17 percent of all listings on the market last month were million dollar-plus listings.

Long & Foster’s LuxInsight report says closed sales in the seven-figure price category were down 10.4 percent from last July. The number of new seven-figure listings was also down 10.4 percent, and the median price among seven-figure listings was $1.275 million, 1.8 percent less than a year ago.

At the end of July, there were 2,439 listings priced at $1 million or more in the Washington region.

The region’s priciest properties generally take longer to sell, but not always.

The number of days that seven-figure listings stayed on the market before selling last month ranged from 118 days to a Bethesda property that was on the market just one day before getting a $1.9 million full-price offer.

The total dollar volume of seven-figure sales totaled $552 million in July, 13.1 percent lower than a year ago.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up