WASHINGTON — The number of seven-figure residential listings in the D.C. market continues to rise, and the number of current listings priced at $1 million or more now accounts for almost 14 percent of all listings.
The total number of seven-figure listings on the market is up 15 percent from a year ago and up 30 percent from 2015, according to Long & Foster Real Estate Inc.’s LuxInsight report.
Of those current seven-figure listings, 3.41 percent are priced between $2 million and $5 million, with 0.61 percent of seven-figure listings in the Washington metro priced at more than $5 million.
And those high-end homes are selling.
Long & Foster said the number of homes priced at $1 million or more that sold in February was up 30.5 percent from a year ago.
The median price in the luxury-end of the market is currently just shy of $1.35 million, little changed from last February.
It takes longer to find a buyer for high-priced homes — with 72 days the average number of days on the market in February — but sellers are getting close to what they want.
In February, the average sale price for homes more than $1 million was 96.9 percent of the average list price.
Check out a gallery of the 10 most-expensive residential sales in the Washington region in February, courtesy of listing service MRIS, a Bright MLS.
