1 in 8 homes for sale in DC now $1M or more

WASHINGTON — Seven-figure home listings in the Washington market are increasingly common, representing 12.84 percent of all listings in February, but sales of million-dollar-plus listings have slowed.

High-end sellers are holding out for their prices, and largely getting them.

Long & Foster Real Estate’s LuxInsight report said active inventory in the high-end market in February was 5.3 percent higher than the previous month’s supply. The number of homes for more than $1 million that sold in February was 22.6 percent lower than a year ago.

Seven-figure listings that sold in February were on the market an average of 77 days, 5.5 percent longer than a year ago, but those sellers ended up getting 97.4 percent of their list prices, 0.5 percent higher than this time last year.

Among listings that are priced at $1 million or more, the median price is $1,350,000, about the same as a year earlier.

A million dollars is just entry level to the luxury market in the D.C. area.

Among high-end listings, 9.2 percent in February were priced between $1 million and $2 million, and 3.1 percent were priced between $2 million and $5 million.

About 0.54 percent of those high-end listings were priced at $5 million or more.

The most expensive residential sale in the Washington area in February was a 6,800-square-foot estate in D.C.’s Kalorama neighborhood that sold for $9 million, according to listing service Bright MLS, about $975,000 less than its original list price.

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.

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