WASHINGTON — A million dollars doesn’t buy what it used to, and the number of million dollar-plus homes for sale in the Washington market continues to rise.
Long & Foster’s most recent Luxury Insight report says 13.79 percent of houses and condos listed for sale in the Washington metro in May were priced at $1 million or more.
Of those, 3.2 percent were priced between $2 million and $5 million, and 0.44 percent were on the market for more than $5 million.
And the luxury ranks are growing, with 1,099 new listings priced at $1 million or more coming to market in May. Total active inventory in the million dollar-plus range is now 2,646 houses and condos.
Seven-figure homes are selling in Washington.
In May, 550 such listings sold, up 1.5 percent from a year ago. Seven figure sales were up 33.2 percent from May of 2016.
The median list price for the million dollar-plus market in the D.C. area in May was $1.302 million.
Long & Foster says the total dollar volume sold in the $1 million-plus category was $844.8 million, up 4.2 percent from May 2017.
Five of Long & Foster’s top 10 seven-figure sales in May sold in less than two weeks.
