Seven-figure home sales make up a small percentage of Washington-area home sales, but it is not an insignificant share.
WASHINGTON — Seven-figure home sales make up a small percentage of Washington-area home sales, but it is not an insignificant share.
According to Long & Foster Inc.’s LuxInsight report, 12.2 percent of all inventory on the market in the D.C. metro area in November was listed for $1 million or more, and 2.8 percent were listed for between $2 million and $5 million.
Properties listed for more than $5 million accounted for 0.42 percent of all active inventory in November.
The number of homes listed at more than $1 million in November was 3.1 percent higher than a year ago.
The upper end of the D.C.-area housing market is active as well. Though seven-figure sales in November were down 3.6 percent from a year ago, the number of seven-figure sales was up 19.8 percent from two years ago.
There was also a 4.2 percent increase in luxury homes sold in November, compared to the previous month.
Luxury homes take longer to sell, but sellers get close to what they’re asking. Long & Foster said in November, the average sale price for homes more than $1 million was 96.6 percent of the average list price.
Those luxury listings took an average of 78 days to go under contract, compared to 73 days a year ago.
As of November, there were 1,949 active listings priced at $1 million or more, up 3.1 percent from a year ago.
The median price of a seven-figure home that sold in November was $1,275,000, down 2.8 percent from a year ago.
Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.