The number of homes for sale in the D.C. region remains tight and sales are constrained as a result, but the high end of the market is moving briskly.
There are currently 489 homes for sale in the District alone that are priced at $1 million or more.
The most expensive listing in D.C. currently is a gated, 14,000-square-foot, eight-bedroom, 14-bath home on 3/4 of an acre on Foxhall Road in Northwest, with a pool, wine cellar and parking for 10 vehicles, priced at just under $17 million.
It has three kitchens, including one kitchen the listing calls “a restaurant grade kitchen for your in-house chef.”
In the District, million dollar-plus listings sold in an average of 28 days in the second quarter, down from an average 39 days in the first quarter, according to Long & Foster Real Estate Inc.
Luxury home sales in Maryland’s Montgomery County went under contract in an average of 45 days, down from 67 days in the first quarter.
In Northern Virginia, it was an average 42 days, down from 55 days in the first quarter.
The median price of a luxury home sold in D.C. in the first half of 2020 was $1.38 million. In Northern Virginia, it was $1.294 million. In Montgomery County it was $1.27 million.
Where are the most million-dollar-plus listings? The Kent neighborhood in upper-Northwest D.C., bounded by Loughboro Road, MacArthur Boulevard and Chain Bridge Road, is where you will find them. Long & Foster reports 100% of active listings in the Kent neighborhood — all of them — are listed for $1 million or more. There are 22 active listings currently in Kent.
Here’s how the percentage of listings at $1 million or more breaks down, according to Long & Foster:
DISTRICT OF COLUMBIA
Chevy Chase: 67%
Wesley Heights: 50%
Great Falls: 91%
Cabin John: 88%
Chevy Chase: 57%
The number of homes listed for sale across the Washington region in the first half of 2020 was down 43% from the same six-month period last year, according to Long & Foster. The number of closed sales during the first half of the year was down 13% overall.
But the number of luxury homes that sold in the D.C. region — those priced at $1 million or more — was down only 7%. The number of seven-figure-or-higher listings was down just 18% from the first half of 2019.
The median price of luxury homes sold in the first half of 2020 was up 4.3% from a year ago.
Read Long & Foster’s entire first-half 2020 luxury residential real estate report for the D.C. region.