Area real estate experts say many first-time buyers want a picture-perfect, move-in ready condo, and they are paying a premium for it. There are hidden costs to that, and a lot of more affordable options. But there’s a good reason young people don’t jump at them either.
The number of homes sold so far this year in the immediate D.C. area was down 30 percent compared with the same period last year, according to numbers from Terradatum/Bright MLS, compiled by Long & Foster Real Estate.
Sales of houses and condos in the District were largely lower in December but prices continued to rise and the number of homes listed for sale was up from a year ago.
Should Washington expect a dramatic acceleration in home price appreciation once Amazon starts marching its army of HQ2 employees into Northern Virginia?
Prices of houses and condos that sold throughout Northern Virginia, Maryland and the District were largely up in October compared to a year ago, but the number of sales was almost universally down.
Built in 2008, the home is one block from the Rehoboth Beach boardwalk and includes one of the last deeded gazebos on Silver Lake. The homes comes complete with an elevator and a four-car garage. See photos.
It takes more than half a million dollars to buy a median-priced home in the D.C. nowadays, but potential buyers — even those who can afford the D.C. market — continue to struggle to find something to buy.
Long & Foster’s most recent Luxury Insight report says nearly 14 percent of houses and condos listed for sale in the Washington metro in May were priced at $1 million or more. And the luxury ranks are growing.
A plunge in the amount of properties for potential buyers to look at also put a dent in sales, with units sold in D.C. down 12 percent from a year ago, and down 8 percent in Arlington County.
When Long & Foster started, it was a two-man operation. Now, 50 years later, it operates more than 200 offices across the Mid-Atlantic and Northeast from North Carolina to New Jersey and has more than 11,000 agents.
With prices at or near new highs, why are there so few residential properties on the market, especially in the first-time buyer market?
Long & Foster Real Estate Inc. announced it will be acquiring Evers & Co., a local real estate brokerage, for an undisclosed sum.
Chantilly, Virginia-based Long & Foster Companies Inc., one of the largest residential real estate companies in the country, has been acquired by HomeServices of America Inc., a Berkshire Hathaway subsidiary that has been aggressively acquiring real estate companies.
Most of the District’s million dollar-plus sale are suburban mansions and renovated city row houses, but there is a growing demand for equally-expensive condos.
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.
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