If you’re seeing more million-dollar homes on the market, it’s not just the spring real estate market heating up.
In Arlington, there are more than 100 homes listed at $1 million or more out of close to 450 properties on the market now. The most expensive listing: 2927 Glebe Road, a townhouse listed at close to $4.4 million. (The second most expensive home is listed for $3 million, and it’s a 3 bedroom, 3 bath penthouse at 1530 Key Blvd.)
According to Long & Foster, throughout the D.C. metro area there are more $1 million-and-up condos and homes on the market now than there were a year ago by about 8 percent, Washington Business Journal reported.
Overall, 11 percent of the current residential real estate listings in the D.C. metro area are listed at $1 million or more. Unfortunately, sales of these properties is slower compared to this time last year.
On the plus side, sales of residential properties are healthy across Northern Virginia. Housing inventory is up, and the ratio of sales price to list price remains high (between 97.6 percent and 98.8 percent across Northern Virginia), Long & Foster reported
“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, including in the Northern Virginia region,” said Jeffrey S. Detwiler, president and COO for Long & Foster. “In many places, we’re seeing homes selling quickly and increasing in median sale price.”