Real estate is local and while trends affect the market as a whole, each area experiences its own ebbs and flows. The Capital Region is no exception, with the third quarter of 2018 bringing varied results throughout Northern Virginia, Washington, D.C., and Montgomery County, Maryland, in both the traditional and luxury ($1M+) markets, according to the latest analysis from Long & Foster.
As a whole, the number of homes for sale in the Capital Region declined 4.5 percent, although D.C. proper saw inventory rise almost 12 percent, according to the Long & Foster | Christie’s International Real Estate 2018 Q3 Quarterly Capital Region Market Report. Northern Virginia and Montgomery County both experienced declines in inventory, which, in turn, drove faster sales.
On average, properties were selling in 55 days in Northern Virginia and 50 days in Montgomery County—down double-digits from the same period last year. Median sale prices held fairly steady in the third quarter, with only slight declines in D.C. and Montgomery County.
Within Washington, D.C., luxury home sales increased by 8.7 percent in the third quarter of the year, while median sale prices decreased by 1.5 percent. Average monthly inventory increased by 11.7 percent, and the days on market increased by 37 percent to 37 days.
Luxury real estate sales increased slightly in Northern Virginia in the third quarter of 2018, with units sold up by 2.2 percent. Average monthly inventory dropped by 4.0 percent compared to the third quarter of 2017, while median sale prices remained unchanged. The average time properties spent on the market declined by 14.1 percent, selling faster than a year ago.
In Montgomery County, Maryland, the number of luxury properties sold in the third quarter rose by 10.2 percent. Average monthly inventory of luxury homes for sale declined by a 2.5 percent for the quarter, and the median sale price decreased by 1.5 percent. The average marketing time dropped 10.7 percent to 50 days, down from 56 days in the same quarter in 2017.
In addition to highlighting major trends in the D.C. region, the Long & Foster | Christie’s Capital Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.