Luxury home sales are up in the D.C. area
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The DMV's luxury real estate market is booming, and it's dominating the mid-Atlantic, per a recent report from Bright MLS.
Why it matters: Higher-income buyers are less burdened by steadily high interest rates and D.C.'s expensive prices.
The big picture: The number of luxury home sales around Washington jumped 60% last quarter, compared to the beginning of the year.
- And more are going for above listing price: 41% last quarter — up from 33% at the year's start.
State of play: The greater D.C. region is home to eight of the 10 mid-Atlantic ZIP codes that saw the most luxury sales last quarter, says the report.
- McLean came in at the top spot, with 75 lux sales.
- Bethesda, the District, and Virginia's Haymarket came in at number three, four, and five, respectively. (Number two was Princeton, N.J.)
And the top five most expensive mid-Atlantic luxury home sales last quarter all took place around the DMV.
- Top of the list: This 2,000-acre estate in Hume, Va., that went for $18.8 million in April.
Between the lines: Bright MLS qualifies a "luxury" sale in the DMV as anything costing over $1.6 million, it tells Axios — the highest threshold out of any of the mid-Atlantic areas listed.
Zoom in: An increasing number of luxury homes in the DMV are purchased with all cash, per data Bright MLS shared with Axios.
- 32% of DMV lux home sales last quarter were all-cash — up from 31% at the beginning of the year.
- When looking at all local home sales last quarter, the number of all-cash buyers dropped to 19%.