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Million-dollar home sales are up in the D.C. area

Wednesday - 5/21/2014, 12:26pm  ET

One-in-nine houses and condos currently on the market in Washington is listed for $1 million or more, and seven-figure sales are up.

Long & Foster’s Luxury Insight report says 10.8 percent of the current residential inventory for sale is listed at $1 million or more. There are 85 homes currently on the market for $5 million or more.

Long & Foster says 281 houses and condos went for $1 million or more in April, up 6.8 percent from a year ago, and up 36 percent from two years ago.

Active inventory of seven-figure properties is up 11.6 percent from April 2013.

Seven-figure properties take longer to sell, but they’re selling faster. Long & Foster says properties that sold for $1 million or more last month were on the market an average of 65 days, selling almost twice as fast as 15 months ago.

One $2.2 million property represented by Long & Foster in Chevy Chase, Maryland was on the market for just one day. A $3.2 million home in Bethesda found a buyer in 10 days.

Last month’s highest priced sale in the Washington region was a Georgetown mansion that sold for $16.1 million.

© 2014 American City Business Journals, Inc.