Big Selection in the Luxury Market

Every day I search the multiple listing service looking for something that sticks out. Sometimes it’s a neighborhood that’s really active, others it is a price point which is unusually quiet. Poking around this morning, I found there are 42 existing homes for sale over $2 million in LoCo (10 yet to be built new construction are listed as well).

Considering over the last 5 years an average of 6 of these luxury properties have sold, 42 on the market now is extremely high. The home pictured above has only been on the market a week, but as of this morning the average is 402 days. Two of these homes have been looking for a new owner for over six years. Interestingly, only twelve of the homes currently listed have been built since 2000, while twelve others are at least 175 years old.

Curious about the most expensive listing for sale in Loudoun? It’s an Inn & Retreat in Middleburg on 358 acres listed for $16,000,000. The property includes an eight bedroom manor home, 20 room Inn, three cottages, a log cabin, and an observatory.

Not everyone has a million dollar home, but if you would like to know what yours is worth click here for our home value report. Too bad the Redskins haven’t been able to bring any free agents, Dan Snyder could have helped clear up some of this inventory with his own checkbook.

Cheers,
Mike