Where to Find Million Dollar Plus Homes in D.C. & Northern Virginia

Washingtonian Magazine recently reported that Greater Washington's wealth has been growing rapidly thanks to soaring real estate prices, good high-paying jobs, the rebounding tech sector, lobbyists, etc.  Compared to New York, the D.C. area still lags behind with only 9 of the Forbes' 400 list living here.

With the increasing wealth in the region, there is also a large supply of luxury homes on the market.  Here's a breakdown for what's available and where in the D.C. & Northern Virginia luxury home market.

Washington D.C. -- Million Dollar Plus Homes

Luxury homes are selling at a fairly steady pace in the District with a current inventory of just under 6 months.  The areas of D.C. with the highest concentration of higher priced homes include Georgetown (with 45 on the market), Kalorama (with 29 on the market), Wesley Heights, Chevy Chase, Capitol Hill with ome very nice Victorian townhouses, Foggy Bottom, and Palisades.

Alexandria, Virginia -- Million Dollar Plus Homes

Alexandria homes in the million dollar plus luxury category are still selling fairly well though at a slower pace than in D.C. with a current inventory of about 7 months.  The highest current concentration of luxury homes are in Old Town Alexandria, with a good number of luxury townhouses in Fords Landing right on the Potomac River, and Harborside.  Some other upper bracket Alexandria homes are located in Braddock Heights, Kings Cloister, Potomac Greens, and a rare single family home in Cameron Station.

Arlington, Virginia -- Million Dollar Plus Homes

There are a lot of luxury home available in Arlington, Virginia with sales going quite well through the 1st half of 2007.  There is however approximately a 10 month inventory of million dollar plus homes, offering a good opportunity to luxury home buyers to find and negotiate a good deal.  Some of the more popular luxury neighborhoods in Arlington County include Berkshire Oakwood, the several Bromptons townhouse communities (Courthouse, Rosslyn, Clarendon), Ashton Heights, Country Club Hills (the highest concentration with 14 on the market), Lee Heights, and Lyon Village.  Homebuyers interested in the ultimate in luxury condominiums may be interested in the still under-construction Turnberry Towers in Rosslyn. 

Fairfax County:  Over 900 homes throughout Fairfax County are listed for sale at over $1,000,000, with an average price of $1,898,226.  58 have sold in this price range so far in June 2007 with almost 375 sales so far this year.  This will be the subject of a future article with a more in-depth breakdown by region of Fairfax County.