What defines DC’s ‘luxury home’ market? It’s not necessarily the very rich

What defines DC’s ‘luxury home’ market? It’s not necessarily the very rich

The luxury home market is defined as homes priced in the top 5% of prices. In the D.C. metro, that has climbed to $1.7 million, making the region one of the most expensive luxury home markets. Luxury home sales have outperformed the overall market in D.C. in recent years, but the pace of those sales slowed. In the first quarter, listing service Bright MLS reports pending sales of luxury homes were down 10.8% from a year ago, compared to a 2.8% a…