But the metric that measures the median selling price of all properties being sold, including those in the upper 5% of price range, is defined as the luxury market. In the D.C. metro, that is homes priced at $1.8 million or more.
“The most active buyers in the market right now are higher-income buyers,” said Lisa Sturtevant, chief economist at listing service Bright MLS. “Because they are more active in the market, they are actually skewing that median sold price, making it look like the overall market is seeing price gains. But it is really about the middle of homes being sold.”
The luxury market has traditionally seen less competition from buyers, but Bright MLS noted a change in competition at the higher level starting in the second quarter of this year…