The state of the D.C. area real estate market

Dazzling new home in the heart of Chevy Chase designed by GTM. Incredible space exceeding 5,500 SQ FT. High-end kitchen, butler’s pantry and sun-filled family room with fireplace provide amenities and space for comfortable living. All of this plus separate dining room, living room, and gracious foyer make entry-level entertaining perfect. You will be delighted with the luxurious Master Suite as well as 4 other bedrooms and 3.5 baths. Superb finishes throughout and a garage complete this wonderful home. Offered at $2,295,000

David Howell, McEnearney Associates CIO: I want to thank Tom Williams of our Spring Valley office for letting us shoot in this beautiful home at 3304 Cummings Lane in Chevy Chase, Maryland. It’s incredible new construction, and it’s just immaculate. Over 5,300 square feet with five bedrooms and four and a half baths, there are thoughtful details throughout the house. One of my favorites is the crumb vacuum built into the kitchen island baseboard. Click here for the listing details, and I think you’ll be blown away.

But in this price category between $2,000,000 and $2,500,000 – which accounts for less than a quarter of one percent of all home sales in the region – the absorption rate is about 12%. While that means it’s a buyer’s market, that is still a solid number compared to most of the area’s upper bracket markets. In Potomac, Maryland, it’s 7%, McLean, Virginia is 10% and Great Falls Virginia it’s just 4%. About the only market that is stronger is on the other side of Western Avenue in Chevy Chase, D.C. – there, the absorption rate is closer to 20%.