Some Of DC's Most Expensive Homes Are Finding Buyers Before They Are Built

• February 14th

by UrbanTurf Staff

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At the end of 2024, activity in the upper bracket of the DC-area housing market was so brisk that UrbanTurf was documenting new sales almost daily. This year, an extension of that trend is taking hold: homes listed for upwards of 8-figures are finding buyers...and they haven't even been built yet.

UrbanTurf found that five yet-to-be built homes with price tags above $5 million have been snatched up by buyers in the last two months. In contrast, that was about the total number of spec homes listed above $5 million that sold in the region in all of 2024. 

"This activity is the extension of luxury and ultra luxury submarkets that have experienced accelerated sales over the last three months," Robert Hryniewicki of HRL Partners at Washington Fine Properties, told UrbanTurf. 

Hryniewicki is currently representing the seller of a nearly $10 million home in the works in DC's Kent neighborhood that went under contract about a month ago. Fear not if you had your eye on a home like this -- another nearly $10 million home is planned next door.

DC proper is not the only jurisdiction experiencing this trend. Out in McLean, a six-bedroom spec home is under contract at a list price approaching $11 million. 

"Large parcels of land are hard to find in McLean and they are pricey when you do locate them," listing agent Lisa Joy said. "That, coupled with the cost of construction for the type of house today's buyer is seeking is definitely going to result in the continued uptick of these pre-construction sales in the luxury market."

Joy noted that she is working on a very high-end new development in the Knolewood section of McLean where she already has multiple reservations from buyers. 

"There's not enough supply for the demand of well-executed, turn-key product in the blue chip sought-after neighborhoods throughout the Capital region." Hryniewicki explained. "It's the continuation of the post pandemic 'bigger is better' trend of larger parcels, larger interior square footage, and larger number of amenities."

This article originally published at https://dc.urbanturf.com/articles/blog/some_of_dcs_most_expensive_homes_are_finding_buyers_before_they_are_built/23191.