ELLIMAN INTEL
T H E G EO G R A P H Y O F W E A LT H , C A P I TA L & LU X U RY R E A L E S TAT E : M I D -ATL A NTI C
Wealth is moving. The region is changing.
B E T H E S DA
The Mid-Atlantic is not a single luxury market. It is a collection of distinct centers shaped by global capital, government, technology, established estate wealth and urban reinvestment. Across Douglas Elliman’s Mid-Atlantic footprint, Georgetown, Washington, D.C., Bethesda, McLean and Richmond each tell a different story. Georgetown combines historic prestige with concentrated luxury. Washington serves as an international center of influence, capital and culture. Bethesda is evolving through transit-oriented development. McLean pairs high-value residential communities with the transformation of Tysons, while Richmond brings established wealth together with urban redevelopment and regional growth.
28,900
McLEAN
GEORGETOWN
RESIDENT MILLIONAIRES IN THE WASHINGTON REGION WA S H I N G T O N , D . C .
ARLINGTON
FA I R FA X
+92% GROWTH IN RESIDENT
MILLIONAIRES, 2014–2024
$5.1B
RESIDENTIAL SALES ACROSS WASHINGTON, D.C., BETHESDA AND MCLEAN ALEX ANDRIA Source: U.S. Census Bureau, ACS 5-Year Estimates; place-level data for Washington, D.C., North Bethesda CDP, McLean CDP and Richmond.
E LLIMAN INTE L | SE PTE MBE R 2026
Five markets. Five distinct economic landscapes. WASHINGTON, D.C.
BETHESDA
G OV ER N M EN T, C U LT U R E ,
T R A N S I T- O R I E N T E D G R O W T H , A F F LU E N T
G LO B A L CA PI TA L
DEMOGRAPHICS, MIXED-USE
GEORGETOWN
MCLEAN + TYSONS
RICHMOND
H I S TO R I C PR ES T I G E , WAT ER FRO N T,
E S TAT E W E A LT H , L A RG E-S CA L E
E S TA B L I S H ED W E A LT H , U R B A N
C O N C EN T R AT ED LU X U RY
D E V ELO P M EN T, E X EC U T I V E W E A LT H
R ED E V ELO PM ENT, R EG I O N A L G ROW TH
Market
Median HH Income
Median Home Value
Bachelor’s+
Georgetown
$140,996
$1.292M
87.3%
Washington, D.C.
$109,707
$733,400
65.5%
Bethesda
$129,092
$731,800
75.1%
McLean + Tysons
$250,001
$1.413M
84.3%
Richmond*
$64,587
$353,000
45.6%
*Regional counterpoint to the D.C.-metro wealth corridor.
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Where people move, capital follows...
D.C.
Montgomery County
1,458
N E T TA X R E T U R N S
Montgomery County
356
HOUSEHOLDS
Richmond
620
$232.6M NET AGI
D.C.
$52.1M NET AGI
Henrico + Chesterfield
N E T TA X R E T U R N S
-$83.5M NET AGI
Net migration data shows that money and people don’t always move together across the Mid-Atlantic. Montgomery County is posting solid net gains from both D.C. and Fairfax, pulling in both tax returns and AGI on balance. Richmond tells the opposite story — the city is gaining households overall, but losing significant AGI to Henrico and Chesterfield, meaning its wealthiest residents are the ones leaving. The takeaway: Population growth alone doesn’t tell you whether a market is gaining or losing wealth. Source: IRS Statistics of Income (SOI) Migration Data, published at the county level.
E LLIMAN INTE L | SE PTE MBE R 2026
Residential real estate is the clearest expression of wealth. Market
Sold Volume
Median Sold Price
Cash Share
Washington, D.C.
$3.537B
$675,000
24.1%
Georgetown
$475.9M
$1,305,000
44.5%
Bethesda
$947.2M
$1,300,000
32.1%
McLean
$630.8M
$1,900,000
40.8%
Richmond is excluded from comparative residential transaction statistics because equivalent market-level MLS data was not available on a directly comparable basis. Source: Bright MLS, which covers D.C., Maryland and Northern Virginia.
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Luxury in the Mid-Atlantic takes different forms. Georgetown and McLean demonstrate concentrated high-value residential markets, while Washington reflects a broader and more diverse housing ecosystem.
Georgetown
$1.305M MEDIAN
44.5% CASH
Bethesda
$1.300M MEDIAN
32.1% CASH
McLean
$1.900M MEDIAN
40.8% CASH
Washington, D.C.
$675K MEDIAN
24.1% CASH
Source: Bright MLS, which covers D.C., Maryland and Northern Virginia.
Luxury does not follow a single model.
E LLIMAN INTE L | SE PTE MBE R 2026
It extends beyond the front door.
GEORGETOWN Four Seasons Hotel • Ritz-Carlton • Rosewood • 150+ fashion retailers • Cady’s Alley/Georgetown Design District • Washington Harbour • C&O Canal • Potomac waterfront
WASHINGTON, D.C. Waldorf Astoria • Hay-Adams • The Jefferson • Conrad • Salamander • CityCenterDC • Union Market District • The Wharf • Luxury dining • Arts • Cultural institutions
BETHESDA Pike & Rose • IPIC • Strathmore • Entertainment + wellness • Upscale dining + retail
RICHMOND The Jefferson • Quirk Hotel • Short Pump Town Center • West Broad Street • Carytown • Scott’s Addition • Arts District • Destination dining + culture
McLEAN + TYSONS Ritz-Carlton Hotel • Archer Hotel Tysons • Tysons Galleria • Neiman Marcus • Designer boutiques • High-end dining
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The next generation of the Mid-Atlantic is already under construction.
Georgetown
55+
UNITS IN DEVELOPMENT
Washington, D.C.
1,930
UNITS BROKE GROUND
Bethesda
7,222
APPROVED UNITS
McLean + Tysons
1,058
UNITS UNDER CONSTRUCTION
Richmond
1,930
M U LT I FA M I LY U N I T S U N D E R W AY
Pipeline figures combine locally reported units at different stages of development, including under-construction and approved projects. The aggregate is intended as an indicator of development scale rather than a standardized pipeline inventory.
E LLIMAN INTE L | SE PTE MBE R 2026
RICHMOND URBAN INFILL + SUBURBAN GROWTH
Industrial-to-residential transformation, urban infill and suburban growth distinguish Richmond from the four Washington-area wealth nodes. 1,930 multifamily units are underway regionwide, with major concentrations in western Henrico and Downtown.
GEORGETOWN
BETHESDA
PR ES ERVAT I O N + LU X U RY REDEVELOPMENT
T R A N S I T- O R I E N T E D U R BA N IZ AT I O N
Luxury redevelopment, hospitality and retail strength are adding residential capacity while preserving Georgetown’s high-barrier historic character.
Large-scale development is transforming a historically suburban commercial corridor into a dense mixed-use residential center.
The pipeline includes the Four Seasons Private Residences redevelopment and a 228-room citizenM hotel.
2,844 of 7,222 approved units have been delivered, leaving substantial remaining buildout across 18 projects. MCLEAN + TYSONS
WASHINGTON, D.C. ADAPTIVE REUSE
Office-to-residential conversion is becoming a structural growth strategy, shifting obsolete commercial inventory toward housing, hospitality and mixed-use development. 1,930 units have broken ground, with 14 conversion projects underway in 2025 that are expected to add roughly 2,000 additional units.
E S TAT E W E A LT H M EE T S URBAN DENSITY
McLean’s estate wealth is paired with Tysons’ transformation into a dense residential, retail and employment center. 1,058 units are under construction, with thousands more that are planned or in conceptual approvals.
Source: Washington DC Economic Partnership; Montgomery Planning; The Georgetowner; CoStar Research; Douglas Elliman analysis.
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01
CONCEN— TRATION
T H E M I D -AT L A N T I C S TO RY I S O N E O F C O N C EN T R AT I O N , M O B I L IT Y A N D T R A N S FO R M AT I O N .
The region’s affluent residential markets are not interchangeable. McLean operates at a different scale from Washington’s diverse urban market, while Georgetown combines high residential values with significant cash liquidity.
02
MOBILITY
Affluent households are relocating across jurisdictions, with much of the apparent market “loss” representing redistribution within the broader regional ecosystem.
TRANS— FORMATION 03
Aging commercial districts are being repositioned for residential and mixed-use development, with hospitality, retail and culture reinforcing these emerging centers.
E S TA B L I S H E D A N D N E W LY C R E AT E D C A P I TA L A R E I N C R E A S I N G LY INTERSECTING ACROSS THE REGION.
E LLIMAN INTE L | SE PTE MBE R 2026
The Mid-Atlantic is not standing still. Capital and households are moving across jurisdictions, concentrating within distinctive communities and reshaping where — and how — the region’s next generation of luxury lives.
26.2% COMBINED CASH-PURCHASE SHARE
ACROSS WASHINGTON, D.C., BETHESDA AND MCLEAN
19,500+ IDENTIFIED RESIDENTIAL UNITS IN
ACTIVE, UNDER-CONSTRUCTION OR APPROVED DEVELOPMENT PIPELINES AC RO S S T H E F I V E W E A LT H N O D E S
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FOR DOUGLAS ELLIMAN, THE INTERSECTION OF MARKET INTELLIGENCE, GLOBAL CONNECTIVITY AND LOCAL EXPERTISE DEFINES THE OPPORTUNITY ACROS S THE MID -ATL ANTIC.
© 2026 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY.