Long & Foster, the small real estate brokerage founded in 1968 that grew to become Greater Baltimore'sk largest, has been acquired by HomeServices of America Inc., an affiliate of Berkshire Hathaway, the company announced Thursday afternoon.
The acquisition includes the companies under Chantilly, Virginia-based Long & Foster’s umbrella, including Long & Foster Real Estate and businesses in mortgage, settlement services, insurance and property management.
Financial terms of the deal were not disclosed.
Jeff Detwiler, Long & Foster’s president and chief operating officer, will become CEO, while founder Wes Foster becomes chairman emeritus. Foster, now 83, founded the company with Henry Long, becoming the sole owner in 1979.
“Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me,” Foster said in a statement. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
Long & Foster is the largest residential real estate company in Greater Baltimore, with 2,155 local agents. The Creig Northrop Team of Long & Foster — located in Howard County — is one of the largest residential producers in the country.
The company has about 11,000 agents in more than 230 offices throughout the mid-Atlantic in Washington, D.C., Maryland, Virginia, West Virginia, North Carolina, Pennsylvania, Delaware, and New Jersey.
The transaction expands HomeServices’ footprint and positions it to be the country’s largest residential real estate brokerage company. Adding Long & Foster — which is also the largest private residential real estate company by sales volume in the U.S. — means HomeServices employs more than 41,000 real estate professionals across 30 states and the District.
HomeServices is expected to facilitate more than $123 billion in sales, nearly 340,000 home sale transactions and nearly 200,000 mortgage, insurance, title and escrow transactions during 2017, according to the announcement. It is owned by Berkshire Hathaway Energy, a consolidated subsidiary of Berkshire Hathaway Inc., and is the majority owner of the Berkshire Hathaway HomeServices, Prudential Real Estate, and Real Living Real Estate franchise networks.
Berkshire Hathaway HomeServices is one of the largest residential real estate firms in the Baltimore area.