More than 220 homes in DC have sold for above $2 million this year, an indication that the city may be on track for its best year on record when it comes to luxury home sales.
An analysis by UrbanTurf, with data provided by Bright MLS, found that more than 3 percent of the homes sold in the city through October fetched north of $2 million. Specifically, 222 of the 6,940 listings sold in 2020 were purchased for $2 million or more.
For each of the last three years, luxury transactions in this price point have accounted for about 2.5 percent of total sales, even in 2017, when the city set a record of 240 sales above $2 million. Sales in this price point are on pace to match and possibly eclipse that total in 2020.
As for where in DC homes are selling for more than $2 million, it is where you might expect. One out of four homes sold in Georgetown fell into this category in 2020 while approximately 45 percent of the homes sold in Spring Valley and Kent sold for above $2 million. As for the neighborhood where you are almost guaranteed to pay this premium, it's Massachusetts Avenue Heights where the average sales price this year is $3.5 million.
This article originally published at https://dc.urbanturf.com/articles/blog/2-million-and-up-luxury-home-sales-in-dc-on-pace-for-record-year/17491.
Most Popular... This Week • Last 30 Days • Ever
This week's Best New Listings includes an expansive three-building property in Maryla... read »
UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »
As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »
Prices in Wesley Heights, a DC neighborhood to the south of Spring Valley bordered by... read »
Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... read »
A revised plan is on the boards for a group of five townhouses in the middle of China... read »
The proposed district would encompass the neighborhood's commercial strip along Conne... read »
WTOP is reporting that The Heights, an eight-stall food hall that is taking over the ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro