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 http://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
The priciest condo to ever sell in DC just closed last week, nearly a month after the... read »
The former Washington Nationals pitcher got his number in McLean.... read »
It would be the second multifamily development in the neighborhood in recent years to... read »
The 19-story residential project will replace the now-closed hotel.... read »
The project could deliver up to 38 apartments and new space for the church.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The 16.5-acre property along the banks of the Potomac known as River View sold on Fri... read »
A Tysons development has the area's five tallest buildings on the boards.... read »
Homeowners will be able to expedite the ADU approval process with two options for one... read »
A rezoning may be in the works for the AutoZone site.... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro