What's Hot: A Closer Look at the Mansion Tax | New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
$2 Million and Up: Luxury Home Sales in DC on Pace for Record Year
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.
story continues belowloading...
story continues above
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.
See other articles related to: luxury real estate dc, million-dollar homes dc
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
Clarion Partners, the owner of the Chevy Chase Pavilion, has filed modifications to i... read »
The new development keeps humming along in DC's Buzzard Point.... read »
Where it's cheaper to build than buy; Elon Musk is not making Texas happy; and the wo... read »
If you are tired of getting lost in their stores, IKEA has a new location planned tha... read »
The Townhomes at Michigan Park and Riggs Park Place are now selling their final homes... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... 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 »
- Plans Progress For a New Grocery Store at Friendship Heights Mall
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- Friday's Must Reads
- IKEA Opening Small Format, Delivery Only Location in Pentagon City
- New, Move-In Ready Townhomes at EYA’s Northeast DC Neighborhoods
- Whole Foods at Walter Reed To Open This Summer
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
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