A Georgetown home that sold in May for $6.75 million.
In January, UrbanTurf wrote an article on the effect that the incoming presidential administration could have on the luxury sector of the housing market in the DC region.
Halfway through the year, it is clear that the effect has been significant in DC proper.
The volume of home sales with prices higher than $2.5 million increased 71 percent in 2017 compared to the first two quarters in 2016, according to data analyzed by UrbanTurf, with nearly half those sales occurring in Georgetown and Spring Valley. Sales above $5 million shot up 140 percent, albeit given the low number of sales in this sector, four or five more transactions can move the needle pretty far in one direction.
“The upper-end market has been on fire in 2017,” Dana Landry, principal broker at Washington Fine Properties, told UrbanTurf. “Year-to-date, Washington Fine Properties has three homes sell over $10 million. With the $10 million barrier broken, the door is opened for buyers to be comfortable making an investment in this price range.”
While the new administration is in part to thank for this boost in sales, with a handful of sales in excess of $7.5 million going to members of the Trump administration, Landry notes that the charge has largely been led by area buyers, noting that nine of the 14 sales that Washington Fine Properties had this year above $5 million when to local residents.
This article originally published at http://dc.urbanturf.com/articles/blog/2.5_million_and_up_luxury_home_sales_in_dc_rise_71_in_2017/12838
Most Popular... This Week • Last 30 Days • Ever
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The housing market last month was not as hot as September 2020, but that is probably ... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
The latest installment of Above Asking revisits two recently-featured listings in the... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... 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