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$2.5 Million and Up: Luxury Home Sales in DC Rise 71% in 2017
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.
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“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 https://dc.urbanturf.com/articles/blog/2.5_million_and_up_luxury_home_sales_in_dc_rise_71_in_2017/12838.
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