What's Hot: A 50-Unit Development is Pitched For Recognizable Buildings Along H Street | The Fastest Moving Prices in DC
24% of Homes For Sale in DC Are Priced Above $1 Million
A little over a year ago, District Measured, the blog for DC’s Office of Revenue Analysis, published a post that suggested that the $1 million price point should no longer be used as the benchmark for DC’s luxury residential market, mainly because that price point was becoming more and more prevalent.
In early 2017, that post is proving to be correct.
UrbanTurf recently looked through data provided by MRIS, a Bright MLS, and found that 24 percent of the 1,100 active listings on the DC market in January were priced above $1 million. In contrast, just 12 percent of the for-sale inventory was priced above $1 million in January 2010.
story continues below
loading...story continues above
Another data point that we looked at was how the number of listings priced above $2 million, likely a better metric for luxury real estate these days, has increased in recent years.
For the period of December 2016 through February 2017, 94 listings priced above $2 million hit the market in DC, a 45 percent increase versus the same three-month period a year ago, and a whopping 141 percent rise compared to 2013-2014. Perhaps our new administration is the reason that so many high-priced homes are hitting the market, but any way you look at it, the data proves what we’ve known for awhile: DC is an expensive place to buy a home.
Photo courtesy of HomeVisit.
Similar Posts:
This article originally published at http://dc.urbanturf.com/articles/blog/24_of_homes_for_sale_in_dc_price_above_1_million/12291
Most Popular... This Week • Last 30 Days • Ever

DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »

Just a month after setting a new high in March, the value of a house in DC skyrockete... read »

The National Capital Planning Commission will consider approval of the final master p... read »

A look around DC to see where home sellers are dropping their prices.... read »

The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
- First-Timer Primer: DC's Home Buyer Assistance Programs
- $1.4 Million: The Price for a House in DC Hit a New High in April
- The Massive Development at DC's Armed Forces Home Looks to Get Key Approval in June
- Where Are Home Sellers Dropping Their Prices in DC?
- A 50-Unit Development is Pitched For Recognizable Buildings Along H Street
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro