A home on the market in DC for $6.99 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.
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.
This article originally published at https://dc.urbanturf.com/articles/blog/24_of_homes_for_sale_in_dc_price_above_1_million/12291.
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