Home | Newsletter | Advertise
loading...

24% of Homes For Sale in DC Are Priced Above $1 Million

  • March 3rd 2017

by UrbanTurf Staff

24% of Homes For Sale in DC Are Priced Above $1 Million: Figure 1
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.

Similar Posts:

This article originally published at https://dc.urbanturf.com/articles/blog/24_of_homes_for_sale_in_dc_price_above_1_million/12291.

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. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse