loading...

28 Percent of Homes in DC Are Priced Above $1 Million

  • June 1, 2018

by UrbanTurf Staff

28 Percent of Homes in DC Are Priced Above $1 Million: Figure 1
A home on the market in DC for $4.5 million.

Rising home prices in DC are resulting in an increasingly high number of homes on the market with seven-figure price tags. 

A recent analysis by UrbanTurf found that 28 percent of homes on the market in DC in April were priced above $1 million. In 2017, one in four homes in April carried a million-dollar price tag, and the year prior, the proportion was just 20 percent.

Specifically, 351 of the 1,285 homes on the market in DC in April carried price tags above $1 million. In certain DC neighborhoods, the volume of million-dollar listings was much higher. For example, in Georgetown, 75 percent of active listings were listed for over $1 million, and the proportion in Chevy Chase was just below that. In Spring Valley, every home on the market in April was listed for $1 million or more.

Given how many times a million-dollar asking price flashes across the headline of an UrbanTurf article, the news in this article shouldn't come as much of a surprise. However, to put the high volume of homes listed above $1 million in a little bit of historical perspective, consider this: In March 2011, just 11 percent of active listings on the market were listed for above $1 million, and in March 2008, a mere 8 percent were in the seven-figure range.

Photo courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.com/articles/blog/28-percent-of-homes-in-dc-are-priced-above-1-million/14060

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!