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
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Another development is moving forward spitting distance from another entrance of the ... read »
The outpost will bring some of Sandlot's successful partnerships and experiences to a... read »
With 2021 in the rearview mirror, UrbanTurf breaks down a series of numbers that prov... read »
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
After two years of market forces left this neighborhood nearly unrecognizable, signs ... read »
The Shaw pipeline is starting the year off hot.... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
Is U Street regaining steam as the development center of gravity in the neighborhood?... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro