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$2 Million: The New Benchmark For Luxury in the DC Housing Market

  • November 10, 2015

by Tianna Mañón

$2 Million: The New Benchmark For Luxury in the DC Housing Market: Figure 1
Share of single family home sales valued at more than $1 million. Click to enlarge.

There are too many $1 million dollar homes in the District.

A blog post by District Measured published Tuesday suggests that the $1 million price point should no longer be used as the benchmark for DC’s luxury residential market because that price point is too commonplace these days.

“The share of overall sales of single family homes valued more than $1 million has risen from only 3 percent of all home sales in 2001 to over 18 percent in 2015,” District Measured’s Steve Giachetti writes. In contrast, only four percent of homes in the city are now valued above $2 million making it a more relevant price point for luxury and exclusivity.

While $2 million is the new $1 million, District Measured admits that this new benchmark could soon need to be increased again as home values in the District continue heading north.

See other articles related to: district measured

This article originally published at http://dc.urbanturf.com/articles/blog/2_million_as_the_new_luxury_benchmark/10569

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