What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
DC Home Sales Above $2 Million Reach Record Levels in 2017
✉️ Want to forward this article? Click here.
![DC Home Sales Above $2 Million Reach Record Levels in 2017: Figure 1](https://assets.urbanturf.com/dc/images/blog/2942-ordway-550.jpg)
District, Measured, a blog from DC's Office of Revenue Analysis, had an interesting post at the end of 2015 which suggested that $1 million should no longer be used as the threshold for DC’s luxury residential market because that price point was too common. The blog deemed that $2 million was a better luxury benchmark.
If the activity in the DC market last year was any indication, that is proving to be true.
story continues below
loading...story continues above
An analysis by UrbanTurf, with data provided by Bright MLS, found that a record number of homes sold in DC for north of $2 million last year. Specifically, 240 of the 9,267 residential properties sold were purchased for $2 million or more.
At 2.6 percent of total sales, these luxury transactions are admittedly a small part of the total market. However, 240 total sales represents the highest number of sales above $2 million in the city on record, and 2.6 percent of total volume is a record proportion of home sales. A more granular look reveals that 9 percent of the detached homes sold last year fetched a sales price north of $2.5 million.
The record luxury sales volume shouldn't be that surprising given that home prices have been rising in the city and an increasing number of homes are being listed with seven-figure price tags. Still, the idea that "$2 million is the new $1 million" isn't making it any easier for homebuyers in DC.
See other articles related to: luxury real estate, luxury real estate dc
This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-sales-above-2-million-reach-record-levels-in-2017/13509.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro