DC Home Sales Above $2 Million Reach Record Levels in 2017

  • January 30th 2018

by UrbanTurf Staff

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DC Home Sales Above $2 Million Reach Record Levels in 2017: Figure 1
A home in Cleveland Park that sold for $5.3 million in 2017.

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. 

DC Home Sales Above $2 Million Reach Record Levels in 2017: Figure 2

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.

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