What's Hot: Arlington County Approves Missing Middle Zoning | Move-In Ready Townhomes at EYA's Northeast DC Neighborhoods
DC Home Sales Above $2 Million Reach Record Levels 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.
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

The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »

The new development keeps humming along in DC's Buzzard Point.... read »

It is early in the year, but there are already a number of areas around DC where home... read »

Today, UrbanTurf is taking a look at the tax benefits associated with buying a home t... read »

If you are tired of getting lost in their stores, IKEA has a new location planned tha... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- DC's 14 Million-Dollar Neighborhoods in 2023
- A Look At The Tax Benefits of Buying a Home Through a Trust
- IKEA Opening Small Format, Delivery Only Location in Pentagon City
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro