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.
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.
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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