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The DC Region’s Million-Dollar Homes Set a Record in April

by Lark Turner

The DC Region's Million-Dollar Homes Set a Record in April: Figure 1
A condo that hit the market in April for $1.225 million.

Here is further proof that the DC region is becoming the land of increasingly expensive homes.

More homes priced north of $1 million hit the DC-area market in April than in any month in the last 20 years, according to data from RealEstate Business Intelligence. As far as RBI knows, that’s a new record: their data don’t go back any further.

The total number of new listings priced at $1 million or more came in at 956 in April. That’s up significantly from the previous one-month record of 855 listings set in May 2006. Altogether there were 1,848 listings priced at $1 million or more on the market in April; 820 of those listings were in Fairfax County.

The DC Region's Million-Dollar Homes Set a Record in April: Figure 2
Click to enlarge.

Most of the $1 million-and-up listings that hit the market in April were also in Fairfax County, at 380, followed by Montgomery County at 267 listings and DC at 166.

Assuming a 20 percent down payment, RBI calculates that a person purchasing a million-dollar home would have to be making at least $200,000 or more a year to afford it.

See other articles related to: million-dollar homes dc

This article originally published at http://dc.urbanturf.com/articles/blog/dc_million_dollar_homes_set_record_april/9880

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