The record home prices set in DC in 2021 resulted in property values rising across the city, and the most expensive areas were not exempt.
An analysis by UrbanTurf with data from Bright MLS found that there were 14 neighborhoods in DC where the median home price exceeded $1 million in 2021. And in the majority of those neighborhoods, prices were higher last year than they were in 2020.
The three priciest neighborhoods in DC -- Woodley Park, Kent and Spring Valley -- all saw home prices rise last year, with Kent leading the way with 23% appreciation. Georgetown saw the highest appreciation jump on the list with home prices rising 31% last year.
Out of the 14 neighborhoods, the only two where the median home value dropped were Foxhall and Palisades, however that drop is a little deceiving. In both those neighborhoods, the volume of smaller homes to sell in 2021 was much higher than 2020 thus skewing the median price.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs-million-dollar-neighborhoods-got-more-expensive-in-2021/19226.
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