DC’s Million-Dollar Neighborhoods

• July 6, 2018

by Nena Perry-Brown

Last week, UrbanTurf highlighted the ten cheapest housing markets in DC. Now, we head to the other end of the spectrum and look at the eight neighborhoods where listings are selling, on median, for at least $1 million in 2018.

For the third year in a row, Massachusetts Avenue Heights remains the city's most expensive neighborhood, with a median sales price of $2.4 million thus far this year. 

Berkley and Spring Valley are the next two most-expensive neighborhoods, with respective median prices of $1.5 million and $1,434,500. Kent, Burleith, Georgetown, Hawthorne and Chevy Chase round out the million-dollar list. American University Park just misses the threshold, with a median price of $993,500; Crestwood is the next most-expensive, with a median price of $972,750, although the neighborhood had a median above $1 million last year.

As the chart above reveals, the high-priced market in Massachusetts Avenue Heights means that listings tend to sit on the market for extended periods of time; the median days on market in the neighborhoods for 2018 is 268. In contrast, four of the neighborhoods listed above see listings sit on the market for a median of about a week or so. Lastly, buyers in Hawthorne and Chevy Chase, the two least-expensive of the million-dollar neighborhoods, tend to pay full listing price or more, on average.

This article originally published at http://dc.urbanturf.com/articles/blog/dcs-million-dollar-neighborhoods/14194