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A Look at DC’s Million-Dollar Neighborhoods

by Nena Perry-Brown

A home that sold in Berkley last year.

While DC home prices continue to rise and surpass previous records, one thing has seemingly stayed consistent over the past few years: there are usually about 8-10 neighborhoods in the city where the typical listing sells for above $1 million.

For 2019, million-dollar neighborhood mainstays Spring Valley and Berkley were at the top of the list, with respective median sale prices of $1,805,000 and $1,665,000. On the other hand, Palisades and Burleith just missed the cut, both losing their million-dollar status as median prices dropped year-over-year in each to $995,000 and $970,000, respectively.

DC's million-dollar neighborhoods. Click to enlarge.

As seen in the table above, the American University Park (AU Park), Chevy Chase and North Cleveland Park neighborhoods stand apart in their competitiveness. The median price increased year-over-year in all three and the average sales price to original list price ratio for each came in above 100% for the year, a sign that listings are more often than not selling for above list price. 

Of the neighborhoods that made the list above, the median sales price dropped year-over-year in just two: Georgetown (from $1.25 million to $1,211,500) and Crestwood (from $1,082,500 to $1,067,500).

Massachusetts Avenue Heights, Woodley, and Hawthorne also had median prices above $1 million (respectively $2,205,200, $1.5 million, and $1.06 million), but we did not include those neighborhoods in our table because there were no more than 11 sales in each last year.

This article originally published at https://dc.urbanturf.com/articles/blog/dcs-million-dollar-neighborhoods/16338

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