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.
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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