The number of neighborhoods in DC where the median home price hit or exceeded $1 million reached a record level in 2022. And the prices in most of those neighborhoods only keeping going up.
An analysis by UrbanTurf with data from Bright MLS found that there were 16 neighborhoods in 2022 where the median home price exceeded $1 million, up from 14 neighborhoods in 2021. In the majority of those neighborhoods, prices were higher last year than they were in 2021.
The three priciest neighborhoods in DC -- Foxhall, Kent and Spring Valley -- are now the three sections of the city where home prices regularly exceed $2 million. Berkley could arguably also be included in that group.
Out of the 16 neighborhoods, there were just four -- Woodley Park, Crestwood, Georgetown and N. Cleveland Park -- where the median home value fell, however that drop is a little deceiving. In most of those neighborhoods, the volume of smaller homes to sell in 2022 was much higher than 2021 thus skewing the median price.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs_million-dollar_neighborhoods_got_more_expensive_in_2022/20523.
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