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DC’s Million-Dollar Home Sales Reach Record Levels in 2017

by UrbanTurf Staff

DC's Million-Dollar Home Sales Reach Record Levels in 2017: Figure 1
A home that sold in Georgetown earlier this year.

The prevalence of homes listed for $1 million or more in DC has been well-documented. As UrbanTurf reported earlier this year, approximately 25 percent of the homes on the market in DC in May carried a seven-figure price tag.

However, it is one thing for listings to have asking prices above $1 million and another for those listings to actually sell. But it appears that they are doing just that.

A new UrbanTurf analysis reveals that 2017 has been a banner year for million-dollar sales. Through the first three quarters, more homes sold for over $1 million than ever before.

Specifically, 917 homes sold for between $1 million and $2.499 million, 92 homes sold for between $2.5 million and $4.999 million and 13 homes sold for above $5 million. That accounts for about 15 percent of the total volume of sales in the District this year.

To put the volume of high-priced home sales in perspective, 40 percent more million-dollar homes sold in the first three quarters of 2017 compared to the same period in 2015. Going back to 2012, there has been a whopping 124 percent increase million-dollar sales.

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This article originally published at http://dc.urbanturf.com/articles/blog/dcs_volume_of_million-dollar_sales_reach_record_levels_in_2017/13192

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