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North of $2 Million: Luxury Home Sales in DC Reach Record Heights in 2021
This year will be unlike any before it when it comes to luxury home sales in Washington, DC.
So far in 2021, 330 homes in the city have sold for above $2 million, already crushing the record for home sales in this price bracket set in a year. The previous high was set in 2017 when the city had 240 home sales above $2 million.
An analysis by UrbanTurf, with data provided by Bright MLS, found that more than 4 percent of the homes sold in the city through October fetched north of $2 million. The percentage of sales in this price bracket has been steadily rising over the last five years, from 2.5% in 2017 to 3% in 2020 to 4% this year.
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As for where in DC homes are selling for more than $2 million, it is where you might expect.
One out of four homes sold in Georgetown in 2021 fell into this category while approximately 50 percent of the homes sold in Spring Valley and Kent sold for above $2 million. As for the neighborhood where you are almost guaranteed to pay this premium, it's Massachusetts Avenue Heights where the median sales price this year is $2.3 million.
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Photo courtesy of HomeVisit.
See other articles related to: georgetown luxury real estate, luxury market trends, luxury real estate dc
This article originally published at https://dc.urbanturf.com/articles/blog/north-of-2-million-luxury-home-sales-in-dc-reach-record-heights-in-2021/18919.
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