The neighborhoods in DC with the highest real estate prices per square foot so far in 2022 are largely concentrated in one section of the city.
Leading the way is Georgetown, with a median price per square foot of $774, slightly lower than the $806 metric at this time last year. Coming in second at $745 a square foot is West End, and Logan Circle and Woodley Park also have prices north of $700. Mount Vernon Square came in just south of $700 ($696).
As UrbanTurf has previously noted, price per square foot is one of those tricky measures in real estate. In DC, a home’s square footage consists of the above-grade finished living area. According to the DC Property Tax Division, that is “comprised of the finished areas of the main floor (kitchen, living room, dining room, etc.) and any finished areas above the main floor.” However, there is no exact science when it comes to measuring square footage, something that UrbanTurf commenter skidrowedc pointed out several years ago.
“Price per square foot has value as a general statistical indicator, tracking movements at neighborhood and regional scales. But overemphasis on price per square foot, combined with no legal standard for how to calculate square footage, creates an incentive to cheat the footage upward. Moreover, at the scale of an individual condo or house, it’s as much about how well the square footage is laid out than the actual quantity of square feet.”
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/north-of-700-the-highest-prices-per-square-foot-in-dc/19803.
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