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One in Five DC Homes Is Priced Above $1 Million

  • May 20, 2016

by Nena Perry-Brown

One in Five DC Homes Is Priced Above $1 Million: Figure 1
A home for sale in Logan Circle.

A recently-released report from Trulia revealed that the percentage of million-dollar homes in the DC area rose slightly (2.7% to 4.4%) between 2012 and 2016. However, UrbanTurf took a more granular look around the region and found that a price point of $1 million and above is becoming more and more prevalent.

For example, 290 of the 1,307 homes on the market in DC in April were listed above $1 million — more than one out of every five homes on the market. The percentage of $1 million-plus listings in DC has actually risen 10 percentage points since 2011, from 12.1 percent to 22.2 percent.

These dynamics are even more pronounced in certain neighborhoods. In the last five years for the month of April, the number of listings priced at $1 million and above in Georgetown have accounted for at least 58 percent of active inventory in the neighborhood. On Capitol Hill, the proportion of homes above $1 million has ranged form 35 to 50 percent of active listings for four of the last five years. Logan Circle has a far smaller number of active listings, but the percentage of $1 million-plus homes there mirrors the percentage in the city overall.

DC’s suburbs are no slouch when it comes to pricey houses either. At least 49 percent of the active listings in Bethesda for the month of April have been above $1 million over the past five years. The percentage is even higher in Great Falls, Virginia, with at least 75 percent of active listings priced in the millions over that time.

Nationwide, the share of homes priced above $1 million rose from 1.6 to 3 percent between 2012 and 2016. And San Francisco lives up to its reputation for insane real estate prices — 57.4 percent of listings in the entire metro area for the California city are priced north of the seven-figure price point.

This article originally published at http://dc.urbanturf.com/articles/blog/one_in_5_homes_in_dc_are_priced_in_the_millions/11258

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