A home recently listed in DC for $7.4 million.
There aren’t a lot of homes for sale in DC but, relative to total inventory, there are a large proportion of homes for sale in the seven-figure range.
A recent analysis by UrbanTurf found that one out of every four homes on the market in DC in March was priced above $1 million. This is a rather marked increase from last year around this time when 20 percent of homes on the market were listed for above $1 million.
Specifically, 325 of the 1,266 homes on the market in DC last month carried price tags above $1 million. In certain DC neighborhoods, the volume of million-dollar listings is much higher. For example, in Georgetown, 72 percent of active listings in March were listed for over $1 million. In Kalorama, that percentage was 64 percent, and in Spring Valley, virtually every home on the market is listed for $1 million or more.
To put the high volume of homes listed above $1 million in a little bit of historical perspective, consider this: In March 2011, just 11 percent of active listings on the market were listed for above $1 million, and in March 2008, a mere 8 percent were in the seven-figure range.
This article originally published at http://dc.urbanturf.com/articles/blog/one_in_four_dc_homes_is_priced_above_1_million/12524
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