With the spring housing market underway, UrbanTurf is taking its annual look at the neighborhood markets around the DC region. Last week, we looked at Capitol Hill and today we head over to Georgetown.
Perennially one of DC's most expensive housing markets in DC, Georgetown remains in that category in 2020 with a median home price above $1 million despite prices dropping 14 percent year-over-year. Cash sales are still prevalent representing one out every four sales in the neighborhood this year. The inventory of homes for sale sits at just under three months, and it will be interesting to see how that number change given the recent stay-at-home orders.
Below are some additional statistics we picked out about the Georgetown market.
- $1.037 million -- The median sales price of a home in Georgetown so far in 2020, down 14 percent compared to last year.
- $7.53 million -- The average sales price for a detached home with 4 or more bedrooms in 2020, up 34 percent from last year thanks to a few big sales.
- 25 percent -- The proportion of all-cash home sales this year.
- 2.8 months -- The supply of homes for sale in March, up slightly for last year.
- $780 -- The median price per square foot in 2020, up 12 percent from 2019.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/still-one-of-dcs-priciest-the-georgetown-housing-market-by-the-numbers/16738.
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