A home for sale in Massachusetts Avenue Heights.
A month ago, we analyzed the volume of home sales in DC above $1 million in 2017, and found that this year has seen more seven-figure sales in the city than ever before.
While $1 million+ sales can now be found in most neighborhoods around the city, there are a handful of areas, a couple recognizable and a couple that aren’t, where it is virtually impossible to buy any home type for less than $1 million.
Massachusetts Avenue Heights and Spring Valley are two of those areas. As the table above shows, all of the homes sold in Massachusetts Avenue Heights, a very small neighborhood near the National Cathedral with some of the largest houses in DC, carried a seven-figure price tag this year. In Spring Valley and Berkley, a Northwest neighborhood bounded by MacArthur Boulevard, Battery Kemble Park, and 44th Street and Foxhall Road, 93 percent of the homes sold this year closed above $1 million. Kent, another Northwest neighborhood near MacArthur Boulevard and Sibley Hospital, saw 80 percent of total home sales exceed $1 million.
In addition to their upper NW DC location, the main reason that these neighborhoods have so few homes selling in the six-figure range is that there are no condos or co-ops in these area, only sizable single-family homes. Still, the statistics are yet another example of how much home prices have risen in DC over the last decade. Just a few years ago, areas like Spring Valley had median sales prices below $1 million and now that level has been surpassed and is approaching $2 million.
Photo courtesy of HomeVisit.
This article originally published at http://dc.urbanturf.com/articles/blog/the_four_dc_neighborhoods_where_the_minimum_buy-in_is_1_million/13272
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