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 https://dc.urbanturf.com/articles/blog/the_four_dc_neighborhoods_where_the_minimum_buy-in_is_1_million/13272.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro