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Which Five DC Areas Became Million-Dollar Neighborhoods This Year?

by Nena Perry-Brown

Map of DC's million-dollar neighborhoods, courtesy of Trulia. Click to enlarge.

As home prices in the District continue inching upward, it comes as no surprise that the city has more neighborhoods this year where the median price of a home exceeds $1 million. Today, UrbanTurf takes a look at which of the city's neighborhoods crossed into seven-figure territory in 2018. 

A Trulia analysis shows that the share of million-dollar listings in the country has more than doubled since 2012, going from 1.5 percent to 3.6 percent of active inventory. In DC, million-dollar neighborhoods are much more prevalent, accounting for 16 of the 115 neighborhoods Trulia identifies.

DC's million-dollar neighborhoods. Click to enlarge.

The above table identifies the DC neighborhoods where homes cost more than $1 million, organized from highest median price to lowest. There are few surprises here for anyone familiar with DC's upper Northwest neighborhoods, save for the lesser-known neighborhood of Colony Hill, a small enclave in southwest Glover-Archbold Park where houses are the second most expensive in the city. 

Woodland-Normanstone Terrace comes in first place, as this Northwest DC neighborhood and Colony Hill are also the only areas in the city where the median price exceeds $2 million. Massachusetts Avenue Heights, Observatory Circle and Berkley are the next three, with medians squarely in the $1.8 million range, followed by Spring Valley and Kent. Georgetown, Burleith, North Cleveland Park and Barnaby Woods are next, and all of the above have consistently been million-dollar neighborhoods for the past three years.

There are five DC neighborhoods that crossed into seven-figure territory this year: Crestwood, Friendship Heights, AU Park, Chevy Chase and Foxhall. These five round out the bottom of the million-dollar list. 

Two years ago, one of those newly-designated million-dollar neighborhoods, Friendship Heights, had a median price above $1 million, before a $20,000 drop in 2017. Massachusetts Avenue Heights and Georgetown are the only million-dollar neighborhoods where median home values decreased year-over-year.

This article originally published at http://dc.urbanturf.com/articles/blog/which-five-dc-locales-became-million-dollar-neighborhoods-this-year/14680

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