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.
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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