More than one in four homes for sale in DC carry a seven-figure price tag.
A recent analysis by UrbanTurf found that 27 percent of homes on the market in DC in April were priced above $1 million. In 2017, one in four homes in April carried a million-dollar price tag, and the year prior, the proportion was just 20 percent.
Specifically, 371 of the 1,365 homes on the market in DC in April carried price tags above $1 million. In certain DC neighborhoods, the volume of million-dollar listings was much higher. For example, in Georgetown, 71 percent of active listings were listed for over $1 million. In Chevy Chase, about 62 percent of listings were million-dollar homes. In Spring Valley, every home on the market in April was listed for $1 million or more.
Given how many times a million-dollar asking price flashes across the headline of an UrbanTurf article, the news in this article shouldn’t come as much of a surprise. However, to put the high volume of homes listed above $1 million in a little bit of historical perspective, consider this: In March 2011, just 11 percent of active listings on the market were listed for above $1 million, and in March 2008, a mere 8 percent were in the seven-figure range.