Approximately one in five homes sold in DC this year fetched $1 million or above, an analysis by UrbanTurf found.
Specifically, 901 of the 5,048 homes sold in the city between January and the end of July carried at least a $1 million price tag. July also witnessed the highest volume of sales between $2.5 million and $5 million for a month in three years (18), a sign that the luxury sector right now is moving just as swiftly as the rest of the market.
In certain neighborhoods, the proportion of million-dollar sales was much higher than 20%. For example, in Georgetown and Chevy Chase DC, 65 percent of sales came in over $1 million. In Spring Valley, only two homes sold this year did not reach the million-dollar mark.
Given how many times a million-dollar asking price flashes across the headline of an UrbanTurf article, the numbers outlined in this article shouldn’t come as much of a surprise. However, to put the high volume of homes sold above $1 million in a little bit of historical perspective, consider this: For the same period in 2011, just 9 percent of total home sold went for above $1 million.