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D.C.’s Million Dollar Homes Nearly Tripled in Last 10 Years

D.C. home prices keep increasing. In April, Median Home Sales Prices in D.C. rose 13.5% year-over-year, hitting $590,000. In the D.C. Metro Area, home prices rose 3.1%, representing the 19th consecutive month of year-over-year home price increases, and reaching their highest April levels this decade.

But April saw a second, perhaps even more interesting, data point related to our city’s home prices. In April, 28% of homes in D.C. were priced over $1 million.

As we reported last March in our article titled “D.C.’s Rapidly Growing High-End Property Market”, the percentage of D.C. homes priced over $1 million dollars has dramatically increased this decade. April 2018 has simply continued this trend. Today, the percentage of D.C. homes listed over a million dollars is nearly three times what it was just 10 years ago:

% of For-Sale Properties in D.C. Priced Over $1 Million

2008: 8%
2010: 12%
2015: 18%
2017: 24%
2018: 28%

As Urban Turf notes in their above-cited article, the concentration of $1 million plus D.C. homes is not evenly distributed throughout the city: 75% of active listings in Georgetown are for at least $1 million. The percentage of million dollar homes in Chevy Chase is nearly 75%. And 100% of properties listed April in Spring Valley were listed for at least a million dollars. We found similar results related to D.C.’s concentration of top luxury properties in our recent article “Which Neighborhoods Have the Highest Concentration of D.C.’s Most Expensive Homes?”.

Every relevant metric indicates that our real estate market will only continue to heat up over the coming years, leading us to believe we will continue to see a higher and higher percentage of D.C.’s properties crossing the one million dollar price tag in 2019, 2020, and beyond. Contact Evergreen Private Finance today to discuss how these skyrocketing home prices can best benefit your efforts within our market. Call us at (202) 713-9072, or email us at info@nullevergreenprivatefinance.com.