Could This Be the D.C. Metro’s Hottest Neighborhood?
Last month, D.C.’s median housing price hit a milestone, rising above $600,000. While impressive on its own, and a good indication of our market’s continued hot streak, there are many properties in D.C. and the Metro with much higher price tags. And when you identify and analyze a few lists of D.C.’s most expensive properties, a single neighborhood keeps popping up. Read on to find out which one.
Recently, we wrote a couple of pieces detailing which D.C. markets have for property prices significantly higher than the median.
In “Which Neighborhoods Have the Highest Concentration of D.C.’s Most Expensive Homes?”, we outlined how approximately 40% of our area’s most expensive properties sit in Kalorama, Georgetown, and Massachusetts Heights.
In “D.C.’s Million Dollar Homes Nearly Tripled in Last 10 Years”, we explained how in Georgetown, Chevy Chase, and Spring Valley, between 75% – 100% of properties are valued at one million dollars or more.
And a recent piece by the Washingtonian expands on this topic, and lists their findings on the most expensive neighborhoods in the D.C. Metro Area. In each of these neighborhoods, the median selling price for properties is significantly higher than our city’s $600,000+ value. These neighborhoods are:
Median Sales Price : Market
- $875,000 : Georgetown (20007)
- $887,500 : North Arlington (22207)
- $885,000 : Chevy Chase, MD (20815)
- $949,000 : Chevy Chase, D.C. (20015)
- $988,000 : McLean (22101)
- $1,060,000 : Great Falls (22066)
Interestingly, only one neighborhood appears on each list: Georgetown. According to these lists, Georgetown has one of the highest concentrations of the region’s most expensive properties, one of the region’s highest concentration of million dollar plus homes, and one of the region’s highest median sales prices.
Do these data points make Georgetown our real estate market’s “hottest” neighborhood? That depends a lot on what your particular interest and goals within our market might be. While housing prices are a key indicator of market health, and a good arrow pointing at areas of potential opportunity for investors and developers, there are more factors to take into consideration before going “all in” on a single neighborhood. Contact Evergreen Private Finance today, and we’ll discuss your goals within our market, and whether Georgetown—or some other neighborhood—will help you best achieve those goals. Call us at (202) 713-9072, or email us at email@example.com.