$2 Million and Up: Luxury Home Sales in DC on Pace for Record Year

• November 6th 2020

by UrbanTurf Staff

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More than 220 homes in DC have sold for above $2 million this year, an indication that the city may be on track for its best year on record when it comes to luxury home sales. 

An analysis by UrbanTurf, with data provided by Bright MLS, found that more than 3 percent of the homes sold in the city through October fetched north of $2 million. Specifically, 222 of the 6,940 listings sold in 2020 were purchased for $2 million or more. 

For each of the last three years, luxury transactions in this price point have accounted for about 2.5 percent of total sales, even in 2017, when the city set a record of 240 sales above $2 million. Sales in this price point are on pace to match and possibly eclipse that total in 2020.

As for where in DC homes are selling for more than $2 million, it is where you might expect. One out of four homes sold in Georgetown fell into this category in 2020 while approximately 45 percent of the homes sold in Spring Valley and Kent sold for above $2 million. As for the neighborhood where you are almost guaranteed to pay this premium, it's Massachusetts Avenue Heights where the average sales price this year is $3.5 million. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/2-million-and-up-luxury-home-sales-in-dc-on-pace-for-record-year/17491.