What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
DC Home Sales Above $2 Million Reach Record Levels in 2017
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District, Measured, a blog from DC's Office of Revenue Analysis, had an interesting post at the end of 2015 which suggested that $1 million should no longer be used as the threshold for DC’s luxury residential market because that price point was too common. The blog deemed that $2 million was a better luxury benchmark.
If the activity in the DC market last year was any indication, that is proving to be true.
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An analysis by UrbanTurf, with data provided by Bright MLS, found that a record number of homes sold in DC for north of $2 million last year. Specifically, 240 of the 9,267 residential properties sold were purchased for $2 million or more.
At 2.6 percent of total sales, these luxury transactions are admittedly a small part of the total market. However, 240 total sales represents the highest number of sales above $2 million in the city on record, and 2.6 percent of total volume is a record proportion of home sales. A more granular look reveals that 9 percent of the detached homes sold last year fetched a sales price north of $2.5 million.
The record luxury sales volume shouldn't be that surprising given that home prices have been rising in the city and an increasing number of homes are being listed with seven-figure price tags. Still, the idea that "$2 million is the new $1 million" isn't making it any easier for homebuyers in DC.
See other articles related to: luxury real estate, luxury real estate dc
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc-home-sales-above-2-million-reach-record-levels-in-2017/13509.
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