DC's Million-Dollar Neighborhoods

• July 20th 2016

by UrbanTurf Staff

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There are now eight neighborhoods in DC where the median price for a home exceeds $1 million.

The most expensive neighborhood in the city is Massachusetts Avenue Heights, to the west of the Naval Observatory, where the median sales price this year is $3.8 million. The next two priciest neighborhoods in the District are Spring Valley and Kent with median prices of $1.7 million and $1.685 million, respectively.

Rounding out the list are Berkley, Georgetown, North Cleveland Park, Colonial Village and Burleith. Just missing the million-dollar mark were Chevy Chase and American University Park.

The chart above reveals some interesting data points about DC’s priciest, albeit smaller, neighborhoods. In the three neighborhoods where the million-dollar price point just barely exceeds seven figures, homes are sitting on the market for just a week. While it is usually the norm that in neighborhoods this expensive the median sales price usually falls well below the median list price, that is not the case in Georgetown, North Cleveland Park and Colonial Village.

Lastly, North Cleveland Park is a pretty good place to own a million-dollar home. Not only are seven-figure homes selling on median in seven days, but the sales price to original list price ratio in the neighborhood now sits at 103 percent.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dcs_million-dollar_neighborhoods/11489.