DC's Million-Dollar Neighborhoods

• August 18th 2017

by Nena Perry-Brown

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Earlier this month, UrbanTurf took a look at the five cheapest zip codes for DC homebuyers. Today, we look at the ten most expensive.

Home sales prices have averaged above $1 million in 12 neighborhoods so far in 2017. With an average sales price of just under $6 million, Massachusetts Avenue Heights is by far is the most expensive city housing market and, although there have only been nine sales this year, it is also the neighborhood that has seen the largest jump in prices, thanks to transactions like Morocco’s purchase of the Ourisman mansion and Commerce secretary nominee Wilbur Ross’ purchase of a $12 million, seven-bedroom house.

As the table above indicates, some of the neighborhoods where home sales are averaging above $1 million this year weren’t necessarily selling at prices this high in 2016. All of the neighborhoods that are newer entrants into the million-dollar club are also places where homes are selling above asking price, further illustration of the impact of high demand and competition on prices.

A handful of neighborhoods — Capitol Hill, Chevy Chase and Kalorama — just barely missed cracking the million-dollar threshold. At an average sales price of $1,004,866, Colonial Village is the least-expensive of the million-dollar neighborhoods, having seen prices drop by 6.6 percent over the past year. Foxhall has higher average sales prices (at $1,053,010) than AU Park, but there have only been five homes sold in the neighborhood this year, too low a sample size to give an accurate representation of the market.

Photo courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dcs_million-dollar_neighborhoods1/12925.