What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Which Five DC Areas Became Million-Dollar Neighborhoods This Year?
✉️ Want to forward this article? Click here.
As home prices in the District continue inching upward, it comes as no surprise that the city has more neighborhoods this year where the median price of a home exceeds $1 million. Today, UrbanTurf takes a look at which of the city's neighborhoods crossed into seven-figure territory in 2018.
A Trulia analysis shows that the share of million-dollar listings in the country has more than doubled since 2012, going from 1.5 percent to 3.6 percent of active inventory. In DC, million-dollar neighborhoods are much more prevalent, accounting for 16 of the 115 neighborhoods Trulia identifies.
The above table identifies the DC neighborhoods where homes cost more than $1 million, organized from highest median price to lowest. There are few surprises here for anyone familiar with DC's upper Northwest neighborhoods, save for the lesser-known neighborhood of Colony Hill, a small enclave in southwest Glover-Archbold Park where houses are the second most expensive in the city.
Woodland-Normanstone Terrace comes in first place, as this Northwest DC neighborhood and Colony Hill are also the only areas in the city where the median price exceeds $2 million. Massachusetts Avenue Heights, Observatory Circle and Berkley are the next three, with medians squarely in the $1.8 million range, followed by Spring Valley and Kent. Georgetown, Burleith, North Cleveland Park and Barnaby Woods are next, and all of the above have consistently been million-dollar neighborhoods for the past three years.
There are five DC neighborhoods that crossed into seven-figure territory this year: Crestwood, Friendship Heights, AU Park, Chevy Chase and Foxhall. These five round out the bottom of the million-dollar list.
Two years ago, one of those newly-designated million-dollar neighborhoods, Friendship Heights, had a median price above $1 million, before a $20,000 drop in 2017. Massachusetts Avenue Heights and Georgetown are the only million-dollar neighborhoods where median home values decreased year-over-year.
See other articles related to: dc home prices, million dollar homes, million-dollar homes dc, trulia, trulia trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/which-five-dc-locales-became-million-dollar-neighborhoods-this-year/14680.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro