If you thought a home selling for more than $1 million in the Brookland neighborhood once seemed implausible, that’s nothing these days in D.C.
Eighteen percent of all single-family homes sold so far this year have had prices exceeding $1 million, according to data from District, Measured, a blog from the city’s Office of the Chief Financial Officer. In 2001, only 3 percent of homes sold in the District went for more than $1 million. In 2006, sales of $1 million homes broke the 10-percent threshold.
Given that a $1 million home is now rather commonplace in the District, Steven Giachetti, of the CFO’s office, suggests raising the bar of what constitutes as luxury real estate in the city.
“This redefinition would also better align the DC market with other expensive housing markets in the nation where $1 million no longer carries the same cachet and exclusivity that it did ten years ago,” Giachetti wrote.
According to District, Measured, sales of homes valued at more than $2 million currently account for 4 percent of all sales.
If you’re in the market for a $2 million home, where should you look? The usual suspects, according to District, Measured, which collected its data from the D.C. Recorder of Deeds and the D.C. Office of Tax and Revenue. Georgetown had the highest number of $2 million homes, with more than 30 sold so far this year.
Georgetown accounted for nearly one-third of the city’s $2 million sales this year. Just this month, a home in the 30th block of Q Street NW listed for $4.4 million sold in less than two days.
Kalorama, Cleveland Park, Kent, Berkley and Spring Valley — all affluent communities in Northwest — also have some of the city’s most expensive real estate. These neighborhoods accounted for almost 75 percent of all sales with values exceeding $2 million.