Years ago, the blog for DC’s Office of Revenue Analysis published a post that suggested that $1 million should no longer be used as the benchmark for DC’s luxury residential market, as the price point was becoming more and more prevalent in the city.
That post has proven to be quite accurate as city home prices increased.
UrbanTurf recently looked through data provided by Bright MLS and found that 24 percent of the 1,700 active listings on the DC market in January were priced above $1 million.
Not only are nearly 1 in 4 homes on the market asking at least $1 million, but the supply of every segment of homes with a seven-figure price tag has risen since last year. Below are the increases that various price points have seen:
* Homes priced from $1 million to $2.5 million — Up 21%
* Homes priced from $2.5 million to $5 million — Up 29%
* Homes prices above $5 million — Up 8%
Click here to read the rest of the article written by Urban Turf Staff over at Urban Turf
