You may have read a few years ago that $2 million is the new $1 million when it comes to the DC luxury real estate market. As property values rise, a million dollars just can’t buy what it used to. According to DC’s Office of Revenue Analysis, two million dollars is a better threshold to use when talking about the luxury market as too many homes in the district are listed between the one and two-million-dollar price points.
*Courtesy of Urban Turf
Last year, 2.59% of all of the homes sold in DC went for more than $2 million compared to just 0.75% overall in the metro area. While that may not seem like much, the statistic takes into account every home sold, including condos, and it breaks the all-time record for number of homes sold at that price point. Comparatively, around 25% of homes sold for more than $1 million in 2017 indicating that seven figures just isn’t quite as luxury as it used to be.