Aug 26, 2023 - Real Estate

Share of $1 million D.C. homes rises since pre-pandemic

Data: Redfin; Map: Thomas Oide/Axios

More than 19% of D.C. homes are worth at least $1 million, up from 15% in pre-pandemic June 2019, new Redfin data shared with Axios shows.

Why it matters: Low inventory is pushing up prices nationwide and sending more into seven-figure territory.

What's happening: There are now 13 million-dollar neighborhoods in the District, up from 10 in January 2020, according to a recent UrbanTurf analysis of Bright MLS data.

  • Palisades, Burleith and Bloomingdale were the new ones to make the cut.
  • UrbanTurf defines a "million-dollar neighborhood" as one where the median home price tops $1 million.

The big picture: Nearly one in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, Redfin found.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports.

  • Yes, but: With mortgage rates at a 20-year high, many Americans feel priced out of the housing market.

Zoom out: Prices are largely dictated by local markets. The portion of homes worth at least $1 million was up slightly compared to June 2022 in 55 of the 99 most populous U.S. metros, according to Redfin.

  • Parts of New England gained million-dollar homes fastest, but San Francisco posted the highest share at more than 81%.

Zoom in: In the metro D.C. market, where million-dollar pads account for roughly 12% of homes, buyers are competing for a shrinking pool of listings, and that's driving up prices, according to the latest Bright MLS report.

What they're saying: "In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now," Redfin economics research lead Chen Zhao says in the report.


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