Aug 23, 2024 - Real Estate
D.C. is seeing more $2 million neighborhoods
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D.C. has more neighborhoods with $2 million and up median sales prices now than it did at the same time last year, per Bright MLS data.
Why it matters: D.C.'s luxury real estate market is booming, as higher-income buyers are less burdened by steadily high interest rates and D.C.'s expensive prices.
State of play: Four Northwest neighborhoods currently have median sales prices above $2 million: Kent, Berkley, Burleith, and Spring Valley.
- At the same time last year, there were only two: Berkley and Spring Valley.
These neighborhoods clock in way higher than D.C.'s median sales price of $625,000.
The intrigue: An increasing number of luxury buyers are paying for their homes with all cash.
- And some of these neighborhoods will be affected by D.C.'s new "mansion tax."