$1 million-plus home sales are now nothing special in the nation’s capital The Washington Post reports on an analysis by District Measured, a blog run by the city’s Office of the Chief Financial Officer, which found that, so far this year, 18% of single-family homes sold in D.C. had prices over $1 million. 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.
District Measured’s analysis further revealed that homes $2 million-plus account for 4% of all sales, with the neighborhood of Georgetown registering more than 30% of the these top-end transactions. More:About 19% of D.C.-Area Homes Sell in Five Days or Less[The Washington Post]View full property (pictured top)