A new report by real estate website UrbanTurf found that 28 percent of homes (351 out of 1,285 homes listed) on the market in the district in April 2018 were priced above $1 million, representing a 40% increase year-over-year.
Other highlights from the study:
*In Georgetown & Chevy-Chase, about 75% of listings were priced over $1 million
*In Spring Valley, every home on the market was listed higher than $1 million
*In March 2008, only 8% of homes listed carried seven-figure price tags
Another sign the luxury home market in the DC area is booming: the Cafritz mansion at 3030 Chain Bridge Road NW, listed for $20 million, has gone under contract. The home, which was built by Banks Development and designed by Jones/Boer Architects, sits on a 35,000 square-foot lot. It was on the market for eighteen months.
