November 2007 has been a very interesting month in the Washington DC's residential real estate market for properties selling over $1,000,000. There were thirty-eight properties that sold in that price range Three of which, sold for over the asking price and none of the properties included seller's subsidies, which has been the norm for properties in the lower price ranges. This is the exact number of homes which sold at the same price range in 2006. These numbers show that there is still a strong market for properties priced over $1,000,000.
Most of the properties were located in Georgetown, Chevy Chase, Spring Valley, Kalorama and Palisades. The others were sprinkled around in areas like Logan Circle, Dupont, Capitol Hill and Cleveland Park.
As the year closes, we will see how strong the million dollar property market finishes.
Real Estate Consultant
Long & Foster Realtors®
1401 14th Street NW, Suite 200
Washington DC 20005