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Home Sales Are Rising For D.C. Residents In The Top 1%

[Photo by Elvert Barnes]

Overall, home sales have fallen in the D.C. area in 2014. Considering how much it costs to own a home here, should come as a surprise to no one. As such, it's probably not so shocking to hear that sales of the top percent of pricey homes have increased 2.4%. As for the rest of the homes in the area, sales have dropped 8.7% this year. That's particularly impressive as a home in the top 1% costs $1.64 million. There must be a lot of people around making over $78.5K per year because that's almost five times the median sale price in D.C. Still, that's pennies compared to the top 1% of homes in places like Miami, San Francisco or Los Angeles. Unsurprisingly, the neighborhoods with the most high end homes are Georgetown and Kalorama Heights. Perhaps Occupy D.C.'s location was misplaced.
· 2014 Luxury Report: Sales of Priciest 1% of Homes Climb While Rest of Home Sales Still Down [Redfin]
· D.C.: Where Buying A House Is Attainable (But Shouldn't Be) [CDC]