Nearly one in five houses in Washington, D.C. costs more than $1 million. According to an economic report from the office of the D.C. Chief Financial Officer, the number of multi-million dollar homes rose by 50 percent from 2012 to 2013. In 2012, the total multi-million dollar sales were at 12.9 percent, but a year later, they skyrocketed to 17.3 percent. The total sales from 2012 resulted in 458 multi-million dollar homes sold, while 2013's numbers grew to 689. 2014 wasn't any better with 734 homes selling for more than $1 million, comprising 18.2 percent of total sales. Multi-million dollar condo sales are on the rise as well with 72 sold in 2012 and 128 sold in 2014. If you're hoping for rental units to get any better, stop dreaming. According to Washington City Paper, apartment vacancy is expect to rise, and rent is expected to rise by 2 percent annually.
· Nearly One in Five D.C. Houses Now Costs More Than $1 Million [Washingtonian]
· Washington, D.C. Has the Fourth Highest Rents in the Nation [Curbed DC]