Already condos are breaking records this year for number sold for over $1 Million. With Georgetown and the West end having the heighest concentration of lxury condos. But there is clearly a change in the market. The next hottest market is Logan Circle.
The most expensive condo sold so far this year was 1111 23RD ST NW #PH2B (listed by WFP LLC), in the Ritz Carton, which sold for $2.9 M.
Here are the sales data for the last 10 years of all condos over $1M sold in DC per year:
It looks it is going to be a record year the Washington DC real estate market for luxury condos.
Many factors are contributing to this: a rise in the local and national economy, decreasing unemployment rates, the desire to live in urban areas, increase in value of real estate, low interest rates (for now) and a general optimism nationwide for a continued economic recovery.
Also, the amazing new condos at City Center are selling fast!
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All sales data from MRIS