Redfin: Georgetown a Top 10 Market for Luxury Home Sales

With 237 homes sold for $1 million or more from January 2012 to March 2013, Georgetown is a top 10 ZIP code nationwide for luxury home sales.

Data from real estate website Redfin places the 20007 ZIP code at No. 9 in the country.

As of Thursday, there were 78 homes on the market in the 20007 ZIP code priced at $1 million or more, according to the MRIS real estate listings. The most expensive property is at 2507 Foxhall Road NW and is listed for $14,900,000. (You can take a virtual tour of 2507 Foxhall Road here.)

The top four markets according to Redfin are in California. Boston’s Back Bay ranks fifth, followed by Paradise Valley near Pheonix, Clyde’s Hill/West Bellevue near Seattle, Streeterville in Chicago, Georgetown and Preston Center near Dallas rounding out the top 10. (See the full list here.)

“As the housing market and the economy both continue to recover, the luxury housing market is making big gains as well, with sales of homes $1 million and up gaining 34 percent between the first quarter of 2012 and the first quarter of 2013, compared to an increase of just 5 percent for the market as a whole over the same period,” according to Redfin.

Close to Georgetown, the 20008 ZIP code had 128 home sales at $1 million or more from January 2012 to March 2013, and ZIP code 20016 had 141 sales.

Median home prices in in DC hit a record $460,000 in March, which was up 13.6 percent from one year earlier, according to a survey by RealEstate Business Intelligence, Patch reported this week. In fact, the high prices are driving some younger DC residents into apartments.

Looking for more Georgetown real estate news? Check out the Georgetown Patch real estate section here!