These two pictures represent a filtered search of Redfin on a somewhat arbitrary set of home characteristics: 3 bedrooms, at least 1500 sf, at least a powder room as well as a bathroom.
Picture on the left is over $1 million price.
Picture on the right is under $1 million.
Picture on the left is over $1 million price.
Picture on the right is under $1 million.
What do we learn from this?
First, in large parts of the city, especially the most central parts, there is essentially no inventory for family homes under $1 million, which is to say open to a family making less than $250,000 a year.
First, in large parts of the city, especially the most central parts, there is essentially no inventory for family homes under $1 million, which is to say open to a family making less than $250,000 a year.
In most of the rest of the city, it's tight if you're under $200,000 and impossible if you're under $125,000.
The second thing to note is that the number of family homes selling over $1 million is roughly equal to those selling under that price point, which means the housing market is now centered around that comfortably-low-to-mid six figure family.
The median household income in DC is $77,000. The median household size is more than two people.
This is, to put it bluntly, nuts.
