WASHINGTON — Million-dollar listings are increasingly common in the Washington housing market, and even seven-figure properties can prompt bidding wars.
A three-story row house on Biltmore Street NW in Kalorama went on the market last year for $1.1 million, and ultimately sold for $1.45 million, or 31 percent over the list price.
Redfin says the Biltmore Street property was a fixer-upper.
“While the property clearly needs work, updated homes on this street can easily sell in the $1.1 million to $2 million range,” said Redfin agent Steven Centrella. “With only a couple of these homes popping up per year, even buying the worst house on a great block can be a fantastic investment.”
Among properties priced at $1 million or more, that is the biggest sale over asking price in the District in 2015.
In Alexandria, a single-family detached, newly-built four-bedroom home just off the George Washington Parkway listed for $1.4 million sold for $1.8 million, or about 28 percent over asking, the biggest “over ask” sale in Alexandria last year.
Real estate firm Redfin says there were 213 homes priced over $1 million in the District in the fourth quarter, 27.5 percent more than the final quarter of 2014.
Fairfax County, Potomac and Falls Church also saw big jumps in the number of $1 million-plus homes — up 53 percent, 39 percent and 32 percent respectively.
The most expensive single property residential sale in 2015 was Fessenden House, at 3107 Fessenden Street NW in Forest Hills, which sold for $18 million.
You can see a gallery of the most expensive residential listings in Washington in 2015 here.