HOW HIGH CAN HOUSING PRICES GO? DESPITE COMPETITION FROM UP-AND-COMING NEIGHBORHOODS, A GEORGETOWN ADDRESS REMAINS AMONG THE MOST COVETED.
Five hundred thousand dollars doesn’t go as far as it used to. Neither does a million. According to Urban Turf, the median sale price for a home in Georgetown is $1.2 million, making it the fifth-highest in the city. We’re number three in cost per square foot: $740.
In 2019, sale prices ranged from $9,500,000 for a historic 8,100-square-foot single-family home on Dumbarton Street to $209,900 for a studio on Q Street. Nine boasted sale prices of $5 million and above, while the majority occupied the $1.2-to-5-million territory.
It’s not likely that Georgetown will lose its luster any time soon, but with so many empty storefronts, can it still hold on to its appeal? And what about climate change? What impact will increased flooding have on property values and livability on our low-lying streets and waterfront?
Watch this space.