Georgetown has long been one of Washington’s most expensive neighborhoods. Tom Anderson, president of Washington Fine Properties, says the reason is simple: “It’s historic and it’s finite—it can’t be expanded.”
In 2011, Georgetown ranked as the eighth-most expensive Zip code in the region, with a median sales price of $770,000. Most of the neighborhoods that beat it out are suburban areas where the homes are much larger. According to the real-estate brokerage Redfin, the median price per square foot in Georgetown over the past two years was $669; in Great Falls it was $282 and in Potomac $303.
How far does your money go in Georgetown? In July, a two-bedroom, 2½-bath Federal-style home on P Street, built in 1900 but with a recently renovated kitchen, sold for $1.02 million. In May, a five-bedroom, 5½-bath Victorian on 31st Street sold for $4.6 million.
Parking spots are often not included and typically sell for $25,000 to $75,000, although tax records show they’ve gone for more than $150,000.