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.
