2017 is in the books and wow, what a year for Chevy Chase, DC real estate sales. Chevy Chase continues to strengthen as a in-demand neighborhood pulling trade-up buyers from Downtown, Glover Park, Capitol Hill and many other neighborhoods with smaller homes and lots. The newly renovated Lafayette Elementary School continues to be a major driving factor for buyers in the neighborhood along with quick commuting times downtown, access to metro, Broad Branch Market and the shops and restaurants along Connecticut Avenue.
Adding to demand in Chevy Chase is the number of buyers making intra-neighborhood moves. Many homeowners that would have once fled to the suburbs after their starter house in Chevy Chase are now staying in the neighborhood and buying a larger house, or moving closer to metro, etc.
2017 highlights for single family homes:
- The highest sale in the neighborhood according to MRIS sales data was one of the premier homes in Chevy Chase located at the corner of Rittenhouse and 33rd and situated on 3 lots totalling 22,500sf. The property sold for $3,00,000 after being marketed on the MLS for just 16 days
- 5 sales topped $2,000,000
- The lowest sale was a fixer-upper on Legation that listed for $599,000 and closed for $650,000. The house needed substantial work and the lot configuration likely precluded an addition
- Of the 202 homes that sold, 134 sold in 10 days or less
2017 highlights for condos and coops:
- The highest sale was the penthouse unit of a new construction project on Connecticut Avenue that traded at $1,040,000. The unit was awash in sunlight and featured very high-end finishes including a private elevator
- The lowest sale was a studio condo at Chase Plaza Condo on Connecticut Avenue. The unit traded at $202,500 and went under contract in just 12 days
There was just one multi-family sale in Chevy Chase this year. A 2 unit fixer-upper on Nebraska traded for $740,000.
Lack of inventory continues to be the biggest challenge for buyers looking to move into, or within, Chevy Chase, DC.
A few things we’ll be watching closely in 2018 that have the potential to impact the Chevy Chase, DC real estate market in 2018:
- Interest rates have remained historically low but any substantial increase will reduce buying power for most would-be purchasers
- The Tax Cuts and Jobs Act, passed in late 2017, reduces the amount of mortgage interest that can be deducted from $1,000,000 to $750,000. Additionally state and local income and property taxes (SALT) deductions were capped at $10,000 which adversely impacts high tax areas such as DC. This tax bill may (or may not) weaken demand across DC
- Overcrowding at Deal Middle School and Wilson High School is projected to get worse over the next decade. DCPS is currently evaluating options to ease the crowding at both schools. Access to both of these highly-rated schools has been a driver of the Chevy Chase, DC real estate market, particularly in the past 10 years.
If you are considering a purchase or sale in Chevy Chase, DC this year then email us right here for a confidential evaluation: anslie@TheStokesGroup.com. We are happy to discuss the Chevy Chase, DC real estate market in more detail along with your needs.
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