2017 is in the books and it proved to be a good one for Glover Park real estate. Demand outstripped supply which lead to appreciating prices and quick sales. Surrounding neighborhoods in upper NW Washington experienced largely the same market in the under $1,250,000 price range.
2017 highlights for single family homes:
- The highest sale in the neighborhood according to MRIS sales data was a semi-detached row house on Benton that sold off market for $1,700,000. It was a stunning top-to-bottom renovation of one of the larger homes/lots in the neighborhood
- The lowest sale was was a rare short sale on 37th that listed for $715,000 and closed for $750,000
- The average days on market was 9 which was a slight uptick from the first 6 months when it was 7
- Of the 29 homes that sold in 2017, 3 sold before they hit the market and an additional 19 sold in 10 days or less
2017 highlights for condos and coops:
- The highest sale in the neighborhood was a new construction condo at Cathedral Towers that sold in 13 days for $1,050,000. It was a beautiful unit with high-end finishes and great light
- The lowest sale was a 1 bedroom coop for $132,000 on Tunlaw
- The average days on market was 24 which was a 2 day increase of the first 6 months when it was 22
There were two multi-family sales in Glover Park this year. A 4 unit building on the 2300 block of 40th ST NW was converted to one owner’s unit (combining a lower and upper unit) and the other two units were rented out. This property traded at $1,400,000. Additionally, a 4 unit building on the 2600 block of 41st ST NW traded for $1,049,000.
Lack of inventory continued to be the biggest challenge for buyers looking to move to Glover Park. Some sellers faced similar challenges in terms of low inventory in neighborhoods to which they wanted to move. Chevy Chase, DC is a common trade-up neighborhood for Glover Parkers and it was a similarly challenging neighborhood to break into. When trade-up neighborhoods suffer from a lack of inventory, the domino effect is often felt downstream.
A few things we’ll be watching closely in 2018 that have the potential to impact the Glover Park 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.
- The protracted legal battle between Whole Foods and its building landlord, with no end in sight, could make some buyers pause if being walking distance to a Whole Foods is a must-have for them.
On Thursday, February 22nd, we are hosting a happy hour from 6 – 8 PM at Mad Fox in Glover Park. Our experts will be there answering your questions about the Glover Park real estate market, and the surrounding Washington, D.C. area as well. Please join us! You can register using the form below.
If you are considering a sale in Glover Park this year then email us right here for a confidential evaluation: anslie@TheStokesGroup.com. We are happy to discuss the Glover Park real estate market in more detail along with your needs.