The first half of the 2018 real estate market is in the books and Chevy Chase, D.C. continues to see demand far outpacing supply which is leading to higher prices across the board. Chevy Chase is an in-demand neighborhood pulling trade-up buyers from downtown, Glover Park, Capitol Hill and many other neighborhoods with smaller homes and lots. Lafayette Elementary School is still 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.

Existing Chevy Chase homeowners continue to make intra-neighborhood moves as they seek to stay in the neighborhood but want a larger house and/or lot.

2018 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 Chevy Chase Parkway and Livingston ST NW. The house straddled a double corner lot and was 17,000+ sf. The house listed for $3,990,000 and closed for $3,600,000 after being marketed for just 18 days on the MLS.
• 5 sales have topped $2,000,000 so far this year (5 sales total topped $2,000,000 in 2017 so we are on pace to exceed that)
• The lowest sale was a vacant shell on Military RD that listed for $599,000 and closed for $560,000.
• Of the 96 homes that sold, 64 sold in 10 days or less

2018 highlights for condos and coops:

• The highest sale was a 1,900sf second floor unit at 4301 Military RD with 2 bedrooms and a den that sold for $1,325,000.
• The lowest sale was a one bedroom condo at 5431 Connecticut AVE NW that sold at auction for $211,050 in January. It was quickly renovated and put back on the market with an asking price of $329,000. It eventually sold for $315,000.

We have been closely watching to see if the  late 2017 Tax Cuts and Jobs Act, which reduced the amount of mortgage interest and State and Local taxes (SALT) that can be deducted, hampered demand but we can find no evidence that suggests it slowed the market down at all. We continue to keep a close eye on interest rates as any substantial increase will reduce buying power for most would-be purchasers.

The DC Council recently voted to exempt single family homes from TOPA legislation which could lead to some longtime investors putting their properties on the market.

If you are considering a purchase or sale in Chevy Chase, DC in the latter half of 2018 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.

**all information from MRIS. Deemed reliable but not guaranteed. This is not intended to solicit other broker’s listings.

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