What market trends did we see in the 1st half of the year in Chevy Chase, DC?
We’re halfway through 2019 which is a great time to pause and look at how the real estate market has performed over the first six months of 2019 in Chevy Chase, DC. Broadly speaking, the market in DC has been solid through the first 6 months of this year. Continued low interest rates together with strong employment and a continued trend of buyers seeking out walkable and urban lifestyles make the DC market one of the most desirable in the country.
Chevy Chase, DC has mirrored these solid city-wide trends with the first half of this year looking very similar to 2018
A few highlights from the data:
- The average sales price for houses is within $1,000 of the average for all of 2018
- The average days on market is down by 3 for houses
- So far only 3 houses have closed above the $2,000,000 compared to last year where 10 total closed north of $2,000,000.
- There are, however, 3 houses currently on the market priced over 2M with several others being quietly marketed but not officially listed (yet) including a 13,000sf property being marketed for just under $12,000,000 (yes twelve million!)
- The average days on market for condos/coops decreased from 63 (2018) to 43
What will the 2nd half of the 2019 bring for Chevy Chase?
July and August tend to be slower months for sales with less inventory coming on the market and few buyers actively looking. The fall market will start in earnest the weekend after Labor Day and typically runs through Thanksgiving with only the occasional listing coming on the market after Thanksgiving but before the end of the year. This will likely lead to similar pricing as the 1st half of the year but it might take longer for a property to sell.
One hyper-local factor we are watching closely for the latter half of 2019 and into 2020 is the completion of the new wing of Ingleside at Rock Creek called Creekside. This large addition will add 105 new independent living residences and we believe that several homes in the neighborhood will come on the market as current residents transition from their single family homes into the brand new Creekside residences.
Want more information?
Fill out the form below for access to a detailed report breaking down all the sales in Chevy Chase for the first half of 2019 (and, as a bonus, a quick snapshot of anything posted after then as well) together with pictures and more information.
If you are looking for advice on exactly what these numbers mean for the value of your Chevy Chase property then click HERE to set up a confidential meeting with Anslie to discuss your needs.