2019 is in the books and it has been another steady year of real estate sales in Chevy Chase, DC. Chevy Chase continues to strengthen as an 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 continuing trend of neighbors 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 home.

2019 highlights for single family homes:

• The average sales price stayed effectively flat from 2018 to 2019
• The highest sale in the neighborhood according to BRIGHT MLS sales data was a modern ‘pop-up’ with treetop views from the 3rd floor on Nevada Avenue featuring 5 bedrooms, 4 full baths. It sold for $2,525,000
• 11 sales equaled or topped $2,000,000 which is 6% of the total sales in the neighborhood, comparable to 2018
• The lowest sale was a 1,000 s.f. house on Nebraska with 2 bedrooms that sold for $655,000
• Of the 179 homes that sold, 96 sold in 10 days or less

2019 highlights for condos and coops:

• The highest sale was a penthouse unit at 4301 Military RD that sold for  $1,850,000. The unit was awash in sunlight and featured  a private roof deck
• The lowest sale was a 1 bedroom condo on Connecticut Avenue. The unit traded at $190,000

A few things we’ll be watching closely in 2020 that have the potential to impact the Chevy Chase, DC real estate market:

• DC is in the final stages of approving massive changes to its Comprehensive Plan. The mayor is pushing for more density and more affordable housing west of Rock Creek Park. This will impact Chevy Chase, DC but it is too early to say how much (or little) impact will be felt.
• Ingleside at Rock Creek’s newest project, Creekside, is nearly complete. With 105 new independent living residences being added to our community, many longtime neighbors may consider rightsizing their living while staying in the neighborhood. If rightsizing is on your mind, start the process by downloading our Rightsizing Guide right HERE.
• Interest rates have remained historically low but any substantial increase will reduce buying power for most would-be purchasers
• Overcrowding at Lafayette continues to be a concern and 1 of 5 pre-k 4 classes was dropped for the 2019-2020 school year. We’ll be watching to see if this stabilizes or is a trend.
• 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.

Want more information?

Fill out the form below for access to a detailed report breaking down all the sales in Chevy Chase during 2019 together with pictures and more information.

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.

The Stokes Group is a team of dedicated professionals who have passion for the real estate business and will advocate for our clients with the utmost honesty, integrity, and confidentiality. We believe in building solid relationships with our clients and that starts by getting to know who we are. Follow us on Facebook and Instagram.