| Market Report | By Anslie Stokes

2020 is  (thankfully) in the books and it has been a year like no other for real estate sales in Chevy Chase, DC. The first 10 weeks of the year saw business as usual with inventory slowly hitting the market as the spring market opened up. The market came to a screeching halt in mid-March as everyone stayed home. But in staying home from mid-March until early summer, many people realized that their housing needs had changed dramatically. Beginning in late May, the market hit hyper drive with incredible demand for single family homes out pacing very limited supply.

2020 highlights for single family homes:

  • The average sales price stayed effectively the same as 2019 at $1,254,806
  • The highest sale in the neighborhood according to BRIGHT MLS sales data was an expansive 1920s stone house on 39th with 6 bedrooms and 5 full bathrooms that sold for $2,495,000
  • 7 sales equaled or topped $2,000,000 which is 4% of the total sales in the neighborhood, slightly less than 2019
  • The lowest sale was an 882 s.f. house on 41st with 2 bedrooms that sold for $682,500
  • Of the 169 homes that sold, 134 sold in 14 days or less

2020 highlights for condos and coops:

  • The highest sale was a penthouse unit at 4301 Military RD that sold for  $1,725,000.
  • The lowest sale was a studio condo on Connecticut Avenue that sold for $220,000

A few things we’ll be watching closely in 2021 that have the potential to impact the Chevy Chase, DC real estate market:

  • The pandemic has strained the treasured small businesses along the Connecticut AVE corridor. These neighborhood gems add to the character and charm of the area but if they can’t survive the pandemic then vacant store fronts or chains will be more commonplace.
  • Ingleside at Rock Creek’s newest project, Creekside, is now 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 and we anticipate this for the foreseeable future.
  • In-person learning has not returned to Lafayette, Deal or Wilson in any substantive manor since the pandemic began. Some families with school age children will likely seek alternatives outside of DCPS.
  • Overcrowding at Lafayette may continue to be a concern (or perhaps will see some relief if families seek alternatives to DCPS) and DCPS is seeking alternative solutions for Pre-K including using a school across Rock Creek Park. This could change the fabric of schooling decisions for very young families.
  • 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 2020 together with pictures and more information.

Chevy Chase, DC 2020 Real Estate Report

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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.

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