| Market Report | By Anslie Stokes

2021 is in the books and it has been a year like no other for real estate sales in Chevy Chase, DC. Covid continued to play a dramatic role as the market hit hyperdrive with incredible demand for single family homes outpacing very limited supply.

2021 highlights for single family homes:

  • The average sales price jumped from $1,254,806 in 2020 to $1,440,982 in 2021
  • The highest sale in the neighborhood according to BRIGHT MLS sales data was a stunning brick Colonial with 5 bedrooms and a saltwater pool that sold for $3,250,000
  • 21 sales equaled or topped $2,000,000 which is 10% of the total sales in the neighborhood, dramatically outpacing 2020 when just 4% of the sales topped that mark
  • The lowest sale was a semi-detached house on Jocelyn in need of a total renovation at $820,000 in April. It was purchased by a developer and re-listed for $1,549,000 in the fall
  • Of the 199 homes that sold, 168 sold in 14 days or less

2021 highlights for condos and coops:

  • The highest sale was a penthouse unit at 4301 Military RD that sold for  $1,595,000
  • The lowest sale was a studio condo on Connecticut Avenue that sold for $180,000

A few things we’ll be watching closely in 2022 that have the potential to impact the Chevy Chase, DC real estate market:

  • The pandemic has continued to strain 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 storefronts 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 but we anticipate increases in 2022.
  • High-balance conforming loan limits have increased to $970,000 in 2022. This is having a direct impact on $1,000,000 – $1,400,000 market.
  • Many homeowners have executed, or begun to plan, major renovations to their homes as a result of spending so much time in them over the past 22 months. This will continue to put upward pressure on pricing in the neighborhood.
  • Overcrowding at Lafayette has eased slightly as a result of the pandemic.
  • 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 2021 together with pictures and more information.

Chevy Chase, DC 2021 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.

 

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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