2022 is in the books for Chevy Chase real estate and it was another very healthy year. We saw pandemic influence superseded by rapidly rising interest rates coupled with continued very tight supply.

2022 highlights for single family homes:

• The average sales price jumped from $1,440,982 in 2021 to $1,513,035 in 2022
• The highest sale in the neighborhood according to BRIGHT MLS sales data was an elegant Colonial with 5 bedrooms that sold for $2,950,000
• 18 sales equaled or topped $2,000,000 which is almost 9% of the total sales in the neighborhood, which is only slightly less than 2021 when 10% of the sales topped that mark
• The lowest sale was a detached house on Tennyson in need of a total renovation at $903,103 in July.
• Of the 166 homes that sold, 133 sold in 14 days or less

2022 highlights for condos:

• The highest sale was a beautiful 4-bedroom unit at 4750 41st St that sold for $3,210,000
• The lowest sale was a studio condo on Connecticut Avenue that sold for $149,000

A few things we’ll be watching closely in 2023 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, but we’ve seen some new life over the past year with the opening of Opal, etc
• The city has begun to explore adding bike lanes to Connecticut AVE as well as consider options for overhauling the Chevy Chase Community Center and Library. These proposals are eliciting strong reactions from many residents so we’ll be following these developments closely
• Maret School is working with the Episcopal Center for Children to add turf playing fields on the ECC campus. The plans are not finalized but there are, again, strong feelings on all sides
• Interest rates shot up in 2022 but may level off in early to mid-2023. We saw a slight decrease in the intensity of demand (think 2-3 offers on most listings instead of 5+) but overall the Chevy Chase market was able to absorb the increase
• High-balance conforming loan limits increased to $1,089,300 in 2022. This is having a direct impact on $1,200,000 – $1,500,000 market
• Many homeowners have executed, or began to plan, major renovations to their homes as a result of spending so much time in them over the past 3 years. This will continue to put upward pressure on pricing in the neighborhood, but higher interest rates might tamp this down a bit
• Overcrowding at Deal Middle School and Jackson-Reed (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 2022 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.