2023 is in the books for Chevy Chase real estate. We saw pandemic influence completely superseded by rapidly rising interest rates coupled with more elevated levels of supply towards the latter half of the year.

2023 highlights for single family homes:

• The average sales price jumped from $1,513,035 in 2022 to $1,564,536 in 2023
• The highest sale in the neighborhood, according to BRIGHT MLS sales data, was an impeccably renovated 7 bedrooms home that sold for $4,575,000.
• The second highest sale was a stunning newly renovated that sold for $3,300,000
• 17 sales equaled or topped $2,000,000 which is 13% of the total sales in the neighborhood. This is a significant increase from 2022 when 9% of the sales topped that mark
• The lowest sale was a detached house on Military in need of a total renovation at $855,000 in May.
• Of the 126 homes that sold, 102 sold in 14 days or less

2023 highlights for condos:

• The highest sale was a beautiful luxury 2-bedroom unit at 4301 Military Rd that sold for $1,300,000
• The lowest sale was a studio condo on Connecticut Avenue that sold for $207,000

A few things we’ll be watching closely in 2024 that have the potential to impact the Chevy Chase, DC real estate market:

• A proposal has been put forth to create a historic district in a subset of Chevy Chase, DC flanking the commercial corridor. This has provoked strong feelings on both sides of the issue and will be continue to be debated in the coming months.
• DC has continued 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
• Interest rates shot up through most of 2023 but started to level off near the end of the year. We saw more price reductions and expired/withdrawn listings in the latter half of 2023 than we have in the previous 4 years.
• High-balance conforming loan limits increased to $1,149,825 in 2023. This is having a direct impact on $1,300,000 – $1,600,000 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 4 years. This will continue to put upward pressure on pricing in the neighborhood, but higher interest rates have caused some owner to pause on those plans.
• 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

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Fill out the form below for access to a detailed report breaking down all the sales in Chevy Chase during 2023 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.