2024 is in the books for Chevy Chase real estate. We saw steady price appreciation in a years long trend of rising values. Well priced homes sold very fast and often with multiple parties interested.

2024 highlights for single family homes:

• The average sales price jumped from $1,564,536 in 2023 to $1,679,456 in 2024
• The highest sale in the neighborhood, according to BRIGHT MLS sales data, was an impeccably renovated 7 bedroom home that sold for $4,525,000.
• The second highest sale was a stunning newly renovated colonial that sold for $4,300,000
• 31 sales equaled or topped $2,000,000 which is 20% of the total sales in the neighborhood. This is a significant increase from 2023 when 13% of the sales topped that mark
• The lowest sale was a detached house on Jenifer St. in need of a total renovation at $865,000 in June.
• Of the 155 homes that sold, 117 sold in 14 days or less

2024 highlights for condos:

• The highest sale was a beautiful luxury 2-bedroom unit at 4301 Military Rd that sold for $1,715,000
• The lowest sale was a studio condo on Connecticut Avenue that sold for $180,315

A few things we’ll be watching closely in 2025 that have the potential to impact the Chevy Chase, DC real estate market:

• Interest rates shot up through most of 2023 but fell slightly then leveled off through 2024. Mortgage interest rates in the 6-7% range seem most likely for 2025.
• High-balance conforming loan limits increased to $1,209,750 in 2024. This is having a direct impact on $1,400,000 – $1,700,000 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.
• Lafayette remains over capacity with no immediate relief in sight.

Want More Information?

Fill out the form below for access to a detailed report breaking down all the sales in Chevy Chase during 2024 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: [email protected]. We are happy to discuss the Chevy Chase, DC real estate market in more detail.