2018 is in the books and wow, what a year for Chevy Chase, DC real estate sales. Chevy Chase continues to strengthen as an in-demand neighborhood pulling trade-up buyers from downtown, Glover Park, Capitol Hill and many other neighborhoods with smaller homes and lots. The newly renovated Lafayette Elementary School continues to be a major driving factor for buyers in the neighborhood along with quick commuting times downtown, access to metro, Broad Branch Market, and the shops and restaurants along Connecticut Avenue.
Adding to demand in Chevy Chase is the continuing trend of neighbors making intra-neighborhood moves. Many homeowners that would have once fled to the suburbs after their starter house in Chevy Chase are now staying in the neighborhood and buying a larger home.
2018 highlights for single family homes:
- The average sales price rose just over $100,000 from 2017 to 2018
- The highest sale in the neighborhood according to BRIGHT MLS sales data was one of the premier homes in Chevy Chase located on Chevy Chase Parkway that listed for $3,990,000 and closed for $3,600,000
- 10 sales equaled or topped $2,000,000 which is 6% of the total sales in the neighborhood
- The lowest sale was a shell on Military that listed for $599,000 and closed for $560,000. The house needed substantial work and was purchased by a developer, renovated and listed for $1,150,000 late in 2018
- Of the 161 homes that sold, 75 sold in 10 days or less
2018 highlights for condos and coops:
- The highest sale was a multi-level penthouse unit at 4750 41st ST that closed for $1,780,500. The unit was awash in sunlight and featured a private roof deck
- The lowest sale was a 1 bedroom condo on Connecticut Avenue. The unit traded at $211,050
A few things we’ll be watching closely in 2019 that have the potential to impact the Chevy Chase, DC real estate market:
- Interest rates have remained historically low but any substantial increase will reduce buying power for most would-be purchasers
- Sales in Chevy Chase over $2,000,000 used to be few and far between but are quickly becoming the norm. Will 2019 be the year that 10% or more of the sales close above $2,000,000?
- Overcrowding at Lafayette has come far sooner than many expected. DCPS is currently evaluating options and it is likely that at least 1 section of Pre-K 4 will be dropped
- 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
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.