The Upper NW Washington Market Is A Little Tight These Days!

By
Real Estate Agent with RLAH Real Estate AB95346

People moving to Washington often start off with a wish list that includes a modest home in one of DC's upper NW neighborhoods, like Chevy Chase, American University Park, Forest Hills, Spring Valley and a bunch of other neighborhoods that are west of Rock Creek Park.  And the typical price range of up to $1million was usually doable, until lately.

Checking availability for today, there were exactly 2 houses under $1million available in the entire area.  They are both new to the market, listed late last week.  Both were held open over the weekend, and typically, offers will be collected and reviewed on Tuesday or Wednesday.  Both of these have great photos and appear to be well-staged and looking their best.  And both are likely to end up in a rather gorey bidding war, selling at over $1 million.  

But hey, you can't get a whole lot of house for $1million anymore!

So, lets say you are willing to up the ante, going up to $1.5million.  You'll have a little more choice, with an additional 10 listings currently active.  And of those 6 are new listings and the others have not attracted a buyer in over four months.  Two of them are almost tiny houses, and others are not particularly high end, although most have been well-prepared for the market.  So it could be possible to find something that has been on the market for a while, and you could possibly do some negotiating and avoid the bidding war.  Still, you may be disappointed when you discover that you can't get a lot of house in Upper Northwest Washington for $1.5 million.  

If you have the means to increase your range to $2million, you add another 13 houses to the mix, and these don't normally fly off the shelf.  There are some in Cleveland Park that are possible and there are some in other highly desirable neighborhoods.  Many have been on the market for months, and many of the sellers are quite willing to negotiate on the price and terms to get their homes sold.

After looking for the slim pickings of marginally affordable homes in Upper Northwest DC, many buyers expand the neighborhoods they will consider, looking at the 16th Street corridor, for example - Crestwood, Shepherd Park and Colonial Village.  There are also possibilities in some close-in Maryland and Virginia neighborhoods.  

If you are moving to the DC area, it's a good idea to find an agent who (like me) is licensed in all three local jurisdictions, the District of Columbia, Virginia and Maryland.  It's not unusual to investigate some of the great neighborhoods throughout the DC Metro area.

Comments (13)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Pat - it sounds as if those wishing to make a move in Upper NW Washington may need a reality check when it comes to the current real estate market.  Dreams can certainly become realities and your expert real estate knowledge can provide that wake up  necessary with any change.  

Sep 14, 2020 08:05 AM
Shannon Jones
The Shannon Jones Team - Long Beach, CA
Long Beach CA Real Estate

Hi Pat, sounds like California!

Sep 14, 2020 10:39 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Michael, it is a pretty amazing market, and I just don't understand how it's sustaining itself, except that there is no inventory.

Sep 14, 2020 01:14 PM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Shannon, I have dear friends who have been househunting around Palo Alto for the last two years, and it really is bad out there, at least for buyers!

Sep 14, 2020 01:15 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Upper NW Washington home buyers and sellers are sure to value your real estate market report, Patricia!

Sep 14, 2020 05:24 PM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Thank you, Mryl!  Maybe one will give me a call.

Sep 14, 2020 06:35 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Patricia, WOW, your market is getting tight!   We are seeing more and more million dollar homes in Denver too, as we are seeing 8% increases in home values again this year.

Sep 15, 2020 07:57 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Joan, I've never seen a market quite this tight. 

Sep 15, 2020 12:39 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It is very tight these days but well well worth a try regardless and I wish you all the best in the world. :)

Sep 16, 2020 09:57 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Patricia Kennedy I thought I’ve seen everything but I guess not but I guess it’s worth noting for the come back later on. That’s just my optimism talking for better or worse. :)

Sep 16, 2020 09:59 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Pat:

This is a helpful reality check for buyers who may be interested in the NW area of DC but who are not necessarily up to date on the inventory, and the pricing, let alone the competition they are likely to face. They would do well to contact you for assistance!

Jeff

Sep 19, 2020 09:28 AM

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