Chesterbrook Woods experienced an active real estate market in 2018. 21 homes traded hands last year vs. 26 in 2017. With a total of 540 homes in the Chesterbrook Woods Citizens Association geographical area, this is about 3.9% of the market in 2018 vs. 4.8% in 2017. Real estate is cyclical and is affected by several factors including interest rates, demographic shifts, changes in employment, technological advances, zoning and even the weather. Although the market was down about 20% year-over-year vs. a 9% decrease in all of 22101, the pronounced change is not necessarily a trend.
The average sales price in 2018 was $1,240,000 vs. $1,432,000 in 2017. The reason for the big swing is fewer new homes sold in 2018 than in 2017. 6 new homes sold in 2017 and only 1 new home sold in 2018 (although a total of 2 homes sold for over $2,000,000 in 2018). You may see many new homes currently being built around the neighborhood, some of which are spec homes by builders and others that individual owners are building as their primary residence. These homes currently under construction should deliver in 2019.
In 2018, 15 homes sold for $1,000,000+ and 6 homes sold for under $1,000,000. In 2017, 23 homes sold for over $1,000,000 and 3 sold for under $1,000,000. 4 homes sold as tear downs in 2018 and 3 sold as tear downs in the previous year.
At the time this blog was published in January there are 7 properties active in the MLS to purchase and 1 under contract. Chesterbrook Woods continues to be a desirable neighborhood for its close proximity to DC, tree-lined streets, larger lots and access to hiking trails. We have seen some of the neighborhood turn over as the original homes are being replaced with new, larger homes. This phenomenon is driven by the value of land and people’s desire to have shorter commute times. We are one of the few communities in the entire metropolitan area where you can easily get to 2 major airports, into DC, Tysons Corner and Bethesda with relative ease.
At the time of publication, interest rates have softened from their bump in Oct. 2018 and the market ended strong in December. We have just come off the Amazon HQ2 announcement which gave a boost of confidence in the market. And, the job market continues to be robust in Northern Virginia. Signs in the market indicate 2019 will be another healthy year for residential real estate. With that being said, buyers are motivated by value and the future potential and use of a property. Homes that do not prove value will take longer to sell and for less. Homes in good condition, in a good location and reasonably priced for the current market will sell in a timely manner and for more.
If you are interested in speaking with an expert in residential real estate sales and marketing, please contact your neighbor, Lizzy Conroy, Sr. Vice President of the HBC Group, Keller Williams Realty.