Kristen and Brian Frazier, with their daughter, moved from Del Ray to Fantastic Falls last yr. Photograph by April Greer.
As Covid altered what folks necessary in a house and exactly where they wanted to stay, the Washington actual estate industry went mad. Listings that get dozens of offers, homes advertising for hundreds of hundreds earlier mentioned inquiring, and consumers generating contingency-absolutely free bids sight unseen have all turn out to be commonplace. Two many years into this intense housing shuffle seemed like the suitable time to get inventory of which places have professional the most progress in value and income quantity. Using data offered by Vivid MLS, the region’s many-listing provider, we in comparison stats from the first quarter of 2020 (i.e., the starting of the pandemic) with the fourth quarter of 2021. The Zip codes we profiled were preferred because they mirror a variety of causes people have moved during this time period.
These areas—the 10 most high-priced areas to purchase a residence anyplace in Washington—were amid the costliest markets even prior to the pandemic. But quite a few have managed to get much, considerably pricier.
Terrific Falls | 22066
For substantially of the 2010s, price ranges in Great Falls flatlined. Walkable enhancement was in. Vehicle-dependent sprawl was out. The hamlet’s empty-nesters began decamping for condos in spots like downtown Bethesda. In the meantime, families inclined to depart DC for Arlington or McLean couldn’t tummy heading one more 20 minutes farther. Covid altered everything—Great Falls is now the most high priced place to acquire a residence in the area, and brokers say there is no sign of points slowing. In January, Daan De Raedt, cofounder of the Fantastic Falls–based brokerage House Collective, wrote an all-cash $1.85-million offer for a shopper on a residence detailed for $1.69 million. “We lost to an supply that went to $1.95 million,” he suggests. “This is a recurring matter. This is not just a a person-off.”
Although only about 15 minutes from Tysons and Reston, the bucolic environs and substantial loads of Terrific Falls can often truly feel far more rural than suburban. For the twin-cash flow people who the moment prioritized downtown commutes but now want two residence workplaces plus land, room for the little ones, and obtain to character, the area is a dream. Kristen and Brian Frazier traded their 1,500-sq.-foot home in Del Ray for a 4,300-sq.-footer on two acres in Excellent Falls very last year. (She will work in marketing and advertising and doesn’t foresee returning entire-time to her DC business his corporate profits work is entirely remote.) “We reside on a wooded whole lot,” claims Kristen. “Everything is environmentally friendly. It is just generally gorgeous.” They have a great deal of space for guests, too, so grandparents can now very easily appear to assistance with their daughter. States Kristen of their previous lifetime: “We have basically hardly ever seemed back.”
Chevy Chase DC | 20015
This leafy pocket of higher Northwest has long been a fascinating future halt for families with a balanced budget who have outgrown condos and rowhouses nearer to downtown. But it wasn’t accurately booming—between 2018 and 2019, the median value of houses bought there ticked up a 50 percent percent. Then the pandemic arrived alongside and transformed it into 1 of the most popular DC hoods considering that 2010s-period Logan Circle. A single of the few regions inside town boundaries dominated by detached houses (with yards!—and brief obtain to Rock Creek Park!), Chevy Chase DC instantly checked all the packing containers for hordes of downtown denizens unwell of sharing partitions 24-7. The significant trouble? Even though all of Washington is plagued by an particularly very low stock of houses for sale, the problem is particularly acute there. As soon as people go to Chevy Chase DC, they almost never want to go away. Stephanie Cheng and Erik Huseby, federal personnel, moved there in 2007 for a single-family members dwelling in a very good university district. In 2020, they upgraded to a bigger home along with their children. “This neighborhood has this terrific household sense,” suggests Cheng. “At the exact time, we’re shut to downtown DC and the zoo. We can walk to Rock Creek Park and Lafayette Park, and to outlets like Politics and Prose and to dining places.” The spouse and children is rarely distinctive. “[Many] of my clientele in the neighborhood are customers who by now reside there but require a lot more space—but are unable to pull on their own away from their beloved group,” suggests Compass’s Jennifer Knoll. Citizens who just cannot uncover a larger house often keep put and renovate. The principal fashion identified in the neighborhood—boxy brick Colonials—happens to be suitable for rear or aspect additions.
Georgetown to Berkley | 20007
Most famously house to Georgetown, the Zip code also contains Foxhall, Berkley, Burleith, Glover Park, and component of Wesley Heights and the Palisades. The neighborhoods are amongst the city’s ritziest, but agents say the history-lower curiosity fees of the Covid period lured purchasers who may well if not not have deemed them—upping the pressure on their by now lower inventory. “People went, ‘You know what? I want to go to Georgetown. I can now pay for it,’ ” suggests Jan Evans of TTR Sotheby’s Worldwide Realty. She a short while ago shown a 3-tale, two-bed room apartment there. Inside of the to start with two several hours of the open up dwelling, 103 individuals trooped via. It had so a lot of private showings on best of that, claims Evans, that the lock on the door jammed from overuse. Rowhouses in neighboring Burleith and Glover Park have also drawn outsize desire. Washington Wonderful Properties agent Jaci Appel shown a Glover Park townhouse final May that received bid up 6 figures around asking in 48 several hours on the marketplace. Working in the Zip code’s favor: One particular of the main strikes from it—its deficiency of a Metro stop—is now less important to a good deal of prospective buyers. Meanwhile, some of its major draws—proximity to h2o, parks, and outside dining—inched up on people’s desire lists. Head farther north into 20007 and much larger solitary-family homes in places these as Berkley and the Palisades acquire above. People places went nuts in the course of the pandemic for the usual reasons—their properties offer separation from neighbors, loads of outside area, and tranquil-for-the-metropolis surroundings. States Evans: “I’ve been carrying out this for nearly 20 years. I’ve under no circumstances noticed a sector like this.”
Bethesda | 20816
This slice of Bethesda has been the solution for a whole lot of individuals who swore they’d under no circumstances leave DC—then, throughout the final couple years, found them selves determined for the form of space and peaceful that only the suburbs can supply. Its location—a straight shot up Massachusetts Avenue, in 20 minutes of downtown—has, in accordance to brokers, built it appealing for perfectly-paid out millennials continue to intent on shelling out substantially of their social life in the metropolis. “I just received a cellphone simply call from a young pair. They are attorneys, but they are doing work remotely,” clarifies RE/MAX’s Carolyn Sappenfield. Even with out children, their condo no lengthier feels massive plenty of. “They explained, ‘We in no way imagined we’d be contacting you so quickly.’ ” Agent Matthew Maury of Stuart & Maury also characteristics the area’s “raging forest fire” of a current market to this subset of customers: “It’s the burbs and the grass. And they can still get to the business office when they need to.” The Zip code’s vary of architectural kinds is an additional draw. You are going to uncover midcentury-moderns, bungalows, and Colonials, amongst other variations. The region gives speedy access to outdoor attractions, also. The Money Crescent Trail cuts by it, and its western swath abuts the Potomac River and C&O Canal towpath—which describes the kayaks and standup paddleboards strapped atop luxury SUVs.
Figures mirror median residence costs in the fourth quarter of 2021 and price tag progress when compared with the very first quarter of 2020 (when the pandemic began).
This short article seems in the April 2022 situation of Washingtonian.