Living in the DC Area

You’ve got a million dollars to spend on a house in the DC area… so what does that actually buy? Think you will get everything on your wish list? Think again! You will be making choices – yard vs walkability, space vs style, Maryland vs Virginia vs DC. From new construction to a fixer upper, let’s break down what your money really buys in this market, and what to avoid so you don’t waste your time or blow your budget.

I’m Melissa Terzis, DC Real Estate Mama. I help people buy and sell homes all over the DC Area to include Maryland and Virginia. If you need me, reach out!

Right now, we’re in the fall real estate market. It’s a shorter market than spring, and there is a very hard start and a very hard stop to the fall market. Nothing gets moving until after Labor Day, and it screeches to a halt come Thanksgiving. Here’s something to chew on: every fall, there are homes that sit on the market and don’t sell. But come early January, many of those same homes come back on the market. And suddenly, there’s a new crowd of buyers and a ton of interest. I’ve seen them spark bidding wars and close above their original fall list prices. It’s wild. Every year, I find myself begging buyers to make their move in the fall, because spring? Spring is always an absolute bloodbath.

Prices for single family homes run the gamut here in the area from $350,000 to the tens of millions. I’ve always considered $1M to be the average, but I wanted to test this theory. I pulled up the sales for the last 90 days of all single family homes – including townhomes in DC, Arlington, Alexandria, Bethesda and Silver Spring. What do you know, the average price of homes sold came to $1,040,000. What does this get you though? Let’s take a look.

I’ve located 6 homes with price points around $1M, that you can potentially score without competition. A few items of note so you know the guidelines I’m working within.

1) Everything we are seeing today is inside the beltway. Three homes are in Virginia, one home is in DC, and two homes are in Maryland.

2) I am not showing you a one-off gorgeous $1M home in a neighborhood where all the surrounding homes are sub $500,000. You never want to be the most expensive home in a neighborhood by a huge gap. The value of that home may not hold without supporting comparable homes in the immediate vicinity.

3) But, there is a case here where you can get a $1M home in an area surrounded by homes that are $1.5M – $2.5M. That is definitely a good investment.

235 Murtha St
Cameron Station – Alexandria, Virginia

Cameron Station is a super popular planned community in the City of Alexandria. There is a mix of townhomes, condos and rental apartments here. I have several clients who have purchased townhomes here as well as condos. People love it for the community feel, the amenities like fitness center and pool, onsite retail and that it’s adjacent to 3 parks with a bunch of additional amenities and features.

When you buy here, you are buying into a community with a solid reputation, a variety of home styles and a lot of Virginia charm.

This is an end unit home with 2700 square feet on four finished levels. There are five bedrooms and four full baths, plus a half bath. Three bedrooms are on the same level which can be hard to find in newer townhomes. Why is that, you may wonder? Because land only gets more expensive, so builders have reconfigured floorplans to build “up” when they can’t build “out.” In many newer townhomes you will find there are only two bedrooms on one level and a third on an upper level or in the basement. In this home, that is not the case. You have three bedrooms on the 2^nd floor and there is also a bedroom on the upper level in the loft area.

Downstairs there is a guest suite with a full bath and outside – a fully fenced yard. There are lots of updates and upgrades here, making this home move-in ready. It was built in 2000, and the owners replaced the major systems in the house plus the roof in the past few years.

Townhomes in Cameron Station range from $800,000 for a smaller townhome to over $1.1M. This home is $977,000.

4709 7th St S
Barcroft – South Arlington

In South Arlington’s Barcroft neighborhood, this adorable Craftsman Bungalow just had a price reduction. Originally listed at $1,175,000, then reduced to $1,075,000, it’s now just under $1M. Barcroft is a super cute neighborhood with a great sense of community. The families report being very happy with Barcroft Elementary, and it’s been known that there are text chains among neighbors who all look out for each other.

The home was built in 1931 and has the original hardwood floors throughout the home, and they are in excellent condition. The property has a total of 2700 square feet, 2 bedrooms and 1 bath upstairs, and a bedroom and bathroom on the main level.

The outdoor space here is amazing, with a front porch and huge backyard. But one of the coolest features of this location is that you can walk right down the street and hop on the W & OD Trail.

Why is this home not selling? Lack of updates plus a sub-optimal bedroom distribution for families with multiple children. Bungalows are adorable, but they offer a tough floorplan in many cases. I received a notice from the listing agent that they plan to remove this home from the market, make updates and relist in spring for a higher price.

4340 N Henderson Rd
Buckingham – North Arlington

Arlington, if you didn’t know, is pricey. The short distance to DC or Tyson’s which are major commuting hubs, plus the public schools being well rated keep Arlington popular. It’s convenient and the long-term value is always excellent.

North Arlington tends to be pricier than South Arlington. It’s hard to find a good deal in North Arlington because demand stays high, so prices hold. You would have better luck finding better value on a single family detached home in South Arlington, but that comes with some slight downsides – namely, potentially a longer commute and a high school that’s not as well regarded.

This gorgeous townhome on Henderson Road has 4 levels with 3 bedrooms, 3 &1/2 baths, a great kitchen, 2-car garage and a roof deck. The home is updated, with a gorgeous kitchen and open floor plan. There is a bathroom on each level and a full bath for each bedroom as well which we don’t often see. The convenience here is key, as it’s a half mile walk to the metro and the Ballston area of Arlington.

Finding a single-family detached home in North Arlington with enough square footage for a family with a couple kids isn’t easy. For $1M, that home will likely be a fixer-upper and it’s going to be a ranch or cottage style home with under 1500 square feet. But finding a townhome for $1M with all the bells and whistles like this home is a definite possibility.

2907 Newark St NW
Cleveland Park – DC

Cleveland Park is where the Zoo is, as well as a classic retail strip with shops and restaurants to serve the community. The big bonus here is red line metro access, which makes commuting around the city very easy. Cleveland Park is an iconic neighborhood, with a longstanding sense of community and possibly the country’s largest list serv for the neighbors, and beyond.

A Cleveland Park townhome for under $1M, I never would have thought this is possible. But there are 4 newly built townhomes on Newark Street, right next door to the newly renovated and fantastic Cleveland Park Library. You cannot beat this location. There are 4 new townhomes here and one is just under $1M. It has 2 bedrooms and 2 baths, and 1200 square feet. But just wait.

When I walked in, this was a showstopper. I cannot believe these are not sold yet. Everything is new. This is hard to find in DC, especially in established neighborhoods where you don’t have to make a huge concession like being in a tough neighborhood or far from amenities and metro. You can fall out your front door and land in this awesome retail strip!

There are other townhomes in this community which offer more space for higher prices – $1.3 – $1.5M. This home, despite its smaller size, has so much to offer the right buyer. A single professional or a couple with no children or just one child – this space is perfect. Your living is as much out there in the neighborhood as it is inside.

You are seeing now the direct correlation between location and square footage. City properties are smaller by design. The land is more expensive, and the living is denser, thus we have to fit more people into a smaller space.

Let’s head to Maryland next.

7201 Chestnut St
Chevy Chase, Maryland

Finding anything in Chevy Chase for under $1M is nearly impossible. This is an exclusive area and you are buying location and a small-town feel.  Finding a home here at or under $1M is so rare, but this one has a story. It’s been owned by the same family since it was built in 1939.  I have found when homes change owners multiple times, everyone puts their stamp on it. That’s how you end up with carpet over hardwood over tile, 2 inch steps between rooms other renovation oddities. That is usually not the case when a home has one long-standing owner. There is so much to love about a well-built home with one owner.

This home is being sold as-is and it does need updating. Nothing about it is unlivable but there is so much opportunity here to make updates while enjoying things you just can’t get anymore – a slate roof that lasts forever, brick on all sides of the home and real hardwood floors. And the staircases on both levels are so wide, it felt so grand just walking on these stairs!

So why hasn’t this sold? People don’t like doing renovations. Especially now in a perceived “buyers” market. People never like doing renovations. A fully renovated house speaks loudly to 90% of buyers. For the 10%, this is an excellent opportunity to own a home in a community you won’t want to leave. You’re a block from the small retail/restaurant area and close to the DC line. I loved this one too, and it’s a steal at this price. Instant equity.

8209 Flower Ave
Takoma Park, Maryland

Takoma Park is a cute little city just over the DC line in Maryland. It’s known for being so progressive, at 16 years old you can vote in the local elections. Takoma Park brings a hefty “west coast vibe” to the east coast. Quirky Quirky Quirky. That is the word here when it comes to the vibe and to the houses.

Houses here vary in size, type and price. You can find small homes here in the $500’s and large, fully renovated homes nearing $2M. Renovations here mean something different than in other parts of the metro area. There will be nothing cookie cutter about a Takoma Park renovation.

This cute little storybook Cape Cod was built in 1936. The home has been renovated and bonus, there’s a fully rentable basement apartment as well. Unlike other areas of DC, a basement apartment in Takoma Park will always have demand. There are a lot of nooks of space here, with a sunroom, a bedroom on the main level, two bedrooms and two baths upstairs. One of the bedrooms has a little den as well.

You’re buying into a progressive, vibrant community here in Takoma Park with a great little downtown, a farmers market, an income stream, and all the friends you want. Or not!

It’s definitely expensive here compared to other areas, but remember $1M is the “average” for this experiment and you can find homes in a wide range here. Most buyers I help who buy single family homes spend between $600,000 to $2M.