Chevy Chase Real Estate Report for May Shows Improvements

Home Buying 16Unlike nearby Washington DC, which showed across-the-board decreases in various real estate metrics, the Chevy Chase housing market appears to be more of a mixed bag.

After all, although the number of home sales has decreased over the last several week, the average price per square foot actually increased when compared to the year before.

Interested in learning more about the current state of the market in Chevy Chase? Continue reading!

What Every Chevy Chase Buyer and Seller Should Know

Here’s an overview of the current state of the local housing market:

  • Currently there are 90 homes for sale on the market, including 6 in some stage of the foreclosure process.
  • Between January and April, the average price per square foot for homes was $533, up 5.1 percent compared to the same period last year.
  • Also during that time period, the median sales price for homes was $835,000, based on 19 home sales.
  • Compared to a year ago, the median home sales price decreased 13.9 percent, or $135,000.
  • And the number of home sales decreased 60.4 percent.
  • Here’s how other communities stacked up when it came to median sales price:
    • Bethesda $782,500
    • Washington DC $467,000
    • Kensington $419,000
    • Potomac $844,500
    • Silver Spring $364,250
  • During the week ending on April 29, the average listing price for homes was $1,391,204, up 3.5 percent from the week before.
  • During that previous week, the average listing price was $1,350,000.
  • Broken down further, the average listing price for a 1-bedroom home was $363,133.
  • The average listing price for a 2-bedroom home was $772,160
  • And the average listing price for 3- and 4-bedroom homes was $817,989 and $1,023,312.
  • Here’s how other communities compared when it came to average listing price:
    • Bethesda $1,349,037
    • Washington DC $917,312
    • Kensington $670,134
    • Potomac $1,886,649
    • Silver Spring $446,559

We’ll Help You As You Navigate the Chevy Chase Housing Market

We hope you found the above information insightful as a prospective home buyer or seller in Chevy Chase.

If you’re ready to enter the market yourself anytime soon, we invite you to connect with us at The Rozansky Group.

We have years of experience helping buyers and sellers just like you and we’d be happy to offer our expertise.

Until next time,

Brad

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