Value of Your Home in Chevy Chase MD – August 2024

Overall sales for July at 34 was up 35.3% month over month but down 4.2% year over year.  The total volume of sales in July was $64,197,333, up 24.8% YOY but up 4.8% MOM.  The median sale price for Chevy Chase was $1,300,000, a substantial drop from June’s $1,719,000. There were 5 more single family detached home sales, and 7 more condo, townhome and duplex sales. The median sales price was lower for single family homes than last month. The median price rose slightly for condo, townhome and condo sales – by $5,000.Here is a link to the homes currently on the market in Chevy Chase.

Average marketing time dropped by one day for single family homes to 18 days. The marketing time for condos, townhomes and duplexes increased significantly in July from 19 days to 64.

46 homes sold in Chevy Chase in July, up 35.3% from June’s 34 closings.  There were 31 pending properties, down 26.2% from June’s 42 pending sales. July saw 28 new listings, down 41.7% from June’s 48 new listings.

25 single family homes sold in July (up 25% from June’s 20);  Average Days on Market was 18 – down from June’s 19 days;  Median Sale Price was $1,757,200 down 22.9% from June’s $2,280,000.  The median price was up 9.1% from July 2023.  There was an 23.8% decrease from June in the number of properties going under contract.  There were 16 homes listed – down from June’s 22 – but up from July 2023’s 15.  The average sale price to Original List Price was 100%, down from June’s 102.2%

21 attached homes sold in July (up 50% from June’s 14 ); Average Days on Market was 64 in July- up an astonishing amount from June’s 19 days and July 2023’s 30 days; the Median Sale Price was $360,000 up  1.4% from June’s $355,000.  The median price was down 12.1% from July 2023.   There was an 28.6% decrease from June in  the number of properties going under contract.  There were 12 homes listed – down from June’s 26 – and down by 29.4% from July 2023’s 17.  The average sale price to Original List Price was 98.3%, up slightly from June’s 97.8%

If you would like to see some of the condos and coops in Chevy Chase that are on the market now – or if you want to know about Bethesda condos for sale, just reach out to us at lise@lisehowe.com or call 240-401-5577.

Overall sales for July at 34 was up 35.3% month over month but down 4.2% year over year.  The total volume of sales in July was $64,197,333, up 24.8% YOY but up 4.8% MOM.  The median sale price for Chevy Chase was $1,300,000, a substantial drop from June’s $1,719,000. There were 5 more single family detached home sales, and 7 more condo, townhome and duplex sales. The median sales price was lower for single family homes than last month. The median price rose slightly for condo, townhome and condo sales – by $5,000.

Average marketing time dropped by one day for single family homes to 18 days. The marketing time for condos, townhomes and duplexes increased significantly in July from 19 days to 64.

There is 2.2 months of housing supply, which is above as the five year average of 2 months.  The Chevy Chase housing market continues to be a strong seller’s market for single family homes, condos, townhomes and duplexes, but it will be interesting to continue to monitor it as inventory begins to creep up.

Keep in mind that with any statistic 1 month of data does not establish a trend. A more accurate picture will result when you watch the Chevy Chase real estate market over time, especially since market conditions vary each month. One should not draw firm conclusions regarding pricing because the values can be skewed significantly by the sale of one property in a month, such as 4616 Drummond which sold for $5,600,000 in July and 4204 Rosemary Street which sold for $5,200,000, thereby lifting the average of homes sold in Chevy Chase that month. In addition, the low inventory leads to a limited number of sales, which also skews the calculations.

Please reach out to me directly or via text at 240-401-5577 with your questions. I’m happy to discuss your personal housing needs, lifestyle, timing and budget. With that information we’ll create a strategy to buy your new Chevy Chase home. I can also provide the important market and equity information, and market preparation guidance, to help sell your Chevy Chase home if that is your plan.