Chevy Chase, Maryland Real Estate Report/Housing Market
At A Glance: March 2020
Latest news on the Chevy Chase real estate market and what it means for you...
Chevy Chase, Maryland real estate report/snapshot for March 2020.
In March 2020 the Chevy Chase housing market remained a seller's market with 1.9 months of inventory, down from the five year average of 2.9 months. Housing inventory was down to 81 active listings as compared with 98 listings in March 2019. New listings ( 68 in March) increased 23.6% from February 2020 but decreased 9.3% year-over-year.
Pending sales decreased 5.6 % in Chevy Chase in March 2020 compared with February 2020 and 34.6% one year ago. Chevy Chase's closed sales increased 2.9% year-over-year and 28.6% from February 2020. Thirty six homes closed in March 2020.
On average, homes sold in 47 days, down from 73 days compared with the same month one year ago and down from 73 days from the month of February 2020. Median days on market were 16, down 71.9% year-over-year and down 50% month-over-month.
Average price of sold homes increased 41.9% year over year to $1,290,066, while the median sale price increased 21.2% year over year to $1,030,000. Price per square foot was $417.00, up 10% year-over-year.
Sellers received 98.3% of listing price in final sale price (up from the 5 year average of 95.5%), showing minimal opportunity for buyers to negotiate.
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CHEVY CHASE HOUSING MARKET HIGHLIGHTS:
MARCH 2020 VERSUS THE 5 YEAR AVERAGE
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WHY LIVE IN CHEVY CHASE MARYLAND?
The answer to that question is really pretty simple! People love living in Chevy Chase because it offers a wide range of housing choices from condos about $300,000 to townhomes in the $600s to $1M, single families from the $800s and up, plus luxury condos in Friendship Heights. Shopping is great along Wisconsin Avenue with restaurants and boutiques to choose from. The populace is well educated and the schools like Bethesda Chevy Chase HS, Westland, and Somerset ES consistently rank well nationally.
Chevy Chase is the name of both a town and an unincorporated census-designated place (Chevy Chase (CDP), Maryland) that straddle the northwest border of Washington, D.C. and Montgomery County, Maryland, United States.
Several settlements in the same area of Montgomery County and one neighborhood of Washington include "Chevy Chase" in their names. These villages, the town, and the CDP share a common history and together form a larger community colloquially referred to as "Chevy Chase".
Primarily a residential suburb, Chevy Chase adjoins Friendship Heights, a popular shopping district. It includes the National 4-H Youth Conference Center, which hosts the National 4-H Conference, an event for 4-Hers throughout the nation to attend, and the National Science Bowl annually in either late April or early May. Chevy Chase is also the home of the Chevy Chase Club and Columbia Country Club, whose members include many prominent politicians and Washingtonians. 
The name "Chevy Chase" is derived from "Cheivy Chace", the name of the land patented to Colonel Joseph Belt from Charles Calvert, 5th Baron Baltimore on July 10, 1725. It has historic associations to a 1388 battle between Lord Percy of England and Earl Douglas of Scotland, the subject of the ballad entitled "The Ballad of Chevy Chase". At issue in this "chevauchée" (a French word describing a border raid) were hunting grounds or a "chace" in the Cheviot Hills of Northumberland and Otterburn.Chevy Chase is noted for its highly educated and wealthy residents. In 2015, Business Insider named Chevy Chase as the most affluent town in the United States, with a median income of $260,000 per year. Chevy Chase also received recognition as "the most educated town in America" in a study conducted by the Stanford Graduate School of Education, with 93.5 percent of adult residents having at least a bachelors degree.
Despite persistent rumor and speculation, Chevy Chase, Maryland has no direct relation to the actor Chevy Chase. Both are named after the British ballad.
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