Chevy Chase, Maryland Real Estate Report/Housing Market
At A Glance: April 2020
Latest news on the Chevy Chase real estate market and what it means for you...
Chevy Chase, Maryland real estate report/snapshot for April 2020.
In April 2020 the Chevy Chase housing market remained a seller's market with 2.0 months of inventory, down from the five year average of 3.3 months. Housing inventory ticked up to 82 listings from 81 active listings in March. In April 2019 there were 105 active listings, a clear reflection of the impact of the COVID-19. New listings were very low with only 23, a 66.2% decrease from March 2020's 68 anda significant drop also from the 5 year average of 70.
Pending sales decreased to 15 - a drop of 55.9 % in Chevy Chase in April 2020 compared with March 2020 and 75% one year ago. (I am glad to say that one of those 15 was mine!) Chevy Chase's closed sales decreased 15.8% year-over-year and 11.1% from March 2020. Thirty two homes closed in April 2020.
On average, homes sold in 26 days, down from 42 days compared with the same month one year ago and down from 47 days from the month of March 2020. Median days on market were 7, down 46.2% year-over-year and down 56.3% month-over-month.
Average price of sold homes increased 15.8% year over year to $1,237,276, while the median sale price increased 37.1% year over year to $1,200,000. Price per square foot was $452.00, up 1.4% year-over-year.
Sellers received 99.4% of listing price in final sale price (up from the 5 year average of 97.6%), 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 filled with natural beauty and lots of cherry blossoms in the spring. It is a happy combination of excellent schools, affluence, and easy transportation and access to shopping and restaurants. 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.
Chevy Chase is the name of both a town and an unincorporated census designated place that straddle the northwest border of Washington DC and Montgomery County MD.
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. Chevy Chase is home to the Howard Hughes Medical Institute with an eye-popping endowment of $22.6 billion making it the second wealthiest philanthropic organization in the country and the second best endowed medical research foundation in the world.
Chevy Chase also 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, typically held annually in either late April or early May. Another large property in Chevy Chase is Woodend, a historic home owned by the Audubon Naturalist Society of the Central Atlantic States. The Society maintains the Woodend Nature Sanctuary on the 40 acre property, which is typically open to the public. Other large green space areas in Chevy Chase include the Chevy Chase Club and Columbia Country Club, whose members include many prominent politicians and Washingtonians. In short, there is an abundance of green space and trees in the Chevy Chase area, creating a wonderful buffer at the edge of Washington.
A Bit of History
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. 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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