Chevy Chase MD Market Update April 2020

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

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.

Want to know what this would mean for your family if you decide to buy or sell a Chevy Chase home?

We can help.

Call us today at 240-401-5577 or email us at lise@lisehowe.com.  Our greatest joy is in helping you find that perfect home in Chevy Chase MD.

 

CHEVY CHASE HOUSING MARKET HIGHLIGHTS:

MARCH 2020 VERSUS THE 5 YEAR AVERAGE

 

 

Why not check out...

SEARCH ALL CHEVY CHASE, MD AREA HOMES HERE

WONDERING WHAT YOUR CHEVY CHASE AREA HOME IS WORTH?

 

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,

 

Contact us if you'd like to receive our monthly update on home values in Chevy Chase so you can keep track of home sales activity in your neighborhood.

 

We're happy to provide an expert home value analysis with no obligation on your part.

If you are curious about market activity in Chevy Chase MD in past months, here are some other market reports for your review.

March 2020 Chevy Chase Condo Report

March 2020 Chevy Chase Report

 

 

 

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Rainmaker
1,879,186
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Lise -- seeing this, and growing up in Chevy Chase, I had to comment!  My grandmother built the first house in Chevy Chase and the place was, and is, wonderful.  I doubt I could afford the taxes...

May 21, 2020 07:07 AM #1
Rainmaker
1,736,678
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA, ABR, SRS

Thank you for keeping us posted and up to date. Best of luck!

May 21, 2020 07:12 AM #2
Rainmaker
4,318,019
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lise, nice comprehensive market update for Chevy Chase and looks like the virus had an affect on your sales.

May 21, 2020 07:32 AM #3
Rainmaker
1,824,500
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Joan Cox - the virus has definitely dampened our inventory - and if there are no homes on the market it is hard to sell them! 

May 21, 2020 07:43 AM #4
Rainmaker
1,824,500
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Jay Markanich - our property taxes are higher than yours in VA but not every house is expensive.  I certainly wish you were doing inspections on this side of the river!!!

May 21, 2020 07:45 AM #5
Rainmaker
1,824,500
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Jeremy K. Frost - thanks for stopping by - I always appreciate the support! 

May 21, 2020 07:45 AM #6
Rainmaker
3,448,830
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great market/neighborhood spotlight on Chevy Chase, Lise. Leaves no question that it's a seller's market there... buyers need to take note.

May 21, 2020 07:59 AM #7
Rainmaker
5,773,883
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is great information to share with families on the move.

Take care and be safe.

May 21, 2020 08:46 AM #8
Rainmaker
1,879,186
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I do DC if it's a nice neighborhood and parking that won't guarantee me a ticket.  When "they" see my VA tag they just give me a ticket, even when not deserved.

But I don't do MD, except for commercial.

May 21, 2020 09:04 AM #9
Rainmaker
1,879,186
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Oh, my grandmother built the house for $2000 and now it's worth $1.4M I think.

The taxes would be high, I'm sure.

May 21, 2020 09:06 AM #10
Rainmaker
2,883,891
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The Bethesda Condo Queen can tell you all that you need to know about Chevy Chase!

May 22, 2020 06:26 AM #11
Rainmaker
3,406,693
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lise and Thanks for this great report.  Looks like a seller market yet in your area.  This Virus effected us all.

 

May 22, 2020 08:45 AM #12
Rainmaker
602,355
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Sally

 

May 25, 2020 11:56 PM #13
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Rainmaker
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Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
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