Bethesda is an unincorporated town in southern Montgomery County, Maryland next to Washington, D.C. In the 2020 census, the community had a total population of 68,056. It takes its name from a local church, the Bethesda Meeting House(1820, rebuilt 1849), which in turn took its name from Jerusalem's Pool of Bethesda. The National Institutes of Health and the Walter Reed National Military Medical Center are in Bethesda, in addition to several corporate headquarters such as Marriott and Martin Marietta. Bethesda is known for its green spaces, excellent schools and diversity of residents, some of whom work for the many embassies in Washington or the World Bank or International Monetary Fund.
The Bethesda real estate market is always active with homes ranging from the low $200k to multiple millions in value. There is a good mixture of condos, town homes and single family homes. The most expensive home on the market in August 2024 is 6699 MacArthur Blvd, Bethesda, MD 20816, listed for $23,500,000. With nearly 12,000 square feet, 6 bedrooms and 8 full baths, this house sits on the bluffs above the Potomac River, making it a truly impressive and rare property.
BETHESDA HOMES FOR SALE
The data are taken from the MLS (the data are believed accurate at the time this report was compiled, but are not guaranteed, and do not include private/non-MLS sales).
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96 homes sold in Bethesda in July, down 7.7% from June's 104 closings. Here's a summary of the housing activity:
Single Family Homes Sold
58 single family homes sold in July (down 20.5% from June's 73 ); 19 Average Days on Market - the same as June; Median Sale Price was $1,579,000 down from June's $1,612,000. The median price was up 6.2% from July 2023. There was an 18.9% decrease from June in the number of properties going under contract. There were 74 homes listed - down from June's 77 - but up from July 2023's 51. The average sale price to Original List Price was 100.3%, down slightly from June's 101.4%
Condos, Townhomes and Duplexes Sold
38 attached homes sold in July (up 22.6% from June's 31 ); 20 Average Days on Market - down from June's 22 days; the Median Sale Price was $405,000 up from 11.9% June's $362,000. The median price was down 12.1% from July 2023. There was an 45.2% decrease from June in the number of properties going under contract. There were 27 homes listed - down from June's 30 - and down by 12.9% from July 2023's 31. The average sale price to Original List Price was 99%, up slightly from June's 98.2%
Overall sales for July at 96 was down 7.7% month over month but up 11.6% year over year. The total volume of sales in July was $124,810,168, up 11.6% YOY but down 7.7% MOM. There were 15 fewer 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 substantially for condo, townhome and condo sales - by $43,000.
Average marketing time was shorter for single family homes was the same as last month. The marketing time for condos, townhomes and duplexes decreased in July from 22 days to 20.
There is 1.4 months of housing supply, which is the same as the five year average. The Bethesda housing market continues to be a strong seller’s market for single family homes, condos, townhomes and duplexes.
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 Bethesda 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 8801 Fernwood which sold for $9,250,000 in January, well above other sales in Bethesda 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 Bethesda home. I can also provide the important market and equity information, and market preparation guidance, to help sell your Bethesda home if that is your plan.
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