Market Value Information Chevy Chase Maryland 20815
How much is your home in Chevy Chase worth?
Chevy Chase Maryland includes communities such as Chevy Chase Village, Somerset, Martins Addition, Friendship Heights, Kenwood Forest and Rollingwood. It is the first neighborhood as you cross into Maryland from the District on Wisconsin Avenue, and it is a perfect place to live if you work at the Marriott Headquarters or Walter Reed. It is a very international community, filled with people who work at the World Bank or the International Monetary Fund.
To start your search for a home in Chevy Chase, just click here!
Are prices up or soaring? How long are homes staying on the market? What should you do to increase the value of your home? If you are thinking of selling your home this year, you need to know which way home values are going! Here is a snap shot of what home values were doing in the 20815 zipcode.
MARKET INFORMATION FOR DETACHED PROPERTIES in CHEVY CHASE 20815
In 20815, the median sold price for Detached properties for September 2024 was $1,062,500. Interestingly, the median sold price for detached properties in May 2017 was $1,154,250, which was up from May 2016 by 9.3%
The average days on market for units sold in September 2024 was 36 days as compared with May 2017's 52 days. The 5 year average now is 32 days as compared to the 5-year average of 42 days in May 2017.
Month over month the new contract activity rose by 36.4% with 15 New Pendings.. We also saw an 18.2% MoM increase in All Pendings (new contracts + contracts carried over from August) to 13; and a 20% increase in supply to 36 active units. Just to show how things have changed since 2017- a 20% increase in supply gets us to 36 active units in 2024 whereas the active units in 2017 were 76.
This activity resulted in a Contract Ratio of 0.36 pendings per active listing, down from 0.37 in August and a decrease from 0.55 in September 2023. The Contract Ratio is 50% lower than the 5-year September average of 0.73.
A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
MARKET INFORMATION FOR CONDOS in CHEVY CHASE 20815
In 20815, the median sold price for Condo & Coop properties for September was $470,000, representing a increase of 10.6% compared to last month and a decrease of 29.7% from May 2023.
The average days on market for units sold in September was 44 days, 13% above the 5-year average of 39 days.
There was a 33.3% month over month increase in new contract activity with 16 New Pendings; an 11.1% decrease in All Pendings (new contracts + contracts carried over from August) with 16; and a 5.1% decrease in supply to 37 active units.
This activity resulted in a Contract Ratio of 0.43 pendings per active listing, down from 0.46 in August and an increase from 0.29 in September 2023.
The Contract Ratio is 13% higher than the 5-year May average of 0.38. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
HOW MUCH IS YOUR HOME WORTH IN CHEVY CHASE?
After you see all these stats, then you really want to know what the value of your home is! They may have changed the value of your home.
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.
To find out how these numbers affect the price of your home in Chevy Chase please go to: Get the value of your home in Chevy Chase Md.
If you would like to find out how the Lise Howe Group will increase your bottom line when you sell your home, give us a call at 240-401-5577 or email us at lise@lisehowe.com.
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