Bethesda real estate comparison with Chevy Chase and Potomac

Talking to clients, it often isn’t enough to simply discuss how the local market is behaving in their neighborhood, but most people seem to want to also know how it compares with other parts of town, I suppose hoping someone else has it worse!  So, with that in mind, I have put together two charts showing the Bethesda real estate market, alongside that of Potomac and Chevy Chase MD.

Bethesda real estate market comparison

This first graph contains three lines, all tracking the median asking price of homes for sale in the three different areas I mentioned above, over the past few years.  Not too surprisingly, all three areas are showing lower values today than in early 2009, when the chart starts.  Chevy Chase real estate has seen the biggest decline, seeing asking prices drop from about $1.43 million to the most recent measurement of $1.16 or $1.17 million, a loss of over $250,000!  In comparison, the other two communities seem to be doing relatively well, with Bethesda homes looking at only a $20,000 loss or so, and Potomac homes for sale seeing prices bouncing back up recently to really take the sting out of the past few years.

Bethesda real estate inventory levels

While we are playing the comparison game, we might as well keep on going.  Here we have the total number of available units in each of the three communities.  A bit surprisingly, each area has seen an overall downturn in the number of homes currently for sale when compared to this time of year in 2009.  With lower inventory levels, perhaps we can be a bit hopeful that this spring will bring a bit of a rebound in home prices.  The Bethesda market really looks to be the one area that has seen the biggest reduction in inventory levels, by quite a bit, at least in hard numbers.  But it also the largest of the three, but in percentages, Chevy Chase might be right there alongside Bethesda.

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