Bethesda Real Estate Market Sees Rise In Asking Prices

The Bethesda real estate market has seen it’s fair share of ups and downs over the past three years, but it is interesting to note that the median asking price we recorded for last week was just about equal with the same measurement taken 36 months ago, in late March of 2009.

Bethesda real estate asking prices

Early in 2009, the median asking price of available houses was just shy of $1.2 million, which happens to be the top value reached at any point since that time, but reached again at the turn of the year in 2011 and then again this past month.  However, in those in-between times, we saw plenty of values much lower, with several weeks getting down to $990,000 and one outlier month spiking all the way down to $931,000.  But that seems to be quite an aberration and we won’t put too much stock into that valuation.

I think the more likely scenario is the one that plays out week after week, not a one shot wonder.  Which is why the last several weeks and months have started to make me feel a little bit more bullish about the local market for Bethesda homes for sale.  Since the end of 2011, we have seen a pretty steady increase in asking prices, which tells me that somewhere sellers are feeling more confident in their ability to find buyers willing to pay those prices.  And success builds on success, so with the continued rising prices, it would not surprise me if we saw a new high recorded when looking at median asking prices of homes in Bethesda MD.

One other note that makes me feel a bit more optimistic than I may have felt last year is the timing of this recent uptick in values.  Last spring, in 2010, prices were actually falling during the spring time, which is traditionally thought of as a good selling season.  That’s not a great combination.  But this spring, prices are on the rise, which may signal that our market is getting back to a more “normal” condition, which would be a welcome change for sellers!

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