Chevy Chase MD Homes For Sale May Be On The Rise

Prospects for home sellers in the Chevy Chase MD real estate market may be looking at better news today than they have seen in a long time, or at least in the recent past.  I say that having already looked at several different factors, but let’s focus on one at a time.  The first statistic I want to review is the median asking price of Chevy Chase MD homes for sale, homes that are currently on the market right now.

Chevy Chase MD homes for sale asking prices

While today’s asking prices may be a bit lower than they were at this time last year, it is encouraging to see that prices appear to be on a rising trend.  The gold line on the graph above is a rolling 90 day average, which is basically the same thing as a trend line.  And we can see that since the beginning of this year, that the trend line has leveled out and is actually starting rising.  If we can see one or two other market stats move in the right direction, then we just might be seeing the beginning of a recovering market for Chevy Chase.

Chevy Chase MD homes for sale inventory levels

Another interesting that I want to review is the inventory levels for homes for sale in Chevy Chase, that is, how many homes are currently for sale at any given time.  Since January of this year, we have seen the number of home owners trying their luck on the market has really climbed, at a somewhat severe pace, with now almost twice as many homes for sale as just three or four months ago.  Normally, this fact would be really alarming, but as we saw above, prices actually seem to be rising, even in the face of such an increase.  PLUS, homes in Chevy Chase actually seem to be leaving the market quicker than ever!

Chevy Chase homes for sale DOM

Just look at this last chart!  This shows how long, on average, homes for sale in Chevy Chase MD are staying on the market.  Now, before you get too excited, leaving the market isn’t quite the same as being sold.  Selling a house obviously will remove it from the market, but so will someone who quits trying to sell, that will count as leaving the market.  But even with that caveat, we are seeing rising prices AND rising inventory, there is no reason to expect anything other than rising Days On Market.  But look, right in front of our very eyes, the measurements for Chevy Chase homes are dropping, and have been for a number of months.  It looks to be something more than just an aberration, we might be looking at a real market move!

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