Chevy Chase MD Homes For Sale See 15.6 % Drop In Prices

A little over a month ago, we wrote up a brief analysis of Chevy Chase MD homes for sale and how they were behaving on the open market.  In that article, we used some graphs that had weekly data points, but today, we are using graphs with a 90 day rolling average, so the volatility may look a bit different from post to post, but the overall theme will be the same, namely, dropping prices.

Chevy Chase MD homes for sale asking prices

Looking at the trend line above, we see that one year ago, Chevy Chase homes for sale had a median asking price of 1.28 million dollars, with values rising as high as 1.32 million in May.  However, around October and November of 2010, those numbers started falling, with a very steep slide between November and January.  The low point of the trend line hit in late February when the median measurement hit 1.09 million, a loss of almost $200,000 from a year earlier.  If you prefer to see that drop represented by a percentage, we lost about $200,000 from a list price median of 1.28 million, or a 15.6% decline!

The graph above takes all of the homes currently for sale in Chevy Chase and treats them all as one group.  I thought it might be interesting to separate out one group in particular, Chevy Chase MD luxury homes, and see how those high-end properties are faring.  The graph below does just that, to some degree.  I was able to tease out the numbers for the top 25% most expensive homes and show them on the same graph as the entire community as a whole.

Chevy Chase MD Luxury homes for sale prices

Two things strike me when I look at the data above.  First, both groups of homes have seen their asking price fall over the past twelve months.  The second point of interest is that the Chevy Chase luxury homes measurement appears to still be heading south, while the larger group of homes looks to have plateaued earlier in March and may actually be on the rise just a bit.  If that’s the case, we could see high end homes with huge price reductions, either in an attempt to find a buyer, or during a purchase negotiation.

As always, if you have any questions at all about homes for sale in Chevy Chase MD, or any other area around D.C., please don’t hesitate to contact me.  I will get back to you just as quickly as possible.  If you prefer, you can also leave a comment below.

About Rich Jones