Chevy Chase MD Real Estate Asking Prices At 3 Yr High

Looking back, I see that it has been quite awhile since I have written an article about the Chevy Chase real estate market, in regards to trends and what we might expect in the near future, especially when it comes to asking prices for current homes for sale.  I intend to make up for that deficiency by tracking, and graphing, the past three years of data showing the ups and downs of the median asking price for all Chevy Chase MD homes for sale, as well as the number of available units.

The first graph above obviously is tracking the asking price.  I normally prefer to check on the rolling trend line, which is more general guideline and lacks the high degree of volatility that the weekly line shown in black often presents.  Three years ago, in August of 2009, the median asking price of homes for sale in Chevy Chase was about $1.375 million.  In the time since then, that number has never been higher, except for the past few weeks.  In fact, the numbers had gone so far down, that at the worst period, almost $300,000 of value had been lost!  But ever since January of this year, values have been tracking up, going from $1.16 million to today’s value of $1.46 million!

While not exactly mirroring the first graph above, this chart of real estate inventory levels in Chevy Chase does show a pretty decent decline in the number of homes currently for sale in this community, dropping from about 90 units in early July to only 70 this past week.  While 20 properties may not sound like a lot, I believe this over 20% drop is an indication that some of the higher priced homes in the area are starting to move and home sellers are feeling confident enough to ask for higher prices, and probably get them!

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