Luxury Homes In Chevy Chase MD See Asking Prices Drop

Chevy Chase MD luxury homes for sale have seen their median asking price fall by almost half a million dollars over the past two years.  For the purpose of this short post, I am treating the most expensive 25% of homes on the market at any given time as luxury homes.  If you wanted to drill down even more, and maybe look at just the top 5%, or 3%, whatever your definition might be for luxury, I’m sure that the story will be the same.  The numbers may be different, but the trend will be the same, down.

Chevy Chase luxury homes for sale asking prices

In the case of this sample, the most expensive quartile of Chevy Chase homes, shown on the graph above, we can see that in July of 2009, that group of homes had a median asking price of $2.8 million, if we look at the trend line shown in gold.  The next year, in summer of 2010, the same measurement had fallen to $2.6 mil, falling $200,000, which is enough to buy a house in many cities across the country.  But it gets worse, the next data point to look at is our most recent one, taken this past week, that shows a new median asking price of $2,300,000.

The dip from 2010 to 2011, of $300,000, was larger than the previous years’ decrease, which is not a great negotiating stance for anyone trying to sell their high end home in Chevy Chase.  The $500,000 reduction over the past two years is repeated if you look at the weekly data points, shown in black.

24 months ago, they actual data point was right at $2.7 million, while this past week’s was at $2.2, another half million dollar drop.  Either way you look at it, luxury homes for sale in Chevy Chase have seen an almost 20% drop in asking points.

But as I have said in other posts and articles, that’s not to say that no homes are selling.  Even with dropping values, an aggressive and effective marketing campaign can still get the best possible price for your high end Chevy Chase home.  If you would like to see an example of our marketing, please don’t hesitate to call or write, I’m sure you will see how different it is from the stale marketing still being used by many of today’s agents.

About Rich Jones