Median Asking Price Of Chevy Chase MD Homes Drops $350,000

When trying to gauge the market for Chevy Chase MD homes, I thought it might be helpful to look at the past two years of data.  Turns out, it wasn’t that helpful!  Well, it was helpful in seeing just how far values have fallen lately, but it sure wasn’t pretty to look at.

Chevy Chase MD homes for sale asking prices 2 year graph

Two years ago, properties for sale in Chevy Chase had a median asking price of $1,450,000.  Today, that very same measurement has fallen all the way to $1,100,000, or even maybe a little bit lower.  The difference between the two numbers is staggering, a $350,000 shift.  In many cities and towns across American, that number would be more than enough to buy a house!  Perhaps I should have looked at three years worth of data, but I fear that might have been even more depressing.

Chevy Chase MD homes for sale inventory 2 year graph

I suppose one of the reasons we are seeing dropping prices could have to do with rising inventory levels, which we are certainly experiencing right now.  But that doesn’t really explain the consistent drop in prices over the past 24 months, as inventory is still lower today than it was this time in 2009, even though we are quickly approaching those number.  It almost seems as if the two statistics, pricing and inventory, are not even related.  They are certainly not moving together.

When the median asking price of Chevy Chase MD homes for sale dropped, we would normally expect to see rising inventory levels, with the opposite being true as well.  But between the two graphs provided above, it looks like the asking prices dropped, and so did inventory levels.  And then values dropped again, and again, but now inventory levels are rising.  It is almost as if no matter what, houses are going to get less on the market today than at almost any point in the past two years.

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