UrbanTurf is re-starting our Home Price Watch feature in 2018 to catch up on how the housing market is faring year-to-date in different neighborhoods in the DC area. Today, we kick things off with a look at Chevy Chase DC, a neighborhood known to be one of the more competitive in the city.
Median housing prices in Chevy Chase rose almost 11 percent over the last year, tracking closely with the trajectory of the average listing price for houses that sold, which rose by 10.32 percent. However, that rising price statistic is a little deceiving as the average price of detached homes, the most prevalent property in the neighborhood, only rose marginally during that period to around $1.15 million.
Home sales have dropped in the area compared to last year, but the reason for this is more a function of low inventory that dampened buyer demand. There were less than a month's supply of homes on the market in the first three months of the year.
Those homes that were on the market were moving quickly, however. 51 percent of the dwellings sold in Chevy Chase in 2018 did so within ten days of being listed. And despite the uptick in prices, the average sales to list price ratio for the neighborhood sits north of 100 percent, an indication that homes on the market are fetching their asking price or more.
The supply of homes in Chevy Chase ticked up to 1.22 months in April, so buyers could see more options this month as well. However, buyer demand will still be fierce: the contract ratio for the neighborhood sits at 2.0 currently, which means that for every active listing on the matket there are two listings under contract.
Housing data for the legal subdivision of Chevy Chase DC for this article was provided by Bright MLS. DC’s Chevy Chase neighborhood is between Western and Oregon Avenues and 41st Street to the northwest, and Broad Branch Road, 36th Street and Nebraska Avenue to the southeast.
This article originally published at https://dc.urbanturf.com/articles/blog/home-price-watch-competition-reigns-in-chevy-chase-dc/13980.
Most Popular... This Week • Last 30 Days • Ever
The development will be located a few blocks south of the Takoma Metro station.... read »
The new development along South Capitol Street includes a new amenity for UrbanTurf: ... read »
DC's Office of Planning recently looked at DC's migration patterns in 2022. Today, Ur... read »
A new plan is on the boards for a group of five townhouses in the middle of DC's Chin... read »
Crescent Communities has filed a site plan application with the county for a 467-unit... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro