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Home Price Watch: Competition Reigns in Chevy Chase DC

by Nena Perry-Brown

Home Price Watch: Competition Reigns in Chevy Chase DC: Figure 1
A home for sale in Chevy Chase DC

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.

Home Price Watch: Competition Reigns in Chevy Chase DC: Figure 2
Months of supply in Chevy Chase DC, May 2016-April 2018. Click to enlarge.

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 http://dc.urbanturf.com/articles/blog/home-price-watch-competition-reigns-in-chevy-chase-dc/13980

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