Home Price Watch: Chevy Chase, The Land of Four-Bedrooms

• May 3, 2017

by Nena Perry-Brown

A home currently on the market in Chevy Chase DC.

For this week’s edition of Home Price Watch, UrbanTurf heads to Chevy Chase DC, where the housing market has been churning at a relatively fast pace in 2017.

Fifty-five percent of the homes sold in Chevy Chase this year did so within ten days of hitting the market. Quick turnaround in the neighborhood has led to dwellings being listed at a slightly higher price through the first quarter of 2017 (approximately $950,000) than they were listed for during the first three months of last year. The average sales price to original list price ratio sits just below 100 percent, meaning that, despite the increase in listing price, homes are still selling for about asking price on average.

Months of supply in Chevy Chase DC

While median sales prices haven’t risen that much in the neighborhood from last year, there has been an uptick in prices for perhaps the neighborhood’s most popular property type — detached houses with four or more bedrooms. Prices for this type of home have risen 12 percent since last year to over $1.2 million.

The trajectory for many of the statistics outlined in this article could attributed to the metric that is plaguing the entire city: inventory. Chevy Chase has had just about a month’s supply of homes for sale on the market in 2017.

Housing data for the legal subdivision of Chevy Chase DC for this article was provided by RealEstate Business Intelligence. 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_chevy_chase_the_land_of_four_bedrooms/12520