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 https://dc.urbanturf.com/articles/blog/home_price_watch_chevy_chase_the_land_of_four_bedrooms/12520.
Most Popular... This Week • Last 30 Days • Ever
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 »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
New plans filed with Arlington County last week provide the first renderings for The ... 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