A recently sold home in Chevy Chase DC.
UrbanTurf recently began using new data from RealEstate Business Intelligence (RBI) to look at the real estate market in specific DC-area neighborhoods. Using a year-over-year snapshot of the market, we’ve looked at Capitol Hill, where lower sales volume may have contributed to rising prices, and Bloomingdale, where home prices rose 20 percent in the first quarter of 2014.
This week we take a look at data specific to the Chevy Chase DC neighborhood just south of the Maryland border, where, similar to what we saw on Capitol Hill, the neighborhood has seen a drop in the volume of homes sold while prices have risen.
Chevy Chase DC is bounded by Western Avenue to the north and Oregon Avenue to the east (Barnaby Woods is often included in neighborhood definition of Chevy Chase), with Rock Creek Park serving as its most prominent eastern neighbor. Though less expensive than its Maryland neighbor of the same name, Chevy Chase DC is full of single-family homes on sizable lots, so they often command a high price. A year ago, the median price of homes sold here was $810,000. In 2014, that’s risen about 14 percent, to $922,500.
Here are a few more takeaways from the RBI report:
- Homes in Chevy Chase haven’t spent nearly the same amount of time on the market this year: just 37 days on average in 2014, compared to 61 in 2013.
- Fewer homes sold this year than last. Forty sold up this point in 2013, a number which dropped to 28 this year.
- Total dollar sales volume dropped by about 11 percent, while the number of units sold dropped by 30 percent.
- As was the case in Capitol Hill and Bloomingdale, Chevy Chase DC residents think they can get more for their homes this year. Average list prices rose 26 percent in 2014.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_sales_down_30_in_chevy_chase_dc/8412
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