With the spring housing market underway, UrbanTurf is taking its annual look at the neighborhood markets around the DC region. Today, we head over to Chevy Chase DC.
Chevy Chase is regularly one of the more competitive DC neighborhood housing markets, and that remains the case this year, however a lack of homes for sale is dampening sales activity. Home sales are down 55% in the first two months of the year compared to the same period in 2021. As for supply, it stood at about three weeks in February. The homes that are hitting the market, however, are selling and selling at a hefty premium.
Below are some statistics that UrbanTurf compiled about the Chevy Chase market.
- $1.278 million -- The median home sales price in 2022, up 3% compared to 2021.
- $1.569 million -- The average sales price on a detached home with 4+ bedrooms.
- -55% -- The drop in home sales in 2022 compared to 2021.
- 105.7% -- The average sales price to original list price ratio in the neighborhood in 2022, one of the highest ratios in DC.
- 1.25 -- The contract ratio in February, meaning that 1.25 homes went under contract in the month for every active listing.
- 66% -- The percentage of homes that sold within ten days of being listed in 2021.
Photo courtesy of Piers Freezer via Homevisit
This article originally published at https://dc.urbanturf.com/articles/blog/low-supply-big-premiums-the-chevy-chase-housing-market/19479.
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