The Long & Foster Market Minute

Focus On: Chevy Chase MD Housing Market August 2022

Zip Code(s): 20815
Units Sold
39
Active Inventory
56
Median Sale Price
$1,125,000
Days On Market
17
Up 8%
Vs. Year Ago
Down -42%
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -41%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 39 sold this month in Chevy Chase MD Real Estate versus 38 last month, an increase of 3%. This month's total units sold was higher than at this time last year, an increase of 8% versus August 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 40 units or 42%. The total number of active inventory this August was 56 compared to 96 in August 2021. This month's total of 56 is lower than the previous month's total supply of available inventory of 70, a decrease of 20%.

Median Sale Price
Last August, the median sale price for Chevy Chase MD Homes was $1,397,500. This August, the median sale price was $1,125,000, a decrease of 19% or $272,500 compared to last year. The current median sold price is 2% higher than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
42
Current Contracts
38
Sold Vs. List Price
101.6%
Months of Supply
1.4
Down -13%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -46%
Vs. Year Ago

Months of Supply
In August, there was 1.4 months of supply available in Chevy Chase MD, compared to 2.7 in August 2021. That is a decrease of 46% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 42 homes newly listed for sale in Chevy Chase MD compared to 48 in August 2021, a decrease of 13%. There were 38 current contracts pending sale this August compared to 35 a year ago. The number of current contracts is 9% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Chevy Chase MD was 101.6% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 29, a decrease of 41%.

The Long & Foster Market Minute Chevy Chase MD are defined as properties listed in zip code/s 20815.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.