The Long & Foster Market Minute

Focus On: Chevy Chase MD Housing Market March 2024

Zip Code(s): 20815
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -20%
Vs. Year Ago
Vs. Year Ago
Up 2%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 32 sold this month in Chevy Chase MD Real Estate. This month's total units sold was higher than at this time last year, an increase from March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 14 units or 20%. The total number of active inventory this March was 57 compared to 71 in March 2023. This month's total of 57 is higher than the previous month's total supply of available inventory of 56, an increase of 2%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Chevy Chase MD Homes was $1,300,000. This March, the median sale price was $737,500, a decrease of $562,500 compared to last year. The current median sold price is lower than in February.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -31%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -1.8%
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In March, there was 1.8 months of supply available in Chevy Chase MD, compared to 2.7 in March 2023. That is a decrease of 35% 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 45 homes newly listed for sale in Chevy Chase MD compared to 65 in March 2023, a decrease of 31%. There were 35 current contracts pending sale this March compared to 38 a year ago. The number of current contracts is 8% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chevy Chase MD was 99.8% of the average list price, which is 1.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 44, higher than the average last year, which was 43, an increase of 2%.

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.