The Long & Foster Market Minute

Focus On: Chevy Chase DC Housing Market March 2024

Zip Code(s): 20015
Units Sold
12
Active Inventory
18
Median Sale Price
$1,669,250
Days On Market
39
Down
Vs. Year Ago
Down -18%
Vs. Year Ago
Up
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 12 sold this month in Chevy Chase DC Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 4 units or 18%. The total number of active inventory this March was 18 compared to 22 in March 2023. This month's total of 18 is lower than the previous month's total supply of available inventory of 21, a decrease of 14%.

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 DC Homes was $1,250,000. This March, the median sale price was $1,669,250, an increase of $419,250 compared to last year. The current median sold price is higher 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
17
Current Contracts
18
Sold Vs. List Price
102.7%
Months of Supply
1.5
Down -37%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -2.2%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In March, there was 1.5 months of supply available in Chevy Chase DC. The amount of supply is similar compared to 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 17 homes newly listed for sale in Chevy Chase DC compared to 27 in March 2023, a decrease of 37%. There were 18 current contracts pending sale this March compared to 19 a year ago. The number of current contracts is 5% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chevy Chase DC was 102.7% of the average list price, which is 2.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 39, higher than the average last year, which was 15. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Chevy Chase DC is defined as properties in zip code 20015.
*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.