The Long & Foster Market Minute

Focus On: Bethesda and Cabin John Housing Market August 2023

Zip Code(s): 20814, 20816, 20817, 20818, 20812, 20889, 20892 and 20894
Units Sold
101
Active Inventory
86
Median Sale Price
$1,050,000
Days On Market
19
Down -15%
Vs. Year Ago
Down -40%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 101 sold this month in Bethesda and Cabin John Real Estate versus 93 last month, an increase of 9%. This month's total units sold was lower than at this time last year, a decrease of 15% versus August 2022.

Active Inventory
Versus last year, the total number of homes available this month is lower by 57 units or 40%. The total number of active inventory this August was 86 compared to 143 in August 2022. This month's total of 86 is lower than the previous month's total supply of available inventory of 99, a decrease of 13%.

Median Sale Price
Last August, the median sale price for Bethesda and Cabin John Homes was $1,132,500. This August, the median sale price was $1,050,000, a decrease of 7% or $82,500 compared to last year. The current median sold price is 13% lower 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
77
Current Contracts
78
Sold Vs. List Price
101.6%
Months of Supply
0.9
Down -31%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In August, there was 0.9 months of supply available in Bethesda and Cabin John, compared to 1.2 in August 2022. That is a decrease of 29% 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 77 homes newly listed for sale in Bethesda and Cabin John compared to 111 in August 2022, a decrease of 31%. There were 78 current contracts pending sale this August compared to 118 a year ago. The number of current contracts is 34% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Bethesda and Cabin John was 101.6% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, higher than the average last year, which was 16, an increase of 19%.

The Long & Foster Market Minute Bethesda and Cabin John are defined as properties listed in zip code/s 20814, 20816, 20817, 20818, 20812, 20889, 20892 and 20894.
*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.