The Long & Foster Market Minute

FOCUS ON: CHEVY CHASE MD HOUSING MARKET SEPTEMBER 2024

Zip Code(s): 20815
Units Sold
30
Active Inventory
84
Median Sale Price
$1,062,500
Days On Market
36
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down
Vs. Year Ago
Up 33%
Vs. Year Ago

Units Sold
There was an increase in total units sold in September, with 30 sold this month in Chevy Chase MD Real Estate versus 26 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 7% versus September 2023.

Active Inventory
The total number of homes available this month is 84 units, which is similar compared to a year ago. This month's total of 84 is higher than the previous month's total supply of available inventory of 81, an increase of 4%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last September, the median sale price for Chevy Chase MD Homes was $1,425,000. This September, the median sale price was $1,062,500, a decrease of $362,500 compared to last year. The current median sold price is lower than in August.

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


New Listings
43
Current Contracts
32
Sold Vs. List Price
98.0%
Months of Supply
2.8
Down -20%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -2.5%
Vs. Year Ago
Down -7%
Vs. Year Ago

Months of Supply
In September, there was 2.8 months of supply available in Chevy Chase MD, compared to 3.0 in September 2023. That is a decrease of 7% 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 43 homes newly listed for sale in Chevy Chase MD compared to 54 in September 2023, a decrease of 20%. There were 32 current contracts pending sale this September compared to 29 a year ago. The number of current contracts is 10% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Chevy Chase MD was 98.0% of the average list price, which is 2.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 36, higher than the average last year, which was 27, an increase of 33%.

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.