Chevy Chase Maryland Homes Market Report

Chevy Chase Maryland Homes Summer Market Report

This sales report centers on data from Chevy Chase Maryland in zip code 20815.  I have to Classify location because Chevy Chase extends into Washington DC.  I'll tackle Chevy Chase DC in the near future for anybody who's curious.  But for today, we'll stick inside the district line!  Chevy Chase Maryland homes and real estate is hard analyze statistically because of the large disparity in housing prices.  (The most accurate assessments of the markets truly come from a study of smaller micro-markets).  While in the Southern part of 20815 (areas close to Bethesda and the upper Northwest Washington DC line) most houses will break into seven figures, as you travel further north in the zip code, you'll begin to find more "affordable" (in big quotes!) homes in the $600,000 area.  For purposes of this study, I took a data sample comparing the Summer sales in 2007 and. 2008.* 

*data drawn from June 1st - August 31st

Compairing "Summer" Chevy Chase Maryland Homes Sales

* rounded to the closest whole number
* data taken from MRIS

Chevy Chase MD Homes Analysis

One of the most blaring (and perhaps unsettling on just its face) data pieces lies in the "2008 Chevy Chase MD home sales column" with “Average days on Market” showing a 17% drop since 2007.   I’ll clear this element up for any angry and/or scared :-) Chevy Chase home owners.  Like most of these reports, the data pool is too small to draw any absolute definitives about the market.  The average price disparity in this case rises from a high number of luxury Chevy Chase Maryland Homes sales in 2007 in this specific period (18 of the 89 closings were homes over $2 millions dollars up to over $5 million).  This is not to say we haven’t seen a decrease in value, but in general, Chevy Chase has held up well with  depreciation from last Summer hovering closer to that 5%-10% range.  Yes, Chevy Chase Maryland is still holding strong (especially in some of the luxury enclaves close to the Bethesda Metro, and as we get deeper into this historically robust Autumn market, I’ll let keep you apprised. 

Contributing Blogger - Kevin Koitz

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