Interested Maryland home buyers still have a fantastic opportunity to get a great deal on a Chevy Chase home for sale, according to the most recent market data.
Here’s why: There is still a large inventory of homes for sale on the market and low home buyer demand overall.
This means that home sellers are likely going to be willing to work with a buyer in order to sell their property.
Continue reading to learn more about recent activity on the Chevy Chase real estate market.
Chevy Chase Homes for Sale Available Now!
Here’s a summary of recent market activity in Chevy Chase, Maryland:
- Currently there are 44 home sales pending as well as 162 active listings.
- This means that the pending ratio on the Chevy Chase real estate market is 21.4 percent, suggesting that there aren’t as many qualified buyers as there are homes for sale.
- Homes priced between $800,000 and $1 million have the highest number of pending contract currently.
- Meanwhile, homes priced under $200,000 have the highest number of active listings with 24 listings.
- The average list price for all Chevy Chase properties is around $1,098,933.
- During the last six months, 156 contracts have closed with an average sold price of $826,542.
- Homes priced between $600,000 and $800,000 saw the highest number of closed listings during that period.
- Also, 17 listings have failed to sale and have been subsequently taken off the market in the last 6 months.
- Chevy Chase homes priced under $200,000 saw the largest number of failed listings with 3 properties.
- Currently, active listings have been on the market for an average of 95 days.
- Over the last six months, those properties that ultimately sold were on the market an average of 62 days before selling for an average price of $826,542.
- In the last 30 days, sold properties were on the market an average of 75 days before selling for an average price of $970,854.
- Currently, the home inventory on the Chevy Chase real estate market is around 6.2 months.
Your Chevy Chase, MD Real Estate Expert!
The recent data suggests that there is negative demand for Chevy Chase properties for sale.
This puts interested home buyers in a great position because it means that they hold the upper hand in any real estate transaction in this Maryland community.
Pair that with record low mortgage rates and relatively low home sales prices and you have nearly ideal conditions for investing in a Chevy Chase property!
If and when you decide that you’re ready to start navigating the Chevy Chase real estate market as a home buyer, make sure to contact me, Melinda Estridge.
As a Montgomery County REALTOR with years of experience, I’ll be more than happy to assist you at every stage of the home-buying process.
I’ll also provide you with invaluable real estate tools such as:
Until next time,
Melinda
