Chevy Chase Lake
Chevy Chase does not get a lot of new construction, but we are excited to see the development of Chevy Chase Lake, a project of Chevy Chase Land Company, Bozzuto and others. Having grown up about a mile from this site, I know the value this new project could bring to Chevy Chase. This will be a multi-phase, transit-oriented project that will combine retail, multi-unit housing, bikeshare, mass transit and yes, probably a bunch of cranes, cars and noise (at first). Planned for construction starting in 2019, we have a long time before we see the benefits. But the benefit to Chevy Chase will be a dramatic improvement in the quality of services for the residents of this new community. Details: www.ChevyChaseLake.com
Residential listing Trends in Chevy Chase, Maryland
How are home values trending in Chevy Chase? Compared to neighboring communities, is Chevy Chase holding its own? We know the Town of Chevy Chase is exceptional, with stately homes, quiet streets, great schools and proximity to everything in Bethesda and the District. According to realtor.com, listing trends in Chevy Chase have shown wider swings year-over-year than have Bethesda and Potomac.
In April 2016 over April 2015, according to realtor.com, listings in Bethesda were down 2.5%, in Potomac, down 3%, but Chevy Chase (MD), up 5% — – a swing of 8%. In July of ’15 over July ’14, Bethesda was up 11%, Potomac up 9%, but Chevy Chase was down 8%. And in terms of market stability, Bethesda and Potomac have been steadier than Chevy Chase.
Licensed realtors have the advantage of current and exact market statistics. According to the most recent data, May 2016, the immediate number of interest, in my opinion, is that Chevy Chase had an average “Days on Market” of 8. That means Chevy Chase, which typically has low inventory, is a highly desirable market, and if you are looking for your “dream home,” you need to be ready.
Don’t miss this trend…
Tracking listings from October of last year to April 2016, Bethesda is flat, Potomac is up 1%, and Chevy Chase is up a whopping 19%. While trends are finicky, and newer data is always right around the corner, this is very positive for such a fantastic community. If you are thinking about getting your home ready for sale for this fall, you may have a strong seller’s market ahead!
Chevy Chase is a dynamic market, based on a strong heritage of quality homes, schools and neighborhoods. If you would like to discuss further, please contact the Faulkner Team: