Chevy Chase, MD Homes for Sale

In November 2024, Chevy Chase experienced a significant surge in home prices, with a 59.1% year-over-year increase, bringing the median sale price to $1.4 million. This sharp rise highlights the growing demand and desirability of the area. Despite the higher prices, homes spent an average of 48 days on the market, compared to 30 days last year, indicating a slightly slower pace but still a robust market. Additionally, the number of homes sold rose from 8 to 14, reflecting an uptick in buyer activity and a strong interest in Chevy Chase properties, even amidst a competitive and evolving market.

The Chevy Chase housing market is highly competitive, with homes typically selling in just 29 days. Many properties receive multiple offers, often with waived contingencies, underscoring the intense demand in the area. On average, homes sell for approximately 2% above the list price and go under contract within about 29 days. However, "hot" properties can command even higher premiums, selling for as much as 7% above the list price and going pending in as little as 7 days, highlighting the urgency among buyers to secure homes in this sought-after market.

Nationwide, 3% of homebuyers explored moving to Chevy Chase from other metropolitan areas. Among these, New York homebuyers showed the greatest interest in relocating to Chevy Chase, followed closely by those from Hartford and Los Angeles. This trend underscores Chevy Chase’s appeal as a desirable destination for buyers seeking a blend of suburban charm and proximity to urban amenities.