How’s the Bethesda Real Estate Market in 20816?
The Bethesda real estate market is doing well in zip code 20816 compared to last year at this time - the average sold price is only down by 3% for single family homes; the average days on market however have more than doubled; and sellers are getting less of what they are asking - 92.5% of the list price vs. 96.8% of last year's average list price.
What Has Sold?
In September, 7 single family homes and 3 condos were sold and there were no town homes sold. There were no short sales or foreclosures, which there rarely are in the 20816 zip code. The neighborhoods with the most homes sold were single family homes in Glen Echo Heights for more than 1 million, and Kenwood Place, which are garden style condos that sell for under $300k.
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Market Snapshot Report.
What Is Happening with Home Prices?
The average condo sales price rose slightly from August's $346,617 to September's $366,667 but that average is only based on three properties. Single family homes prices dipped from August to September (see chart - mouse over for details). A change in the average sales price for one month is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more or less expensive neighborhood of Bethesda.
The most expensive home sold was an Arts & Crafts style home sold in Greenacres for $1,380,000.
You can see more details about home sales in our report on
Bethesda Property Values.
Are Sellers Getting Their Asking Price in Bethesda?
The chart below (mouse over for details) shows this year's trend for the proportion of original listing price a home seller is getting when they sell. This takes into account price reductions. Not exactly good news is this month's overall average is 92.5%, compared to last year's average of 96.8% and the overall county average that is 93.9%. I don't think this reflects less demand for Bethesda homes, but perhaps that sellers started too high in their pricing.
How Long Is it Taking to Sell a Home?
The average number of days it took a home to sell in September was 91, much higher than last year's monthly average of 38 days. The overall county average last month was 76. You can see more market statistics in our
Bethesda Real Estate Market Trends Report. Again, it could be a reflection of the pricing discussed above.
Who is Buying?
Cash buyers in 20816 (often investors) in September represented 20% of sales. Overall in Montgomery County, cash buyers made up 16.79% of home sales.
What is For Sale?
Click on the map below to start your Bethesda home search, save your favorites, set up automatic emails, and receive alerts for properties that fit your criteria.
Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.
