Home prices and real estate listings in the Bethesda Maryland area have increased 2.4% over last year at this time. Currently, the home value index is about $836,900. That brings the median sales price of about $839,000, or $482 per square foot. The median rent is currently $3500. Inventory is very similar to what it was last month but over a year ago, our inventory is down. The median list price is about $1.3 million, down about 2% from last month, surprising, due to our absorption rate. The median days on the market are between 40 and 50 days, a 4% increase over last month.
Economists predict that the increase over the next year will rise only .9%. The price per square foot in Bethesda is higher than the Washington DC Metro area of just $217. This is quite a big job. The median list price is about $1,249,000, which is also higher than the Washington Metro area.
Since 2010, the market was steady till about 2012 for increased substantially to 2015. Since then, the median sales price has been inching up slowly to where it sits today.
Active inventory shows about 388 properties, down 11% from one year ago. However, units sold are up 8% and the median sales price is up as well from last year at this time. Surprisingly, Bethesda has a higher absorption rate than a lot of the Metro areas around the country. We have about a three month supply of current inventory, which means that if no more listings hit the market as of today, it would only take about three months to completely deplete the inventory.
84% of Bethesda residents are homeowners, which means that more and more buyers are making their way towards this desirable city, however, it also means that is more difficult for buyers to find a home and went out on that home. Sellers are having a great time in this market. If you’ve been thinking about buying or selling throughout Bethesda Maryland, call our office today. We’d be happy to let you know how much your home is currently worth are the secrets to bidding and getting the home you want.