Why does the real estate market in Bethesda Maryland matter? The Washington DC, Northern Virginia and even parts of Maryland all have very different real estate markets. Where it might be a seller’s market in Alexandria, it might be a buyers market in Bethesda, and that’s actually what we are seeing right now. As of September 2017, the Bethesda Maryland real estate market is leaning toward a buyers market, and buyers are snatching up homes left and right. That’s great news for buyers, not so great news for sellers as home prices have leveled off some. Currently, the median home value for Bethesda is about $830,000. Home prices have gone up nearly 3% over the past year and there should be higher over the next year as well, however, the increase is set to be at about .5% rather than are nearly 3% over the last 12 months.
Bethesda also has a higher rent than in neighboring Washington DC or the Metro area. Our median rent is at $3300 compared to Washington DC’s median of $2200.
Right now, the median days on the market is about 60, down 7% from last month and down 21% from last year at this time, much better news for sellers. There are about 17% more homes on the market today than there were September of last year. Although the market is leaning towards buyers, all the statistics are in line with a more balanced market, which benefits both buyers and sellers.
Over the last 10 months, we’ve seen a dip in November and December but then a huge rise towards the beginning of summer. There was a small dip in July but then we’re back up to a study $830,000 $850,000 median to average home price.
Homes near some of the best schools such as the North Chevy Chase elementary school, Wingate Elementary, the West Linn middle school, North Bethesda middle school and the Walter Johnson high school, all fetch a little bit higher price than those in districts or zones that don’t rank is high.
So what does this mean for sellers?
The key is finding out how much your home is worth based on extenuating circumstances as well as internal ones. The condition of your home, the layout, size, and condition of the lot all matter internally to pricing the home correctly but then external circumstances such as school zone, location to busy freeways, access to commute routes, and even easy access or close proximity to places like Starbucks, schools, and popular markets all matter when it comes to pricing a home. A recent article on the other side of the country showed a home selling for over 120% higher than asking price because of its close proximity to one of the newest major employers in the area. Now, we may not be seeing that type of inflated rates around here, but it just goes to show that location can be everything.
If you’re planning on selling, let’s get the home priced correctly from the beginning so you get the most for the sale of your home at the right time.
If you are buying, finding the right home and negotiating for your terms and price is key to getting what you want.
Give us a call. We have agents that specifically work in the Bethesda real estate market and would love to help you buy or sell today.