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Mid-Year Bethesda Real Estate Update

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Brian and Amy Maury
Maury Real Estate
Contact: 301-229-3652

Our local real estate market has improved significantly this year following the same trend that been occurring around the country.  Here are some of the statistical highlights for the period ending June 30, 2013 in Bethesda (zip codes 20814, 20816, and 20817):

Detached Homes:

  • 414 detached homes have sold so far this year
  • Average detached home price in Bethesda is $1,031,359
  • Average detached home price increase in 2013 = +8.93%

Townhomes:

  • 47 townhomes have sold so far this year
  • Average townhome price in Bethesda is $729,769
  • Average townhome price increase in 2013 = +5.82%

Condominiums:

  • 108 Condominiums have sold so far this year
  • Average condo price in Bethesda is $384,807
  • Average condo price increase in 2013 = +5.51%

The average detached home price is now just $20,000 below the all-time average price set in 2007 before the “great recession” started.  If you are considering the sale of your home now is an excellent time to do so.  The supply of available housing is down significantly which sometimes results in a competitive bidding situation for well priced homes (similar to the market we experienced from 2004-2006).  Interest rates have been climbing recently but are still at historically low levels making home purchases still very affordable (even at higher prices).  The Federal Reserve has indicated that as the economy continues to improve it will begin to wind down the economic stimulus it has been providing to the mortgage market and further increases in interest rates will likely result.  Again, if you are considering selling or buying, NOW is an excellent time to enter or exit the market.

If you are ever in need of assistance and advice regarding your home and the current real estate market, please do not hesitate to call us. You can be assured that your needs will be met with the utmost integrity and professionalism.

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