Housing Values Differ Between Similar Communities

August 16, 2016

Great Falls, Va., Potomac, Md., and Chevy Chase, Md., all have million-dollar homes and comparable market metrics. But as the Washington Post reports, Chevy Chase has a much higher average sales price.

Why the difference? Homes in Chevy Chase are not on the market as long as homes in Great Falls and Potomac.

Chevy Chase homes are on the market for an average of 40 days, compared to 80 for Potomac and 106 for Great Falls. Also, almost half the homes in Chevy Chase sell in seven days or less, and 36 percent sell for more than list price. Both those shares are much higher than the figures for the other two Washington D.C. suburbs.

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