David Howell, McEnearney Associates CIO: I want to thank Tom Williams of our Spring Valley office for letting us shoot in this beautiful home at 3304 Cummings Lane in Chevy Chase, Maryland. It’s incredible new construction, and it’s just immaculate. Over 5,300 square feet with five bedrooms and four and a half baths, there are thoughtful details throughout the house. One of my favorites is the crumb vacuum built into the kitchen island baseboard. Click here for the listing details, and I think you’ll be blown away.
But in this price category between $2,000,000 and $2,500,000 – which accounts for less than a quarter of one percent of all home sales in the region – the absorption rate is about 12 percent. While that means it’s a buyer’s market, that is still a solid number compared to most of the area’s upper bracket markets. In Potomac, Maryland, it’s 7 percent, McLean, Virginia is 10 percent and Great Falls Virginia it’s just 4 percent. About the only market that is stronger is on the other side of Western Avenue in Chevy Chase, D.C. – there, the absorption rate is closer to 20 percent.
That means that Chevy Chase market is a good place to hang your hat if you’re looking to buy an upper bracket home!
Every area is different, and if you’d like to know more about how things are in your neighborhood, we encourage you to call your favorite McEnearney Associate.